| In today's increasingly competitive environment,the advantage of traditional factor growth is disappearing,innovation becomes a new driving force for growth,and it is one of the key elements to enterprises and countries which want to achieve sustainable development.The 18th National Congress put forward the "Strategy of innovation-driven development",make "innovation" to the national level.Enterprises are the main participators of the economy and play an important role in R&D innovation.More and more enterprises have realized that importance of R&D innovation to improve core competitiveness and achieve long-term development.R&D innovation can't be separated from the support of funds,the current stock market is one of the main external financing channels,then how will the stock's liquidity impact the corporate's R&D innovation?In the stock market,institutional investors are important participants,they can influence the corporate's governance and investing activities through a variety of ways.Will they affect the relationship between the liquidity of stock and corporate's R&D innovation?Therefore,the article carry out the corresponding research based on three theories,they are stock price information theory,principal-agent theory and innovation theory.This paper selects the high-tech enterprises listed on the Growth Enterprise Board as a sample from 2012 to 2015,and uses the method of hierarchical regression to study the relationship among stock liquidity,institutional holding and R&D innovation.The article achieve the following conclusions:Stock liquidity will have a positive effect on the R&D innovation.Institutional investor is a semi-regulatory variable,which will play a negative adjustment in the relationship between stock liquidity and enterprise's R&D innovation.And institutional investors will directly have a negative impact on R&D innovation.On the basis of this conclusion,this paper puts forward some suggestions on the possible measures for the regulators. |
PDF Full Text Request