Research On The Relationship Between Environmental Uncertainty,Institutional Investor's Shareholding And R&D Investment

Technological innovation has an important strategic significance for the prosperity and development of a country.At the same time,technological innovation also has a tremendous impact on enterprises to enhance their core competitiveness and maintain long-term development.In October 2017,in the report of the Nineteenth National Congress of the Communist Party of China,President Xi proposed to increase investment in scientific and technological innovation,speed up the development of national technological innovation,enhance national scientific and technological strength,and achieve the goal of building an innovative country by 2035.Therefore,at the national level,the government vigorously supports and promotes the development of technological innovation,and technological innovation is achieved through R&D activities.It is particularly important to pay attention to the investment of enterprises in R&D activities.Therefore,the research on the influencing factors of R&D investment is the focus of common concern of academia and practice.At present,the research on R&D investment of enterprises mainly focuses on internal governance and external policies and regulations.In terms of internal governance factors of R&D investment,it includes ownership structure,executive compensation incentive and board mechanism,etc.In terms of external policies and regulations on R&D investment,some scholars have studied and discussed government subsidies and tax preferences.With the rapid development of China's economy,the government gradually pays attention to the important role and position of the securities market in the adjustment of China's economic structure and technological progress,and begins to vigorously support the development of the securities market,and improve the relevant laws and regulations to make the securities market develop regularly and orderly.With the good market development and the support of the government,institutional investors have developed rapidly.Their shareholding scale shows a large growth trend,and the types of institutions are more and more diversified,which is conducive to promoting the healthy development of the securities market.Compared with ordinary individual investors,institutional investors have absolute advantages in terms of capital size,professionals and information,which motivates them to participate in the governance of listed companies.However,the impact of institutional investors on R&D investment and other day-to-day business decisions is still in the ascendant at home and abroad,and there is no unified opinion.Some scholars believe that institutional investors pay more attention to the long-term development of enterprises,can actively participate in corporate governance,supervisory and management actions,and promote the increase of R&D investment of enterprises;while others believe that institutional investors have short-term speculative behavior,lack of supervisory power,and can not play their professional advantages.It is beneficial for enterprises to invest in R&D.Therefore,this paper takes listed companies in China as the research object to test the role of institutional investors and the impact on R&D investment.Innovation investment decision-making of enterprises is often in an uncertain external environment,always accompanied by more or less risk.The change of environment can not only affect the management mode and investment decision-making of enterprises,but also influence the production mode and daily production and operation status of enterprises.When there are great differences in environmental uncertainties,the risks faced by enterprises will inevitably be quite different,and the investment in technological innovation will also be quite different.For enterprises,environmental uncertainty can significantly affect the survival and development of enterprises.It is very important to pay attention to the impact of environmental uncertainty on enterprises.Therefore,this paper will study the impact of external micro-environmental uncertainty on R&D investment,and analyze the impact of environmental uncertainty on the relationship between institutional investors and R&D investment.Taking the data of A-share listed companies in China from 2008 to 2017 as samples,by study,the research finds that:(1)institutional investors' shareholding can promote the increase of R&D investment;(2)micro-environmental uncertainty can promote R&D investment Increase;(3)Environmental uncertainty has a negative impact on the relationship between institutional investors' shareholdings and corporate R&D investment.On the basis of the relevant literature research and the research contents of this paper,the innovations of this paper are as follows:(1)This paper enriches relevant research in the fields of R&D investment and environmental uncertainty,and explores environmental uncertainty and investment in R&D.The impact of daily business decisions.(2)This paper innovatively integrates environmental uncertainty,institutional investor holdings and corporate R&D investment into the same research framework,and explores the impact of environmental uncertainty on the relationship between institutional investors'holdings and corporate R&D investment.