Institutional Investor's Preference Of Stock Holding Term And Corporate Innovation Input

Based on the detailed data of institutional investors from 2007 to 2016,this paper analyses the impact of institutional investors on corporate innovation.Through the simple parameter model of principal-agent theory,the static game model with incomplete information and the dynamic game model with complete information,this paper theoretically studies the impact of institutional ownership on corporate innovation.Through OLS regression,the results show that the active participation of institutional investors in corporate governance implementation supervision has a significant positive role in promoting innovation investment.Considering the different investment styles of different institutional investors,this paper divides them into long-term institutional investors whose investment period exceeds three years and short-term speculators whose investment period is less than one year.Analysis of the impact of different types of institutional investors on corporate innovation from the perspective of equity structure and equity ratio,we find that the proportion of long-term institutional investors is positively correlated with corporate innovation investment,while the proportion of short-term speculators is negatively correlated with corporate innovation investment.At the same time,enterprises are divided into state-owned enterprises and non-state-owned enterprises according to the nature of enterprises.The results show that there is a significant positive correlation between institutional investors' efforts to supervise and innovation input of state-owned enterprises and non-state-owned enterprises.The proportion of long-term institutions is positively correlated with innovation investment of enterprises of different qualities,but it is more significant for non-state-owned enterprises,and its effect on non-state-owned enterprises is greater than that on state-owned enterprises.The proportion of short-term speculators is negatively correlated with innovation investment of enterprises of different qualities,but it is more significant for non-state-owned enterprises,and the negative effect is smaller than that of state-owned enterprises.For the first time,this paper uses detailed data of corporate investors to classify institutional investors according to the investment period,which makes up for the domestic research on corporate governance of other institutions except securities investment funds,and provides a reference basis for improving the relevant policies of innovation.