机构投资者能促进企业创新吗?——基于“经理人职业生涯假说”的视角
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摘要
公司层面的创新受到代理问题的制约,公司治理机制因此成为影响企业创新的关键因素。随着我国机构投资者在资本市场的迅速发展,学术界对其参与公司治理的研究越来越多。论题以我国2013—2016年沪深A股上市公司为样本,着重考察了机构投资者及其异质性对企业创新的影响以及作用机制。研究发现,机构投资者,特别是长期机构投资者持股能够显著促进企业创新;基于"经理人职业生涯假说"的观点,进一步研究还发现,在高产品市场竞争下以及民营企业中,长期机构投资者持股对企业创新的促进作用更明显。
Innovation at the company level is restricted by the agency problem. Therefore, the corporate governance mechanism becomes a key factor affecting corporate innovation. With the rapid development of China's institutional investors in the capital market, there are more and more academic studies on their participation in corporate governance. With A-shares listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from2013 to 2016 as the sample, this paper mainly investigates the impact of institutional investors and their heterogeneity on corporate innovation and its mechanism. The study reveals that shareholdings acquired by institutional investors, especially long-term ones, can significantly promote corporate innovation. From the perspective of"managers' career hypothesis,',the further research has also found that shareholdings acquired by long-term institutional investors play a more significant role in promoting corporate innovation under high product market competition and in private enterprises.
Innovation at the company level is restricted by the agency problem. Therefore, the corporate governance mechanism becomes a key factor affecting corporate innovation. With the rapid development of China's institutional investors in the capital market, there are more and more academic studies on their participation in corporate governance. With A-shares listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from2013 to 2016 as the sample, this paper mainly investigates the impact of institutional investors and their heterogeneity on corporate innovation and its mechanism. The study reveals that shareholdings acquired by institutional investors, especially long-term ones, can significantly promote corporate innovation. From the perspective of"managers' career hypothesis,',the further research has also found that shareholdings acquired by long-term institutional investors play a more significant role in promoting corporate innovation under high product market competition and in private enterprises.
引文
(1)Hosono K, Tomiyama M, Miyagawa T.,"Corporate Governance and Research and Development:Evidence From Japan", Economic Innovation New Technology, Vol 13, No 2, 2004, pp. 141-164.
(2)赵洪江,陈学华,夏晖:《公司自主创新投入与治理结构特征实证研究》,《中国软科学》2008年第7期,第145-149页。
(3)Zahra S.A,Neubaum D.O, Huse M.,"Entrepreneurship in Medium-size Companies:Exploring the Effects of Ownership and Governance System", Journal of Management, Vol 26, No 5, 2000, pp. 947-976.
(4)刘小元,李永壮:《董事会、资源约束与创新环境影响下的创业企业研发强度——来自创业板企业的证据》,《软科学》2012年第26卷第6期,第99-104页。
(5)王燕妮:《高管激励对研发投入的影响研究——基于我国制造业上市公司的实证检验》,《科学学研究》2011年第29卷第7期,第1071-1078页。
(6)Yafeh Y,Yosha O.,"Large Share Holders and Banks:Who Monitors and How?",The Economic Journal, Vol 113, No 484, 2003,pp.128-146.
(7)鲁桐,党印:《公司治理与技术创新:分行业比较》,《经济研究》2014第6期,第115-128页.
(1)罗正英,李益娟,常昀:《民营企业的股权结构对R&D投资行为的传导效应研究》,《中国软科学》2014第3期,第167-176页。
(2)戴魁早,刘友金:《市场化进程对创新效率的影响及行业差异——基于中国高技术产业的实证检验》,《财经研究》2013年第5期,第4-16页。
(3)张济建,苏慧,王培:《产品市场竞争、机构投资者持股与企业R&D投入关系研究》,《管理评论》2017年第11期,第89-97页。
(4)David P, O'Brien J P, Yoshikawa T.,"The Implications of Debt Heterogeneity for R&D Investment and Firm Performance",The Academy of Management Journal,Vol 51,No 1,2008, pp.165-181.
(5)李争光,曹丰,赵西卜,徐凯:《机构投资者异质性、会计稳健性与债务资本成本》,《当代财经》2017年第2期,第122-132页。
(6)李晓龙,胡少柔,王洁玲:《融资招募、机构投资者持股与股价崩盘——来自我国中小板、创业板市场的经验证据》,《会计与经济研究》2016年第1期,第78-89页。
(7)周绍妮,张秋生,胡立新:《机构投资者持股能提升国企并购绩效吗?——兼论中国机构投资者的异质性》,《会计研究》2017年第6期,第67-74页。
(8)蒋艳辉,唐家财,姚靠华:《机构投资者异质性与上市公司R&D投入——来自A股市场高新技术企业的经验研究》,《经济经纬》2014年第4期,第86-91页。
(9)刘宁悦,杨洋:《机构投资者异质性与企业自主创新》,《科学决策》2017年第11期,第54-77页。
(10)Rong Z, Xiaokai W, Boeing P.,"The Effect of Institutional Ownership on Firm Innovation:Evidence from Chinese Listed Firms", Research Policy, No 46, 2017, pp. 1533-1551.
