机构投资者调研对企业创新效率的影响及其作用机制
The Influence and Its Mechanism of Institutional Investor Visits on Innovation Efficiency
张宏亮 1程梦雅 1王靖宇 2邵东伟3
作者信息
- 1. 北京工商大学商学院,北京 100048
- 2. 北京物资学院会计学院,北京 101149
- 3. 内蒙古工业大学经济管理学院,内蒙古呼和浩特 010051
- 折叠
摘要
进一步拓宽关于企业创新效率影响因素以及机构调研经济后果的研究视角,以2013-2020年在深交所A股上市公司的数据为样本,从管理层激励的角度,对机构投资者调研与企业创新效率的关系进行实证检验.结果发现,机构投资者调研能够显著提升企业创新效率,表现在机构调研次数和参与调研的机构数量越多,企业创新效率越高.其中,相比于买方或卖方机构单独调研,买卖双方的联合调研对创新效率的提升作用更显著;机构调研能够通过发挥信息效应提高企业会计信息透明度、发挥监督效应提高企业内部控制力、发挥激励效应促进创新积极性,进而提高企业创新效率;相比于保险和其他机构,券商和基金公司调研对企业创新效率的作用更明显,并且机构调研对企业创新效率的促进作用在市场化程度较高的地区更强.据此,在促进机构投资者调研提高企业创新效率方面,得出对机构投资者、上市公司和政府部门等的启示建议.
Abstract
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.
关键词
机构投资者调研/企业创新效率/企业内部控制/信息透明度Key words
institutional investor survey/enterprise innovation efficiency/enterprise internal control/information transparency引用本文复制引用
基金项目
教育部人文社会科学规划基金项目(20YJA630089)
国家社会科学基金项目(21BGL098)
出版年
2024
NETL
NSTL
万方数据