本文以创业板上市公司为研究对象.探讨了机构投资者持股与企业创新投入之间的关系,进一步的将机构投资者划分为VC和非VC,并比较了它们在促进企业创新投入方面所存在的差异,结果发现:(1)机构投资者持股能够显著的提高企业的创新投入水平;(2)与非VC的普通机构投资者相比,VC在促进企业提高创新投入方面的效率更高;(3)在对内生性问题、替代变量问题和奇异值问题进行处理后发现,上述的结果仍然是稳健的。
Using the listed firms from ChiNext as objects, this paper discusses the relationship between institutional investors and the innovation investments. By further dividing institutional investors into VCs and non VCs and comparing the differences between their promoting innovation investments. The results show that ( 1 ) institutional investors can significantly increase firms' innovation investments; (2) compared with non VCs, VCs are more efficient in promoting the firms to enhance innovation investment; (3) above results are still robust after dealing with endogeneity problem, substitutional variables problem and singular values.