| Independent innovation is one of the most important sources to promote enterprises' competitiveness enhancement,industrial development and economic growth.In recent years,China's independent innovation has been lifted to a new level,but there still exists a wide gap compared to that in developed countries.R&D investment is one of the key parts in independent innovation,which need us pay high attention to it.From the micro perspective,companies are the innovation subjects.However,the investment scale of R&D in China's companies is relatively small,and companies are lack of innovation strategy and keen on the pursuit of short-term benefits.So there is still a long way for companies to realize the innovation capability.Corporate governance is the institutional basis of enterprise's technology innovation.As an important corporate governance arrangement,institutional investors have an important influence to the enterprise's technology innovation.R&D investment may be subject to the game equilibrium between management and institutional investors.Securities investment funds are the typical representative of value investors;they are also informed traders with information superiority.However,some securities investment funds' investment horizon is shortsighted,and herd behavior is more severe than individual investors.They are also poorly regulated,exist internal control chaos problems.Whether securities investment funds are value investors,and how to influence the company's R&D,we need further study.Meanwhile,company's R&D activities are heterogeneous,can be divided into exploratory innovation and routine innovation.But the past literatures haven't focus on the heterogeneity when they discuss the relationship between institutional investors and innovation activities.This may be the reason which leads to different previous research conclusion.Different types of innovation provoke different conflict of interest between owners and managers.As for securities investment funds,which have investment preference,may also have different functions for two kinds of innovation.In addition,the marketization process affects R&D investment and operations.Former researches have less attention on the marketization process as regulating variable role between institutional investors and innovation activities.So during economic transition,the marketization process as a system of macro factors can't be ignored,it is necessary to study how China's securities investment funds influence innovation activity.In order to enrich the research,this paper focuses on R&D innovation and its heterogeneity,and mainly studies the following two problems: First,whether the securities investment funds could significantly promote the company's R&D innovation,and as for heterogeneous R&D innovation,whether funds could significantly promote exploratory innovation,but not significantly promote regular innovation.Second,whether the positive role of funds to R&D innovation and exploratory innovation is weakened due to the increase of the marketization process.This paper summarizes former literatures,and bases on the information asymmetry theory,trust-agent theory and cost-benefit theory,then analyzes the mechanism of funds how to influence company's R&D innovation,exploratory innovation and routine innovation,analyzes the marketization process how to regulate the relationship between funds and R&D innovation,exploratory innovation.Then,this paper builds hypothesis.In order to verify hypothesis,this paper collects the R&D data of companies that listed in small and medium-sized enterprises board and GEM board from 2011 to 2014.According to the dividing method of heterogeneous R&D,R&D can be divided into exploratory innovation and routine innovation.Through empirical study,we get three main conclusions.First,Securities investment funds can promote the innovation of the company.But in heterogeneous R&D innovation,the fund has a promoting effect on exploratory innovation,but has no significant effect on the routine innovation.Second,Securities investment funds' positive influence to R&D innovation,exploratory innovation,has differences in scale and industry,and mainly plays roles in small and medium-sized enterprises and manufacturing industry.Third,Securities investment funds' positive effects with R&D innovation,exploratory innovation,are weakened with the increase of the marketization process.There exists a substitutional relation between securities investment funds and marketization process.Based on theoretical analysis and the research conclusion,this paper puts forward the following policy suggestions: First,government need continue to support and standardize the development of Chinese fund industry,and encourage funds perform supervision function;Second,enterprises need focus on the market demand to make scientific and reasonable innovation strategy,and focus on innovation of heterogeneity;Third,government need continue to promote market-oriented reform,drive enterprises have more development intrinsic motivation and increase R&D investment;Fourth,perfecting the information disclosure system of listed companies,and realize further transparency and standardization of R&D information.In general,this paper deepens the heterogeneity of R&D,confirms the value of fund investors and the influence of marketization process.It has important theoretical and practical significance to promote enterprises' R&D input,improve enterprises' technology innovation ability,support and standardize the development of fund industry and accelerate the process of marketization. |
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