摘要
本文基于中国2009-2017年上市公司样本,研究合格境外机构投资者是否影响企业创新活动并揭示作用机制。研究发现:上市公司QFII持股比例越高,企业创新投资活动越多,其创新产出和创新质量也显著提高,该发现在控制QFII持股决策内生性后依然成立。QFII持股对企业创新活动的促进作用在非国有企业和知识产权保护程度较差的地区更大。理论机制检验发现:QFII持股能通 过信号效应机制促进企业技术创新。
Based on the sample of China’s listed companies during 2009-2017,this paper studies the impact and mechanism of qualified foreign institutional investors on enterprise innovation activities.The result shows that the higher the proportion of QFII shares,the more innovation investment activities of listed companies are,with significantly improved innovation output and quality.This resultis still significant after controlling the endogeneity of QFII shareholding decision.The promotion effect of QFII shareholding on enterprise innovation activities is greater in non-state-owned enterprises and regions with poor intellectual property rights protection.The theoretical mechanism test shows that,QFII shareholding can promote enterprise technological innovation through signal effect mechanism.The findings of this paper are helpful to understand the economic impact of China’s capital market participants,and provide referential significance for reasonably introducing foreign institutional investors to improve the quality of business activities.
作者
谭颖
杨筝
TAN Ying;YANG Zheng
出处
《金融论坛》
CSSCI
北大核心
2020年第12期69-78,共10页
Finance Forum
基金
国家自然科学基金青年项目“家族企业代际传承对创新效率的影响机理研究:基于前景理论的框架”(71702173)
湖北金融发展与金融安全研究中心2018年重点课题“利率市场化对我国实体企业投资结构选择影响研究”(2018Z002)
河南省软科学项目,“河南省家族企业财务舞弊的诱因、机理和对策研究”(202400410433)。
关键词
QFII持股
企业技术创新
产权性质
知识产权保护
QFII shareholding
enterprise technological innovation
nature of property rights
intellectual property rights protection
