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机构共同持股对企业突破式创新的影响研究
Research on the impacts of common institutional ownership on the breakthrough innovation of enterprises
加快建设科技强国,打破技术壁垒,突破式创新是关键。耐心资本,则为突破式创新提供了长期、稳定的资金支持,是其重要支撑。然而,作为耐心资本的重点培育对象,机构投资者,在同行业多家企业共同持股后对突破式创新有何影响,却鲜有研究探讨。本文聚焦共同机构持股中更具耐心资本特性的非金融机构,利用2007—2022年中国A股上市公司数据,探讨其对企业突破式创新的影响。研究发现:(1)非金融机构共同持股显著提升了企业的突破式创新水平,呈现出协同治理效应。(2)非金融机构连锁股东利用在行业中积累的前沿信息和经验,通过引导和监督企业资源配置与调整,增加研发资金和人员投入,进而促进了突破式创新;高管创新意识强能够提升这一促进作用,而战略激进度高则会有抑制效果。(3)非金融机构共同持股对成长期企业、非高新技术企业和被其长期持股企业突破式创新活动的促进作用更为显著。本研究丰富了共同机构所有权影响企业创新的文献,为引导和规范耐心资本赋能企业突破式创新提供了现实依据。
Patient capital provides long-term and stable financial support for breakthrough innovation, which is crucial to the development of nations and enterprises. And institutional investors are one of the key targets for cultivating patient capital. Yet there is a scarcity of discussion regarding the impact of institutional investors on breakthrough innovation when they become common owners. We focused on the non-financial common institutional owners with characteristics of patient capital and investigated its impact on corporate breakthrough innovation by the samples of non-financial listed companies in Chinese A-share market from 2007 to 2022. The results of the empirically examination showed that: (1) Non-financial common institutional ownership significantly promotes corporate disruptive innovation; (2) non-financial common institutional owners promote breakthrough innovation by guiding and supervising the adjustment of corporate resource allocation and increasing funds and personnel to research and development (R&D) investment; executive innovation consciousness enhances the promotional effect while strategic aggressiveness suppresses it; and (3) it is more pronounced in growing companies, and non-high-tech companies; non-financial common institutional investors that have held shares for more than one year have a more significant promotional effect on corporate disruptive innovation activities. This paper has enriched the relevant research on the impact of common institutional ownership on innovation and it will provide practical evidence for guiding and regulating patient capital to empower the development of new productive forces.
common institutional ownership / breakthrough innovation / patient capital
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