The Impact of Supervised Equity on Enterprise Innovation -- From the Perspective of Institutional Investors and Their Independence

Yuqing Li

《Frontiers in Economics and Management》 3卷6期 (2022/06) Pp. 458-474

https://doi.org/10.6981/FEM.202206_3(6).0054

摘要

Taking all A-share listed companies from 2016 to 2019 as the research object, this paper studies the impact of supervised equity on enterprise innovation from two aspects of institutional investors and their independence, and makes an empirical analysis. At the same time, it further explores the impact of equity with different supervision on enterprise innovation from two aspects of equity concentration and property right nature. The research shows that the overall ownership of supervisory equity can negatively affect enterprise innovation; Supervisory equity with strong independence has a positive impact on enterprise innovation, while supervisory equity with weak independence has a negative impact on enterprise innovation investment; Ownership concentration can negatively regulate the promotion of independent supervisory ownership on enterprise innovation; In addition, compared with state-owned enterprises, in non-state-owned enterprises, the inhibitory effect of less independent supervisory equity on enterprise innovation is more obvious, and the inhibitory effect of equity concentration on the positive relationship between more independent supervisory equity and enterprise innovation is more significant. This paper studies enterprise innovation from the perspective of the independence of supervisory equity, confirms the difference of the impact of supervisory equity independence on R & D investment, and further discusses the impact of enterprise nature and equity concentration on the relationship between them, which has important theoretical and practical significance for promoting the development of supervisory equity, promoting enterprise innovation R & D and improving the ownership structure.

關鍵字

Supervisory Equity ； Institutional Investors ； Independence ； Enterprise Innovation ； Ownership Concentration

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