Institutional Investors' Corporate Site Visits,social Networks And Heterogeneous Innovation Investments

In recent years,with the economic transformation and development of China,the state has paid more and more attention to Research and Development Innovation.In the "18th National Congress" and "19th National Congress" of the Party,the concept of innovation has been repeatedly mentioned and promoted to the national strategic height.Exploring how to promote enterprise Research and Development Innovation has become a hot topic in the academic circles in recent years.Innovation activities that significantly affect corporate value,so the reflection of capital markets is critical for companies.On-site visits by institutional investors are a special research activity in the capital market.They undertake the task of alleviating the information asymmetry between listed companies and investors,and at the same time they also have the role of supervising the governance of listed companies.Some scholars have begun to explore the relationship between the role of institutional investors in the financial market and the company's innovative behavior,but there is still a lack of research and exploration on how the institutional investor's field research behavior affects the choice of heterogeneous innovation activities.In addition,the links between modern enterprises are becoming more and more close,and a stable and complex social network between enterprises is gradually formed and continuously deepened and expanded outward.Companies can access the resources and information needed for innovation through the network,and even seek cooperation and risk diversification with other companies at all stages of innovation to respond to outdated crises.However,‘everything going too far is as bad as not going far enough',when the network connection of the enterprise is too close,the efficiency of the acquisition of information resources will be hindered,and the inertia of‘free-riding' will appear in the network,which will in turn inhibit the further development of enterprise innovation.Based on the collating and analyzing the related literatures of heterogeneous innovations,institutional investors' corporate site visits and social network,this paper explores the above-mentioned issues.Using the Shenzhen A-share listed company as a sample,we measured variables such as investment in heterogeneous innovation,on-site visits by institutional investors,and embedded strength of social network.The two-stage least squares method,hierarchical regression method and the alternative variable method are used to establish the model and test.In-depth exploration of the role of institutional investors' corporate site visits to promote corporate heterogeneity innovation,the impact of social network development on the intensity of enterprise innovation investment and how to ease.The conclusions are as follows:(1)Institutional investors' corporate site visits has significantly promoted the investment of listed companies in R&D.And at the same time,it has different effects on the promotion of heterogeneous R&D innovation.The simulative effect can get the adjustment of property right nature and management level of the enterprise.In addition,the relationship of investment in R&D and the social network embedding is Inverted U.And the occurrence of institutional investors' corporate visits can effectively adjust the inverted U-shaped relationship.The dissertation has certain theoretical and practical significance: In theory,the dissertation enriches the empirical research on R&D innovation investment from the perspective of heterogeneity.And it is of important implications to seek improvement to relieve the adverse effects of innovation investment from excessively network embedding influence by taking institutional investors as an entry point.In reality,this dissertation focuses on the positive role of institutional investors in visiting companies,including encouraging investment in innovation to a certain extent,and providing a reference for promoting the development of the real economy.This dissertation also puts forward reasonable suggestions for the problem that the company's network is over-embedded and affects the company's innovation investment.