异质机构持股、政府补贴与企业技术创新

机构投资者与政府补贴等优惠政策作为企业经营的重要资本来源和制度保障，势必对企业技术创新产生重要影响。以我国沪深两市战略性新兴上市企业2010-2015年面板数据为研究样本，对异质机构持股、政府补贴与企业技术创新的关系进行实证分析。结果发现：机构持股对企业技术创新没有显著影响，政府补贴可以促进机构持股对企业技术创新尤其是实质性技术创新产生显著正向影响；基金持股对企业技术创新存在显著负向影响，券商持股与QFII持股对企业技术创新分别存在不显著和显著正向影响；政府补贴能够降低基金持股对企业技术创新的负向影响，有效促进基金持股对企业技术创新的正向影响，并通过调节作用促进券商持股和QFII持股对企业技术创新产生更加显著的正向效应；政府补贴对基金持股与企业非实质性技术创新关系的正向调节作用更加显著，对券商持股和QFII持股与企业实质性技术创新关系的正向调节作用更加显著。

Heterogeneous Institutional Ownership,Government Subsidies and Enterprise Technological Innovation

As important capital source and institutional guarantee of enterprise management, institutional investors and government subsidies have a major impact on enterprise technological innovation.Based on the panel data of strategic emerging listed companies in Shanghai and Shenzhen from 2010 to 2015, it make an empirical analysis of the relationship between institutional ownership, government subsidies and enterprise technological innovation.It finds that institutional ownerships can't prominently impact the enterprise technological innovation.The government subsidies can impel institutional ownerships to produce positive effect on the enterprise innovation, especially the substantive innovation.Besides, the fund holdings negatively effect the enterprise technological innovation.And securities company and QFII holdings have insignificant and significant positive effects on enterprise innovation respectively.Further, the government subsidies weaken the negative effect from fund holdings to the enterprise innovation and promote the positive effect from the securities company and QFII holdings to the enterprise innovation.Lastly, the government subsidies more positively regulate the relationship between the fund holdings and the non substantive technological innovation, and more positively regulate the effect from securities company and QFII holdings to substantive technological innovation.