股权特征对机构投资者与创新投入的调节作用

以2010-2015年沪深A股上市公司为研究对象，采用Tobit回归方法探讨不同类型机构投资者持股对企业创新投入的影响，并深入分析股权集中度与股权性质对机构投资者持股与创新投入关系的调节作用。研究发现，相比于交易型机构投资者，稳定型机构投资者更能提高企业创新投入；股权集中度在交易型机构投资者样本中削弱了机构投资者持股对创新投入的促进作用；机构投资者持股对国有企业提高创新投入的力度显著高于非国有企业。最后提出企业须正视机构投资者和使股东结构多元化，政府应加大证券市场监管力度与深化国企改革等建议。

Moderating Effect of Ownership Characteristics on Institutional Investors and Innovation Investments

Setting the listed A share companies during 2010 to 2015 as the research object, this paper probes into the influence of different types of institutional investor ownerships on innovation investments by adopting the method of Tobit Regression and elaborately analyses the moderating effect of ownership concentration and ownership property on the relation between institutional equity holding and innovation investments.Main findings in this paper are as followings: first, compared with transactional institutional investors, stable institutional investors could better promote the innovation investments of corporation; second, ownership concentration in transactional institutional investors weakens the acceleration of institutional investors holding to the innovation investments; third, institutional equity holding plays a better role in rising the innovation investments in the state owned enterprises. Finally, the paper comes to the conclusion that companies must face up to the diversification of institutional investors and shareholder structure, while the government should devote greater effort to the supervision over securities market and reform of state owned enterprises.