| Sci-Tech innovation board provides a new financing channel for the technology enterprises and a new exit channel for venture capital,which actively promotes the venture capital to participate in the development of technology enterprises.The purpose of this paper is to explore the role of institutional investors in the early development of technology enterprises.Through theoretical analysis and empirical analysis,this paper studies the relationship between institutional investors' shareholding and R&D investment,and finally provides policy suggestions on how to promote the development of technology enterprises.In this paper,210 enterprises that had applied for Sci-Tech innovation board from March 2019 to February 2020 were selected as samples.This paper mainly uses the method of empirical analysis to study the influence of institutional investors on the R&D investment of enterprises.Firstly,the influence of overall institutional investors is considered.Secondly,the influence and differences of state-owned institutional investors,foreign institutional investors and other institutional investors are considered.At last,it researches the effect of R&D on institutional investors.The main research conclusions are as follows: First,on the whole,there is a significant positive correlation between institutional investors and R&D investment.The higher the shareholding ratio of institutional investors,the higher the R&D investment ratio of enterprises.The result indicates that institutional investors play an active role as supervisors in the process of corporate governance.Second,the state-owned institutional investors,the foreign institutional investors and other institutional investors have significant positive correlation with the R&D investment of enterprises,which verifies the effectiveness of shareholder activism theory in the early development of enterprises.Third,among the three types of institutional investors,the state-owned institutional investors have the most significant impact on the R&D investment of enterprises,but the regression coefficient is lower than the foreign institutional investors.The regression coefficient of the other institutional investors is the lowest.Fourth,R&D investment could have a significant impact on institutional investor.High R&D investment ratio is truly attractive to institutional investors.The innovation of this paper is mainly reflected in the selection of research samples.In previous studies,the paper mainly focused on the listed companies with mature development,but not studied the technology enterprises in the development stage.In terms of academic significance,this paper is mainly a supplement to institutional shareholder activism and an empirical test of venture capital theory.The effectiveness of institutional shareholder activism has always been debated.Through empirical study,this paper proves the effectiveness of institutional shareholder activism in the development process of technology enterprises.About the theory of venture capital,due to the lack of relevant samples in China,the research is difficult to carry out.Sci-Tech innovation board selects a group of technology enterprises still in the process of development,which is also the main investment target of venture capital.Therefore,this paper makes an empirical analysis of the venture capital theory and proves the effectiveness of the venture capital theory.In terms of practical significance,this study will help enterprises to understand the positive role of institutional investors.Then enterprises could make the right financing choices in the development process,and build the most conducive equity structure for the long-term development of enterprises. |
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