股票流动性、机构持股与企业研发创新的实证分析

发布时间：2018-05-29 05:25

本文选题：研发创新 + 机构投资者　；参考：《浙江大学》2017年硕士论文

【摘要】：在当今日益激烈的竞争环境下,传统要素增长优势日渐消失,创新作为新的增长驱动力,成为企业和国家实现可持续发展不可或缺的关键要素之一。十八大报告中明确提出“实施创新驱动发展战略”,将“创新”一词提高到了国家层次。企业作为经济主力军,在研发创新中扮演重要角色。越来越多的企业已经认识到研发创新对于企业提高核心竞争力,实现长久发展的重要作用。研发创新离不开资金的支持,目前股票市场是我国企业主要的外部融资渠道之一,那么股票流动性是否会对企业研发创新产生影响呢?在股票市场中,机构投资者作为重要的市场参与者,可以通过多种渠道参与公司治理,影响企业投资活动,那么它会对股票流动性和企业研发创新两者间关系产生影响吗?因此,本文从股价信息含量理论、委托代理理论与创新理论出发,就这两个问题展开了相应的研究。本文选取了2012-2015年在创业板上市的高新技术企业作为样本,采用层次回归法对样本公司的股票流动性、机构持股与研发创新三者之间关系进行实证研究,得到如下结论:股票流动性会对企业当期研发创新投入产生正向作用;机构投资者是一个半调节变量,一方面会对股票流动性与企业研发创新投入的关系起到负向调节作用,另一方面会直接对研发创新投入产生负面作用。在此结论的基础上,本文在最后针对监管层可能采取的措施提出了相应的建议。
[Abstract]:In today's increasingly fierce competitive environment, the traditional factors of growth advantage gradually disappear, as a new driving force of growth, innovation has become one of the indispensable key elements for enterprises and countries to achieve sustainable development. In the report of the 18th National Congress of the people's Republic of China, "implementing the strategy of innovation-driven development" was clearly put forward, which raised the term "innovation" to the national level. As the main economic force, enterprises play an important role in R & D innovation. More and more enterprises have realized that R & D innovation plays an important role in improving core competitiveness and realizing long-term development. Research and development innovation can not be separated from the support of funds. At present, the stock market is one of the main external financing channels for Chinese enterprises, so will stock liquidity have an impact on enterprise R & D innovation? In the stock market, institutional investors, as important market participants, can participate in corporate governance through a variety of channels, which will affect the relationship between stock liquidity and R & D innovation. Therefore, based on the information content theory of stock price, principal-agent theory and innovation theory, this paper studies these two problems. This paper selects the high-tech enterprises listed on the gem in 2012-2015 as the sample, and uses the hierarchical regression method to study the relationship among the stock liquidity, institutional shareholding and R & D innovation of the sample companies. The conclusions are as follows: stock liquidity will have a positive effect on R & D innovation investment in the current period, institutional investor is a semi-regulatory variable, on the one hand, it will play a negative role in regulating the relationship between stock liquidity and R & D innovation investment. On the other hand, it will have a negative effect on R & D innovation investment directly. On the basis of this conclusion, this paper puts forward some suggestions for the possible measures to be taken by the regulatory level at the end of this paper.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F273.1

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