(1)Ederer F,Manso G.,"Is Pay for Performance Detrimental to Innovation?",Management Science,Vol 59, No 7, 2013, pp. 1496-1513.
(2)温军,冯根福:《异质机构、企业性质与自主创新》,《经济研究》2012年第3期,第53-64页。
(3)Aghion P, Reenen J V, Zingales L.,"Innovation and Institutional Ownership", American Economic Review,Vol 103, No 1, 2013, pp. 277-304.
(4)Kim H, Park K, Roy Song K.,"Do Long-term Institutional Investors Foster Corporate Innovation?", Accounting ang Finance, 2017, pp. 1-33.
(5)Mcconnell J J, Wahal S.,"Do Institutional Investors Exacerbate Managerial Myopia?", Purdue University Economics Working Papers, Vol 6,No 00, 2004, pp. 307-329.
(6)Bushee B J.,"Do Institutional Investors Prefer Nearterm Earning over Long-run Value?", Contemporary Accounting Research, Vol 18, No 2,2001, pp. 207-246.
(7)刘京军,徐浩萍:《机构投资者——长期投资者还是短期机会主义者?》,《金融研究》2012年第9期,第141-154页.
(8)李健,杨蓓蓓,潘镇:《中小企业股权集中度、产品市场竞争与企业创新可持续性》,《中国科技论坛》2016年第5期,第59-64页。
(9)Ang J S, Cheng Y, Wu C.,""Does Enforcement of Intellectual Property Rights Matter in China? Evidence from financing and investment choices in the high-tech industry", Social Science Electronic Publishing, Vol 96, No 2, 2010, pp. 332-348.
(10)Fang L, Lerner J, Wu C.,"Intellectual Property Rights Protection, Ownership, and Innovation:Evidence from China", The Review of Financial Studies, Vol 30, No 7,2017, pp. 2446-2477.
(1)Qian Y A.,“Theory of Shortage in Socialist Economics Based on The'Soft Budget Constraint'",American Economic Review,Vol 84, No 84,1994, pp. 145-156.
(2)Elyasiani E,Jia J J,Mao C X.,"Institutional Ownership Stability and the Cost of Debt",Journal of Financial Markets,Vol 13, No 4, 2010, pp.475-500.
(3)牛建波,吴超,李胜楠:《机构投资者类型、股权特征和自愿性信息披露》,《管理评论》2013年第25卷第3期,第48-59页.
(4)李争光,赵西卜,曹丰,刘向强:《机构投资者异质性与会计稳健性——来自中国上市公司的经验证据》,《南开管理评论》2015年第3期,第111-121页.
(5)齐秀辉,卢悦,武志勇:《股权特征对机构投资者与创新投入的调节作用》,《科技进步与对策》2017年第12期,第1-7页.
(1)Bernstein S.,"Does Going Public Affect Inovation?",The Journal of Finance, Vol 70, No 4, 2015,pp.1365-1403.
(1)温军,冯根福:《异质机构、企业性质与自主创新》,《经济研究》2012年第3期,第53-64页.
(2)赵洪江,陈学华,夏晖:《公司自主创新投入与治理结构特征实证研究》,《中国软科学》2008年第7期,第145-149页。
(3)Zahra S.A,Neubaum D.O, Huse M.,"Entrepreneurship in Medium-size Companies:Exploring the Effects of Ownership and Governance System", Journal of Management, Vol 26, No 5, 2000, pp. 947-976.
(4)刘小元,李永壮:《董事会、资源约束与创新环境影响下的创业企业研发强度——来自创业板企业的证据》,《软科学》2012年第26卷第6期,第99-104页。
(5)王燕妮:《高管激励对研发投入的影响研究——基于我国制造业上市公司的实证检验》,《科学学研究》2011年第29卷第7期,第1071-1078页。
(6)Yafeh Y,Yosha O.,"Large Share Holders and Banks:Who Monitors and How?",The Economic Journal, Vol 113, No 484, 2003,pp.128-146.
(7)鲁桐,党印:《公司治理与技术创新:分行业比较》,《经济研究》2014第6期,第115-128页.
