异质机构对创业板公司自主创新的影响研究

发布时间：2018-01-02 12:38

本文关键词：异质机构对创业板公司自主创新的影响研究　出处：《大连理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：目前中国的经济增长正受到全球性金融危机以及可持续发展所带来的双重挑战,自主创新成为促进中国经济发展的重要推动力。创业板市场的成立旨在为自主创新企业提供发展平台,为中国经济的增长提供原动力,因此,有必要研究创业板上市公司的创新能力。股权结构、董事会结构、管理者激励等公司内部治理机制通过自主创新投资决策的制定,影响公司自主创新能力。近年来,中国机构投资者持股比重日益增大,市场地位不断上升,机构投资者作为一项重要的公司外部治理安排,通过“用手投票”的方式,积极介入公司内部治理,关注公司绩效和长期价值,给创业板公司自主创新带来了不可忽视的影响。在上述背景下,本文首先回顾了与本文研究相关的文献,然后基于行为金融理论和委托代理理论,从机构投资者异质性视角建立了公司管理者自主创新决策的博弈模型,探讨不同类型机构投资者对公司自主创新的影响差异。其次,本文选取2009-2012年持有创业板股票的基金为样本,以投资组合集中度、风险偏好、投资组合周转率三个指标将基金划分为风险厌恶的长期机构投资者和风险偏好的短期机构投资者。最后,本文选取我国创业板上市公司2009-2012年的数据为研究样本,以RD投入和专利申请数量作为自主创新投入和产出代理变量,以持股基金所属类别的虚拟变量为机构投资者异质性的代理变量,采用面板数据实证检验了机构投资者异质对创业板公司自主创新的影响。结果显示,机构投资者总体持股对公司自主创新的投入和产出均有显著的正向影响；风险厌恶的长期机构投资者与公司自主创新的投入和产出都有正相关关系；风险偏好的短期机构投资者与公司自主创新投入负相关,与产出不相关。通过结论分析,本文提出未来政策关注的焦点应在于加强对机构投资者的扶持和监管,培养其长期投资理念,进一步发挥其参与公司自主创新的积极作用。
[Abstract]:At present, China's economic growth is being challenged by the global financial crisis and sustainable development. Independent innovation has become an important driving force to promote the economic development of China. The establishment of the gem market aims to provide a platform for the development of independent innovation enterprises and a driving force for the growth of China's economy. It is necessary to study the innovation ability, ownership structure, board structure, manager incentive and other internal governance mechanisms of gem listed companies through independent innovation investment decision-making. In recent years, the proportion of institutional investors holding shares in China is increasing, the market position is rising, institutional investors as an important external corporate governance arrangements. Through the way of "voting by hand", we can actively intervene in the internal governance of the company, pay attention to the performance and the long-term value of the company, and bring the independent innovation to the gem company to bring the influence which can not be ignored. Under the above background, this paper first reviews the literature related to this study, then based on behavioral finance theory and principal-agent theory. From the perspective of institutional investor heterogeneity, this paper establishes a game model of corporate managers' independent innovation decision-making, and discusses the different types of institutional investors' influence on corporate independent innovation. Secondly. This paper selects the fund which holds the gem stock in 2009-2012 as the sample, takes the investment portfolio concentration degree, the risk preference. Three indicators of portfolio turnover divide the fund into long-term risk-averse institutional investors and short-term risk-averse institutional investors. This paper selects the data of China's gem listed companies from 2009-2012 as the research sample, taking R D input and patent application as proxy variables of independent innovation input and output. Taking the fictitious variable of the ownership fund as the agency variable of institutional investor heterogeneity, the paper empirically tests the influence of institutional investor heterogeneity on the independent innovation of gem companies by panel data. The results show that. Institutional investors' overall shareholding has a significant positive impact on the input and output of independent innovation; Long-term institutional investors with risk aversion have positive correlation with the input and output of independent innovation. Short-term institutional investors of risk preference have negative correlation with independent innovation input, but not with output. Through the conclusion analysis, this paper puts forward that the focus of future policy should be to strengthen the support and supervision of institutional investors. Cultivate its long-term investment concept and further play its active role in independent innovation.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.1;F832.51

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