联系我们

论文查询结果	返回搜索

论文编号：	13945
作者编号：	1120180932
上传时间：	2023/6/6 20:37:25
中文题目：	机构投资组合、产业关联与企业创新
英文题目：	Institutional Portfolio, Industrial Relevance, and Enterprise Innovation
指导老师：	程新生 教授
中文关键字：	机构投资组合；产业关联；企业创新；技术升级
英文关键字：	Institutional portfolio; Industrial relevance; Enterprise innovation; Technological upgrading
中文摘要：	中国具有全产业链的独特优势，然而，产业总体水平大而不强、大而不优，部分领域关键核心技术仍然受制于人。创新是引领发展的第一动力，要加速实现关键核心技术突破，就要牢牢抓住创新这个“牛鼻子”。企业是技术创新的主体，然而，目前中国企业的研发投入尚且处于“量大而质低”的状态，如何进一步激发企业创新活力、提高企业技术创新程度，是亟待考虑的重要问题。资本市场在支持企业创新方面具有重要功能和优势。近年来，资本市场改革持续深化，不仅形成了由主板、中小板、创业板、科创板、新三板、区域性股权市场等组成的多层次股票市场体系，注册制改革也在科创板和创业板成功试点并取得初步成效；此外，新设立的北京证券交易所，将继续支持中小企业创新发展。股票市场的快速发展，为“万众创新”营造了良好环境，亦有助于吸引更多的机构投资者进入。在此背景下，机构投资者对于企业创新的重要作用愈加凸显。已有研究围绕机构投资的诸多方面探讨了其对企业创新的影响，聚焦到行业层面，仅探讨了机构投资组合内企业的同行业属性即行业内企业联系对企业创新的影响，关于机构投资者持股企业构成的投资组合内不同企业所在产业关联程度对企业创新的影响，尚且有待探索。鉴于此，本文以2007-2020年中国制造业和信息技术业上市企业为样本，从理论和实证层面分析投资组合内企业所在产业关联程度对企业创新的影响与作用机制，以及可能引发的经济后果。 本文共分为六章。第一章，绪论。阐明本文研究背景及问题、研究意义、研究思路、框架和研究方法的同时，阐述了本文可能的创新点。第二章，理论基础与文献回顾。围绕委托代理理论、产业关联理论、技术创新理论、技术升级理论相关内容进行阐述与分析，并从机构投资与企业创新、产业关联与企业创新、技术升级影响因素等方面对已有文献进行系统性梳理、归纳与总结，从而引出本文研究动机与研究问题。第三章，投资组合内企业所在产业关联程度对企业创新的影响。首先，针对投资组合内企业所在产业关联程度与企业创新二者关系展开理论分析，并提出相应的研究假设；其次，在确定样本数据来源的基础上，通过构建模型实证检验了投资组合内企业所在产业关联程度对企业创新的积极作用，并进一步检验了产权性质、融资约束在投资组合内企业所在产业关联程度促进企业创新过程中发挥的重要作用。第四章，投资组合内企业所在产业关联程度影响企业创新的机制分析。首先，从理论层面出发，论述投资组合内企业所在产业关联程度如何通过信息机制、投资机制、治理机制促进企业创新，并提出相应研究假设；其次，在确定样本数据来源的基础上，利用中介效应模型实证检验了企业市场占有率、研发投入、企业规模在投资组合内企业所在产业关联程度促进企业创新过程中是否发挥中介作用。第五章，投资组合内企业所在产业关联程度、企业创新与技术升级。首先，针对投资组合内企业所在产业关联程度对技术升级的影响，以及企业创新在其中发挥的中介作用进行理论分析，并提出相应研究假设；其次，在确定样本数据来源的基础上，利用中介效应模型实证检验了投资组合内企业所在产业关联程度是否通过企业创新对技术升级产生影响，并进一步检验了产权性质、融资约束在上述过程中发挥的调节作用。第六章，研究结论、政策建议与未来研究展望。在归纳、总结得出本文主要结论的基础上，提出可供上市公司与相关部门参考的政策建议，并说明本研究可能存在的局限性以及未来可能的研究方向。 通过理论分析与实证检验，本文主要结论为： 第一，投资组合内企业所在产业关联程度与企业创新显著正相关，即，随着投资组合内企业所在产业关联程度提高，企业创新呈现出增加态势；并且，上述促进作用在民营企业、面临融资约束较小的企业中表现更为明显；进一步地，区分投资组合内企业所在产业投入关联程度与投资组合内企业所在产业产出关联程度后，上述结果仍保持不变。 第二，投资组合内企业所在产业关联程度对企业创新的促进作用可以通过“信息机制”、“投资机制”、“治理机制”而实现。具体而言，企业市场占有率是投资组合内企业所在产业关联程度促进企业创新的中介变量，投资组合内企业所在产业关联程度提高会引致企业市场占有率上升，并通过上述“信息机制”，进而促进企业创新；研发投入是投资组合内企业所在产业关联程度促进企业创新的中介变量，投资组合内企业所在产业关联程度提高会引致企业研发投入增加，并通过上述“投资机制”，进而促进企业创新；企业规模是投资组合内企业所在产业关联程度促进企业创新的中介变量，投资组合内企业所在产业关联程度提高会引致企业规模扩张，并通过上述“治理机制”，进而促进企业创新；进一步区分投资组合内企业所在产业投入关联程度与投资组合内企业所在产业产出关联程度后，上述结果仍保持不变。 第三，投资组合内企业所在产业关联程度与技术升级显著正相关，即，随着投资组合内企业所在产业关联程度提高，企业技术升级水平不断提升；企业创新是投资组合内企业所在产业关联程度促进技术升级的中介变量，投资组合内企业所在产业关联程度提高可以通过增加企业创新，进而促进技术升级。异质性分析发现，包括产权性质、融资约束等因素会对投资组合内企业所在产业关联程度与技术升级二者关系产生调节作用，具体而言，投资组合内企业所在产业关联程度对技术升级的促进作用在民营企业、面临融资约束较小的企业中表现更为明显。进一步区分投资组合内企业所在产业投入关联程度与投资组合内企业所在产业产出关联程度后，上述结果基本保持不变。
英文摘要：	China has the unique advantage of the whole industrial chain. However, the overall level of the industry is large but not strong, large but not excellent, and key core technologies in some fields are still subject to control. Innovation is the first driving force to lead development. To accelerate breakthroughs in key core technologies, it is necessary to firmly grasp the "ox nose" of innovation. Enterprises are the main body of technological innovation. However, at present, the R&D investment of Chinese enterprises