机构投资者持股、企业创新策略与财务绩效--来自中国创业板的经验证据  

Institutional Ownership,Corporate Innovation Strategy and Financial Performance--The Empirical Evidence for China GEM Listed Companies

作　　者：王许雅 李寿喜[2] WANG Xu-ya(Business School,Suzhou University,Suzhou 234000,China)

机构地区：[1]宿州学院商学院,宿州234000 [2]上海大学管理学院,上海200444

出　　处：《长春工程学院学报（社会科学版）》2024年第2期51-56,共6页Journal of Changchun Institute of Technology(Social Sciences Edition)

基　　金：安徽省高等学校科学研究重点项目(项目编号:2022AH051349);安徽省社会科学创新发展研究课题攻关项目(项目编号:2022 CX076);宿州学院2023年博士科研启动项目(项目编号:2023BSK068);2023年度宿州学院重点科研项目立项名单(项目编号:2023y zd22)。

摘　　要：渐进性创新能显著提高企业短期财务绩效,但难以长期提升企业财务绩效,因为这类创新容易被模仿或被竞争者超越。突破性创新能显著提高企业当期和后期财务绩效。稳定型机构投资者能较好地提升企业短期和长期财务绩效,且能较好地促进企业突破性创新,并与短期和长期财务绩效呈正向关系,这表明作为长线的稳定型机构投资者,更关注突破性创新对企业财务绩效的促进作用。Incremental innovation can significantly improve the short-term financial performance of the enterprise,but it is difficult to improve its long-term financial performance because such innovations are easy to be imitated or surpassed by competitors.This article indicates that radical innovation has positive effects on the current and later financial performance.Stable institutional investors can effectively improve the short-term and long-term financial performance of enterprises,promote breakthrough innovation,and have a positive relationship with short-term and long-term financial performance,which shows that long-term stable institutional investors pay more attention to the positive effect of radical innovation on corporate financial performance.

关 键 词：企业创新 机构投资者持股 稳定型机构投资者 突破性创新 财务绩效 

分 类 号：F830.91[经济管理—金融学]