Study of the Relationship Among Heterogeneous Institutional Shareholdings,Financing Constraints and Corporate Innovation:Empirical Evidence Based on the Growth Enterprise Market(GEM)
Based on the data of listed companies on the Growth Enterprise Market from 2013 to 2022,this study empirically investigates the relationship among heterogeneous institutional shareholdings,financing constraints and corporate innovation using a fixed effect model.The re-sults indicate that institutional shareholding generally facilitates corporate innovation.After distinguishing heterogeneity,pressure-resistant in-stitutional shareholding can also promote corporate innovation,while pressure-sensitive institutions hinder it.Financing constraints partially mediate the effect of institutional shareholding on corporate innovation,but they can only play the role in the effect of pressure-resistant institutional shareholding on corporate innovation after distinguishing heterogeneity.
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