机构投资者如何影响企业创新——兼论机构投资者与企业异质性

机构投资者作为我国资本市场的重要组成部分，在公司治理外部监管等方面发挥着不可小觑的作用。将公司治理传导效应纳入机构持股与企业创新关系及作用机理分析框架，基于2007—2018年A股上市公司数据进行实证检验。结果发现，机构投资者持股显著促进企业创新，内部控制有效性、核心技术人员股权激励和管理费用控制是机构投资者促进企业创新的3个重要传导路径。另外，战略型机构投资者对企业创新的影响相较于财务型机构投资者更为突出；同时，机构投资者对非国有企业创新存在显著促进作用，但对国有企业整体创新的影响不显著。

How does Institutional Investor Influence Enterprise Innovation:Discussion on the Heterogeneity of Institutional Investors and Enterprises

The development of the A-share investor structure to institutionalization reflects the continuous and in-depth progress of the comprehensive and deep reform of China's capital market， which symbolizes the continuous improvement and maturity of China's capital market. Institutional investors push companies to pay more attention to R&D investment and innovation activities and they are are important forces in China's capital market. The impact on institutional investors on corporate innovation activities is one of the hot topics in academic research. However, current research is focused on the qualitative analysis and extended analysis of the role of institutional investors, and the research on the transmission mechanism of corporate governance is inadequate.Existing studies have found that companies active in innovation activities tend to be less transparent. This leads to the excessive pursuit of high-risk innovation projects, intensifies the information asymmetry between external investors and the company's management, and leads to low innovation efficiency and even innovation failure. Modern corporate governance theories pointed out that the interdependence and organic combination between all interest members help achieve maximization of the value of the company and the creation of wealth. The size of institutional investors in the capital market makes them more advantageous to obtaining company's information and prefer to identify and invest in the company which has strong innovation capability. On the one hand, the close relationship between the company's performance and investment income enables institutional investors to actively strengthen the process supervision, overcome information asymmetry as well as principal-agent issues and promote the level of corporate governance. On the other hand, institutional investors pay more attention to long-term performance. Institutional investors incentivize management to goal with substantial innovation breakthroughs by tolerating failure of innovation, cost of investment and the short-term performance fluctuations, and create a good environment for enterprises innovation activities.This paper is based on the 2007—2018 China A-share listed company data set and uses a fixed effects model for empirical testing. It innovatively incorporates corporate governance behaviors such as the effectiveness of internal control and core technical personnel's equity incentives into the theoretical analysis framework of the relationship between institutional investor's shareholding and corporate innovation. In addition, it also explores different impact on institutional investors and corporate heterogeneity on corporate innovation activities. The results show that institutional investors have significantly promoted corporate innovation. The effectiveness of internal control, equity incentives for core technical personnel and management cost control are three important transmission paths for institutional investors to promote enterprise innovation. Further research also finds that strategic institutional investors have a more prominent impact on corporate innovation than financial institutional investors; institutional investors have significantly promoted the innovation of non-state-owned enterprises. However, the impact on the overall innovation of state-owned enterprises is not significant.Therefore, the capital market needs continuous improvement of multi-level directions and the quality of institutional investors, guiding institutional investors to participate in a larger capital market and introducing professional and high-quality institutional investors as an important supervision force. In addition, the public service department should increase innovation support for small and medium-sized private enterprises and cooperates to promote innovation and cooperation in different industries.The contribution of the article are mainly on the following aspects. Firstly, the past research suggests the positive role of institutional investors to enterprise innovation activities with the focus on the qualitative discussion on the role of institutional investors. This paper quantitatively analyzes the relationship between institutional investors and corporate innovation performance and reveals the significant role of institutional investors in promoting corporate innovation. Secondly, the research on the transmission mechanism of internal governance levels is inadequate. This paper studies the mechanism of institutional investors acting on enterprise innovation activities from the perspective of corporate governance. Thirdly, the existing research directly discusses the relationship between the institutional shareholding and corporate innovation and has less study in heterogeneous segmentation of institutional investors and company attributes. By exploring the heterogeneity in institutional investors and enterprises, this paper enriches the research on the impact of institutional investors on enterprise innovation from the perspective of corporate governance.