| With the horizontal and vertical development of the economy,countries are also aware of the importance of innovation.From a company perspective,innovation is an important manifestation of the company's core competitiveness;from a national perspective,innovation is the source of the country's long-term economic development.Enterprises in the market are very important in the country because they are the leaders of national independent innovation,and the innovation ability of enterprises depends on the long-term investment of R&D.However,there are still some problems that enterprises must face when investing in R&D: the adjustment cost of enterprise R&D investment is relatively large,and there is still a high degree of uncertainty in this investment.The initial stage of performance is more obvious.Therefore,from the perspective of enterprises,their R&D investment financing will face greater difficulties.These difficulties will make it difficult for enterprises to have stable R&D investment.Even if some companies have low-cost free funds,R&D investment has a large demand for funds,and this investment has continuous and cumulative characteristics,which makes it necessary for companies to have more sources of funds to better.Maintain the R&D investment of the company.However,due to the information asymmetry,principal-agent problems in the market,and the characteristics of R&D's investment itself,the R&D investment of enterprises is facing more serious problems in external financing.Institutional investors,due to the advantages of financing resources and its own professional knowledge,enables institutional investment to support the R&D investment of enterprises with long-term investment;on the other hand,it can solve the problem of high-cost external funds through information asymmetry.To ease the financing constraints of enterprises,thereby increasing the R&D investment of enterprises and enhancing their independent innovation capabilities.This paper takes the A-share company listed on the domestic Shanghai and Shenzhen Stock Exchanges in 2009-2017 as the sample empirical test institution to invest in the R&D investment of the enterprise,and at the same time verifies whether the institutional investors can affect the financing constraints of the enterprise and the financing constraints in the organization.Whether there is a significant mediating effect on the path of investment on corporate R&D.Research shows that institutional investors can not only directly affect the R&D investment of enterprises,but also reduce the financing constraints of private enterprises more effectively than state-owned enterprises.At the same time,we also find that the impact of financing constraints on institutional R&D investment There is a significant mediating effect on the path.This shows that there is a mediating effect between institutional investors and corporate R&D investment.Institutional investors can affect the R&D investment of enterprises by affecting the financing constraints of enterprises.The significance of this paper is not only enriching the literature on institutional investors and corporate R&D investment,institutional investors and corporate financing constraints,but also verifying the mediating effect of financing constraints on the transmission path of institutional investment to corporate R&D investment. |
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