Site Visits Of Institutional Investors And Innovation Input Of Listed Companies

The report of the 19 th National Congress of the Party clearly states that "innovation is the first driving force leading development and the strategic support for building a modern economic system".As early as 2016,the CPC Central Committee and the State Council had issued the Outline of the National Innovation Driven Development Strategy.The Outline proposed China's three-step strategy for "scientific and technological innovation",that is,it plans to enter the ranks of innovative countries by 2020.In 2035,it will be among the top countries in science and technology innovation.In 2050,it will become a world power in science and technology innovation.It can be seen that the country attaches great importance to the development of science and technology innovation,and scientific and technological innovation is of great importance to the sustainable development of a country.As the most important micro-innovation subject,listed companies are the main micro-motive force for China to build an innovative country,and innovation investment is an indispensable quantitative index to measure an innovative country,and it is also an important variable that determines the future development of a listed company.Therefore,studying the factors that influence the innovation investment of listed companies can not only help China's innovative national construction,but also put forward effective suggestions for the technological innovation activities of listed companies in China.On the other hand,thanks to the policy support of the "ultra-conventional development of institutional investors" strategy of the Securities and Futures Commission in 2001,the ranks of institutional investors in China's capital markets have grown stronger,and their role in the governance of listed companies has also been constantly highlighted.Therefore,how to improve the behavior of institutional investors not only helps to deepen the role of institutional investors in corporate governance,but also provides some theoretical guidance for the regulatory level to guide institutional investors and the development of listed companies.The research content of this paper mainly focuses on how the site visits of institutional investors affects the innovation investment of listed companies,and starts from the three perspectives of information asymmetry,agency issues,and investor relationship management system of listed companies.To study the interpretation of enterprise innovation investment by institutional investors in different environments.Based on the empirical test of panel data regression,this paper draws the following conclusion: the site visits of institutional investors has obviously promoted the innovation investment of listed companies;The further analysis shows that the impact of institutional investor site visits on enterprise innovation investment is more obvious in listed companies with relatively poor information environment,relatively serious agency problems,and relatively good attention to investor relationship management.The research contribution of this paper is to deepen the important role of institutional investors in corporate governance,and provide research support for the regulatory level to further regulate and guide institutional investors to conduct site visits activities.At the same time,it also provides a new perspective on the factors affecting the innovation investment of listed companies.This makes the listed companies pay more attention to the management of investor relations,which has enriched the previous domestic and foreign research.The innovation point of this article is that from the perspective of research,different from the previous research only from one point of view,this paper studies from the perspective of institutional investors and listed companies,and different from the previous scholars mainly focused on institutional investors 'shareholding,heterogeneity and other perspectives.Selecting the site visits angle of institutional investors with few scholars involved;In terms of research thinking,unlike previous studies,which only started from the point of view of "quantity",this paper,from the point of view of "quality" and "quantity",not only studies whether there are institutional investors in the field to investigate the impact of innovation investment on listed companies.It also studies the impact of the site visits intensity of institutional investors on the innovation investment of listed companies.