机构投资者异质性对企业研发投入的影响研究

发布时间：2018-01-23 10:28

本文关键词： 机构投资者异质性研发投入压力抵制型压力敏感型动态内生性　出处：《西安工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：研发投入是一项关乎企业生存和未来发展的战略性投资,尤其对于高新技术企业来说,在如今竞争激烈的市场环境中,企业必须加强创新能力来提升自身的核心竞争力。机构投资者在资金规模、企业管理和信息搜集分析等方面的优势受到理论界和实务界的普遍关注和认可,他们被认为在公司治理方面有能力和动机去发挥积极的作用。机构投资者对研发投入具有什么样的影响,能否促进企业的研发投入,近年来这已成为公司治理领域的研究热点。本文对此问题展开更深入地分析和研究,文中我们把机构投资者划分为“压力抵制型”和“压力敏感型”两类,改进了现有大多数研究将机构投资者同质化处理的方式,考察不同类型机构投资者对研发投入的影响及其差异。本研究的另一个创新点是把机构投资者的公司治理效应区分为价值选择效应和价值创造效应,并以此为理论基础分析了机构投资者持股和研发投入之间存在着动态内生性问题。为了探究两类机构投资者对研发投入发挥的真实作用,即价值创造效应,动态内生性问题是必须考虑在内的。理论分析部分,文章首先梳理机构投资者和研发支出的有关文献,界定相关概念并论述本文的理论基础,阐述了价值选择效应和价值创造效应的机理,并对机构投资者异质性进行了分析,随后在此基础上进行研究设计。实证分析部分,文章采用沪深两市高新技术企业中97家上市公司2010-2015年间共582个数据作为研究样本,通过构建模型,分别采用OLS、2SLS、System GMM估计方法进行对比分析来验证并解决动态内生性问题。研究显示,压力抵制型机构投资者持股对当期及下一期研发投入具有促进作用,这说明压力抵制型机构投资者有效地参与了公司治理,能够提升公司的研发水平,发挥了一定的价值创造效应。压力敏感型机构投资者对当期研发投入的作用不明显,而对下一期研发投入存在显著地负向作用,即其持股会降低公司下期的研发投入水平,这可能是由于他们与公司之间存在的商业关系约束着其参与公司治理的独立性、积极性,进而导致他们忽视公司的长远发展。
[Abstract]:Research and development investment is a strategic investment related to the survival and future development of enterprises, especially for high-tech enterprises, in the current competitive market environment. Enterprises must strengthen their innovation ability to enhance their core competitiveness. The advantages of institutional investors in capital scale, enterprise management and information collection and analysis are generally concerned and recognized by the theoretical and practical circles. They are believed to have the ability and motivation to play an active role in corporate governance. In recent years, this issue has become a hot topic in the field of corporate governance. In this paper, we divide institutional investors into two types: "pressure resistance" and "pressure sensitivity". Improved the way most existing studies homogenize institutional investors. Another innovation of this study is that the corporate governance effect of institutional investors is divided into value selection effect and value creation effect. In order to explore the real role of the two types of institutional investors in R & D investment, the value creation effect is analyzed in order to explore the real role of the two types of institutional investors in R & D investment. The dynamic endogenous problem must be taken into account. In the theoretical analysis part, the paper firstly combs the relevant literature of institutional investors and R & D expenditure, defines the relevant concepts and discusses the theoretical basis of this paper. This paper expounds the mechanism of value selection effect and value creation effect, and analyzes the heterogeneity of institutional investors, and then carries on the research and design on this basis. This paper uses 582 data of 97 listed companies in Shanghai and Shenzhen stock market from 2010 to 2015 as the research sample, and adopts OLSZ2SLS respectively by constructing model. The System GMM estimation method is used to verify and solve the dynamic endogeneity problem. The research shows that the pressure-resistant institutional investor holding shares can promote the R & D investment in the current period and the next phase. This shows that pressure resistance institutional investors effectively participate in corporate governance, can improve the company's R & D level. The pressure-sensitive institutional investors do not play a significant role in the current R & D investment, but have a significant negative effect on the next R & D investment. That is, their shareholding will reduce the level of R & D investment in the next period of the company, which may be due to the existence of commercial relations between them and the company constraints their independence and enthusiasm to participate in corporate governance. In turn, they ignore the long-term development of the company.
【学位授予单位】：西安工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F273.1

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