| As China’s economic development has entered a new normal,traditional factor production methods are difficult to meet the needs of high-quality economic development,and innovation has become the key to seeking new economic development paths.On the one hand,enterprises play an important role in the process of building a new development pattern and enhancing the efficiency of the national innovation system in China,and strengthening the main position of enterprise scientific and technological innovation is also an inherent requirement for achieving high-quality development.The financing difficulties and financing problems faced by innovative activities have always been the development problems that most enterprises in China need to solve urgently,and institutional investors,as an important component of China’s capital market,play an important role in corporate governance and supervision.As one of the important components of capital market activities and corporate governance,institutional investors are of great significance to the subsequent development of enterprises and even China’s capital market to clarify whether they promote enterprise innovation.Starting from the micro level of enterprises,this paper discusses the relationship between institutional investors’ shareholding,financing constraints and enterprise innovation according to the basic ideas of theory-empirical and conclusion.Firstly,the existing literature is sorted out,the impact of institutional shareholding and corporate financing constraints on enterprise innovation is explored,and the mechanism of its role is analyzed and summarized.Subsequently,the data of A-share listed companies from 2011 to 2021 for a total of 11 years was selected,and on the basis of relevant theories,how the shareholding and heterogeneity of institutional investors were explored to affect enterprise innovation,and the degree of corporate financing constraints was measured with the help of SA index,and whether financing constraints played an intermediary role in the above process,and then the robustness test and endogenous treatment of the above results were carried out in a variety of ways.On this basis,based on the heterogeneity of enterprise property rights and scale,research was carried out,and the differences in the results were analyzed.Finally,from the perspective of non-linearity,the shareholding of institutional investors is used as the threshold variable,and whether there is a threshold effect between the shareholding of institutional investors and corporate innovation is explored.The empirical results show that:(1)institutional investors have a significant positive impact on enterprise innovation and output,and the above conclusions are still valid after classifying them as pressure-resistant and pressure-sensitive,and the influence of pressure-resistant institutional investors on the input and output of corporate innovation is greater than that of pressure-sensitive.(2)One of the channels through which institutional investors promote enterprise innovation is financing constraints,that is,institutional investor shareholding can promote corporate innovation by alleviating the financing constraints faced by enterprises.(3)From the perspective of the heterogeneity of enterprise scale,institutional investors’ shareholding has a more significant effect on the innovation input of small-scale enterprises,and a more significant effect on the innovation output of large-scale enterprises;From the perspective of the heterogeneity of the nature of enterprise property rights,institutional shareholding has a more significant effect on the innovation output of non-state-owned enterprises,and a more significant effect on the innovation input of state-owned enterprises.(4)In the exploration of nonlinear relationship,it is found that there is no threshold effect on the impact of institutional investors’ shareholding on enterprise innovation.. |