(1)罗正英,李益娟,常昀:《民营企业的股权结构对R&D投资行为的传导效应研究》,《中国软科学》2014第3期,第167-176页。
(2)戴魁早,刘友金:《市场化进程对创新效率的影响及行业差异——基于中国高技术产业的实证检验》,《财经研究》2013年第5期,第4-16页。
(3)张济建,苏慧,王培:《产品市场竞争、机构投资者持股与企业R&D投入关系研究》,《管理评论》2017年第11期,第89-97页。
(4)David P, O'Brien J P, Yoshikawa T.,"The Implications of Debt Heterogeneity for R&D Investment and Firm Performance",The Academy of Management Journal,Vol 51,No 1,2008, pp.165-181.
(5)李争光,曹丰,赵西卜,徐凯:《机构投资者异质性、会计稳健性与债务资本成本》,《当代财经》2017年第2期,第122-132页。
(6)李晓龙,胡少柔,王洁玲:《融资招募、机构投资者持股与股价崩盘——来自我国中小板、创业板市场的经验证据》,《会计与经济研究》2016年第1期,第78-89页。
(7)周绍妮,张秋生,胡立新:《机构投资者持股能提升国企并购绩效吗?——兼论中国机构投资者的异质性》,《会计研究》2017年第6期,第67-74页。
(8)蒋艳辉,唐家财,姚靠华:《机构投资者异质性与上市公司R&D投入——来自A股市场高新技术企业的经验研究》,《经济经纬》2014年第4期,第86-91页。
(9)刘宁悦,杨洋:《机构投资者异质性与企业自主创新》,《科学决策》2017年第11期,第54-77页。
(10)Rong Z, Xiaokai W, Boeing P.,"The Effect of Institutional Ownership on Firm Innovation:Evidence from Chinese Listed Firms", Research Policy, No 46, 2017, pp. 1533-1551.
(1)Ederer F,Manso G.,"Is Pay for Performance Detrimental to Innovation?",Management Science,Vol 59, No 7, 2013, pp. 1496-1513.
(2)温军,冯根福:《异质机构、企业性质与自主创新》,《经济研究》2012年第3期,第53-64页。
(3)Aghion P, Reenen J V, Zingales L.,"Innovation and Institutional Ownership", American Economic Review,Vol 103, No 1, 2013, pp. 277-304.
(4)Kim H, Park K, Roy Song K.,"Do Long-term Institutional Investors Foster Corporate Innovation?", Accounting ang Finance, 2017, pp. 1-33.
(5)Mcconnell J J, Wahal S.,"Do Institutional Investors Exacerbate Managerial Myopia?", Purdue University Economics Working Papers, Vol 6,No 00, 2004, pp. 307-329.
(6)Bushee B J.,"Do Institutional Investors Prefer Nearterm Earning over Long-run Value?", Contemporary Accounting Research, Vol 18, No 2,2001, pp. 207-246.
(7)刘京军,徐浩萍:《机构投资者——长期投资者还是短期机会主义者?》,《金融研究》2012年第9期,第141-154页.
(8)李健,杨蓓蓓,潘镇:《中小企业股权集中度、产品市场竞争与企业创新可持续性》,《中国科技论坛》2016年第5期,第59-64页。
(9)Ang J S, Cheng Y, Wu C.,""Does Enforcement of Intellectual Property Rights Matter in China? Evidence from financing and investment choices in the high-tech industry", Social Science Electronic Publishing, Vol 96, No 2, 2010, pp. 332-348.
(10)Fang L, Lerner J, Wu C.,"Intellectual Property Rights Protection, Ownership, and Innovation:Evidence from China", The Review of Financial Studies, Vol 30, No 7,2017, pp. 2446-2477.
(1)Qian Y A.,“Theory of Shortage in Socialist Economics Based on The'Soft Budget Constraint'",American Economic Review,Vol 84, No 84,1994, pp. 145-156.
(2)Elyasiani E,Jia J J,Mao C X.,"Institutional Ownership Stability and the Cost of Debt",Journal of Financial Markets,Vol 13, No 4, 2010, pp.475-500.
(3)牛建波,吴超,李胜楠:《机构投资者类型、股权特征和自愿性信息披露》,《管理评论》2013年第25卷第3期,第48-59页.
(4)李争光,赵西卜,曹丰,刘向强:《机构投资者异质性与会计稳健性——来自中国上市公司的经验证据》,《南开管理评论》2015年第3期,第111-121页.
(5)齐秀辉,卢悦,武志勇:《股权特征对机构投资者与创新投入的调节作用》,《科技进步与对策》2017年第12期,第1-7页.
(1)Bernstein S.,"Does Going Public Affect Inovation?",The Journal of Finance, Vol 70, No 4, 2015,pp.1365-1403.
(1)温军,冯根福:《异质机构、企业性质与自主创新》,《经济研究》2012年第3期,第53-64页.