Research On Institutional Investors,Market Competition And Enterprise Innovation Performance

The current economic environment is complex and changeable.Under the pressure of the external environment,enterprises can not achieve sustainable development without innovation.Due to the existence of principal-agent problem,the innovation of enterprises is affected by its governance mechanism.Institutional investors have capital scale and professional advantages,and are important stakeholders of enterprises.Therefore,when participating in corporate governance activities,they can provide supervision for the innovation activities of enterprises.However,due to the serious speculation of many institutional investors,there is no consensus on whether institutional investors can affect enterprise innovation performance.The production and operation activities of enterprises are closely related to their external market.Market competition will affect the supervision role of institutional investors,and then affect the innovation performance of enterprises.At present,most of the literature focuses on the overall impact of institutional investors on enterprise innovation.This paper introduces market competition between institutional investors and corporate innovation performance,and discusses the impact of institutional investors on corporate innovation performance and its mechanism.This article takes the Shanghai and Shenzhen A-share listed companies from 2012 to 2019 as a sample,this paper empirically analyzes the relationship between institutional investors,market competition and enterprise innovation performance,classifies institutional investors into long-term and short-term institutional investors according to turnover rate,and explores the impact of different types of institutional investors on enterprise innovation performance,At the same time,the impact of the nature of property rights on enterprise innovation performance is also considered.The research results show that: first,the overall institutional investors and long-term institutional investors can significantly positively affect the innovation performance of enterprises,and short-term institutional investors have no significant impact on the innovation performance of enterprises;second,institutional investors and enterprise innovation in stateowned enterprises The correlation of performance is not significant,but a significant positive correlation in private enterprises;third,market competition can strengthen the overall impact of institutional investors and long-term institutional investors on the innovation performance of enterprises;fourth,the regulatory effect of market competition in state-owned enterprises is not significant,but significant in private enterprises.Therefore,institutional investors,especially long-term institutional investors,have a significant positive correlation with enterprise innovation performance;In the high market competition environment and in private enterprises,the correlation between institutional investors and enterprise innovation performance is more significant.Finally,on the basis of the research in this article,the relevant enlightenment and possible future research directions are summarized.The research results of this paper provide a basis for managers to further develop the institutional investor team,improve the corporate management structure,and enhance the corporate innovation performance.