The Influence and Its Mechanism of Institutional Investor Visits on Innovation Efficiency
To further broaden the research perspective on the influencing factors of enterprise innovation efficiency and the economic consequences of institutional visiting,this paper takes the data of A-share listed companies in Shenzhen Stock Exchange from 2013 to 2020 as a sample,empirically tests the relationship between institutional investor visiting and enterprise innovation efficiency from the perspective of management incentive.The results show that institutional investor research can significantly improve enterprise innovation efficiency,which is reflected in the fact that the more the number of institutional research frequency and the number of institutions participating in the research,the higher the enterprise innovation efficiency is.Compared with the separate visiting of buyer or seller institutions,the joint visiting of buyer and seller institutions has a more significant effect on improving innovation efficiency;institutional visiting can improve enterprise accounting information transparency,improve enterprise internal control,and promote innovation enthusiasm by playing the information effect and incentive effect,and then improve enterprise innovation efficiency.Besides,compared with the insurance and other institutions,the visiting of securities and fund companies has a more obvious effect on enterprise innovation efficiency,and the promotion effect of institutional visiting on enterprise innovation efficiency is stronger in the regions with a higher degree of marketization.Therefore,in promoting institutional investor visiting to improve enterprise innovation efficiency,inspiration and suggestions for institutional investors,listed companies and government departments are drawn.
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