| In recent years,with the deepening trend of internationalization and institutionalization of A-shares,institutional investors have become the backbone of the A-share investment team.Compared with retail investors,institutional investors have the advantages of strong information collection and collation ability,professional and rational investment strategy,large capital scale,value-oriented investment and long holding period.At the same time,institutional investors,as an important external governance mechanism,can actively participate in corporate governance and supervision through shareholder proposals and private consultations,which play an important role in improving corporate governance and performance.Report of the 20th CPC National Congress clearly put forward that innovation is the first driving force,to continuously and deeply implement the innovationdriven development strategy.Looking back on the new era decade,after continuous efforts,China has already achieved great technological breakthroughs through innovation in many fields,which has brought good results for national industrial development and company performance growth.Among the series of investment decisions that institutional investors participate in corporate governance and thus influence companies,R&D investment is included.Given that institutional investors have different investment philosophies,motivations,and behaviors,the relationship between heterogeneous institutional investors and firm performance varies.Given that different industries rely on innovation to different degrees,this paper attempts to analyze the role of institutional investors and their heterogeneity in improving firm performance in the context of different industries,and whether R&D investment plays a mediating role in this transmission mechanism.Firstly,by combing the relevant theoretical and historical literature,this paper puts forward five relevant hypotheses,and the empirical analysis part takes the Ashare listed companies in Shanghai and Shenzhen from 2016 to 2021 as the sample,and draws on Brickley’s classification method to divide institutional investors into two major categories:independent institutional investors(consisting of securities investment funds,social security funds and QFIIs)and non-independent institutional investors(consisting of insurance companies At the same time,the sample enterprises were classified into labor-intensive,capital-intensive,and technology-intensive according to the proportion of factor inputs in the production process,based on the industry cluster analysis method of other scholars.The relationship between heterogeneous institutional investors and firm performance in different industry contexts was investigated by means of grouped regressions.At the same time,a mediating variable indicator of corporate R&D investment was introduced,and the relationship between institutional investors’ shareholding and corporate performance in the three industries was compared and analyzed using group regressions under the effect of R&D investment.After the empirical analysis,the following three conclusions were finally obtained.(1)There is a significant positive relationship between overall institutional investor shareholding,independent institutional investor shareholding and firm performance.According to the factor intensity of industries,this correlation is prevalent in technology,labor,and capital intensive industries.(2)There is a significant positive correlation between institutional investors’ overall shareholding,independent institutional investors’ shareholding and firms’ R&D investment,and this correlation is more significant in technology-intensive industries,more significant in capital-intensive industries,and not relevant in labor-intensive industries.(3)The overall shareholding of institutional investors and the shareholding of independent institutional investors are significantly and positively correlated with firm performance,in which R&D investment plays a significant mediating utility. |
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