QFII对创新投入及企业价值的影响

基于2007-2016年我国沪深两市A股上市公司数据，研究QFII持股对创新投入和企业价值的影响，并深入探讨行业特征和高管任职特征对QFII持股与创新投入的调节作用，以及创新投入在QFII持股与企业价值间的中介作用。结果发现：QFII持股有助于促进企业增加创新投入，行业特征和高管任职特征对两者关系具有显著调节作用；另外，QFII持股有利于提升企业价值，创新投入在两者间发挥了中介作用。最后，提出政府和企业应重视QFII的积极作用，通过制定相应政策吸引QFII投资。

The Impact of QFII on Innovation Investment and Corporate Value

Based on the data of A share listed companies in China's Shanghai and Shenzhen Stock Exchanges from 2007 to 2016, the impact of QFII shareholding on innovation investment and corporate value was studied. The regulatory effect of the characteristics of the industry and executives and the intermediary effect of innovation investment were discussed in detail. The study found that: QFII shareholding promoted enterprises to increase innovation investment, and the characteristics of the industry and executives have a regulatory effect in this relationship; QFII shareholding was also conducive to enhance corporate value, and innovation investment have an intermediary effect. Finally, it is proposed that the government and enterprises should pay attention to the positive role of QFII and formulate relevant policies to attract investment from QFII.