Institutional Investor Shareholding And Corporate Innovation Investment

In recent years,with the intensification of trade war and the transformation of domestic economy from high growth to steady growth,China's economy has gradually shifted to knowledge economy,and the importance of enterprise innovation in economic growth has never been higher.At the same time,the lack of investment in innovation is particularly obvious in Chinese enterprises,which is mainly caused by the high risk and long cycle of innovation investment,which makes it difficult to generate profits in a short term,and the lack of motivation for enterprises to make innovation investment.Active institutional investor doctrine holds that institutional investors are important external regulators who can actively participate in corporate governance,supervise corporate decisions and reduce agency costs.This paper intends to explore the relationship between institutional investor ownership and enterprise innovation investment,and its specific path of action,in order to provide theoretical support for the development of institutional investors and the promotion of enterprise innovation investment.Firstly,this paper intends to study whether institutional investors can promote enterprise innovation investment.The research results show that institutional investors'shareholding can promote enterprise innovation investment,and the relationship between"stable institutional investors"'shareholding and enterprise innovation investment is moresignificant than that between"transactional"institutional investors'shareholding.Further,this paper studied the path of the institutional investors to promote enterprise innovation,this article from the innovation investment decision-making level and financial level will be divided into two paths,respectively is:the incentive management innovation investment decisions(hereinafter referred to as a"path"),ease the financing constraints(hereinafter referred to as the"path"),the results show that institutional investors mainly through path to promote innovation investment,path effect was not significant.Then,this paper according to the nature of property rights,enterprise scale group research.The results show that in non-state-owned enterprises and large enterprises,the role of institutional investors in promoting enterprise innovation investment is more significant than in state-owned enterprises and small enterprises.At last,the endogeneity test was carried out and the conclusion was still valid.This paper provides some feasible Suggestions for developing institutional investors and promoting enterprise innovation investment in China.First,strengthen the construction of China's capital market to attract more institutional capital into the market;second,encourage institutional investors to make value investment and participate more in enterprise management.The innovation of this paper lies in:from the decision-making level and the financial level,this paper discusses the specific path of institutional investors to promote enterprise innovation investment,and tests it.Secondly,this paper examines the difference in the role of different types of institutional investors in the innovation investment of enterprises,and studies the role of institutional investors in promoting the innovation investment in different types of enterprises according to the difference in the nature of enterprise property rights and enterprise scale.