Study on Common Institutional Shareholding and Listed Companies'Innovation Expenditure——Evidence from the Inter-corporation Equity Network
In 2021,China's public mutual funds reached 34.01%in A-share holdings,reflecting institutional investors'active engagement in listed company governance through investment and shareholding.The existing research that has found that common equity and institutional shareholding have an indirect impact on corporate operations.This study used listed company and institutional shareholding data from 2015 to 2022,and innovatively obtained the equity correlation network between listed companies from the institutional-enterprise shareholding network projection.By treating the edge weights of network as proxy variables for information transmission and coordination,it found that common institutional shareholdings suppress corporate innovation expenditure by strengthening the inter-corporation equity connections.Together with case analysis,it supported the opinion that common institutional shareholdings bring technological spillover and anti-competitive effects.This study deepens our understanding of joint institutional shareholding's influence on corporate operations and provides a basis for encouraging innovation and anti-monopoly regulatory policies.
common institutional shareholdingcorporate innovationequity network
NETL
NSTL
万方数据