is still in a state of "large quantity and low quality". How to further stimulate the vitality of enterprise innovation and improve the degree of enterprise technological innovation is an important issue to be considered urgently. The capital market has important functions and advantages in supporting enterprise innovation. In recent years, in order to improve the ability of the capital market to serve the real economy, the reform of the capital market has continued to deepen, and gradually formed a multi-level stock market system consisting of the main board, the small and medium-sized board, the growth enterprise board, the science and technology innovation board, the new third board, and the regional equity market, providing financing channels for enterprises of different sizes, industries, and at different stages of development, The reform of registration system has also been successfully piloted on the science and technology innovation board and the growth enterprise board and has achieved initial results. In addition, the newly established Beijing Stock Exchange will continue to support the innovative development of small and medium-sized enterprises. The rapid development of the stock market has created a good environment for "mass innovation" and also helped to attract more institutional investors to enter. In this context, institutional investors play an increasingly important role in enterprise innovation. Previous studies have explored the impact of institutional investment on enterprise innovation around many aspects of institutional investment, but focusing on the industry level, existing studies have only explored the impact of the same industry attributes of enterprises within institutional portfolios on enterprise innovation. The impact of the degree of industrial relevance of different enterprises within the investment portfolio formed by institutional investors through shareholding enterprises on enterprise innovation remains to be explored. In view of this, this paper takes the listed enterprises in China's manufacturing and information technology industries from 2007 to 2020 as a sample, and analyzes the impact and mechanism of the degree of industrial relevance of the enterprises within the portfolio on enterprise innovation, as well as the possible economic consequences from the theoretical and empirical levels. This paper is divided into six chapters. The first chapter is introduction. While clarifying the research background and problems, research significance, research ideas, framework and research methods of this paper, the possible innovation points of this paper are expounded. Chapter two, theoretical basis and literature review. This paper expounds and analyzes the relevant contents of principal-agent theory, industrial relevance theory, technological innovation theory, technological upgrading theory, and systematically combs and summarizes the existing literature from three aspects: institutional investment and enterprise innovation, industrial relevance and enterprise innovation, and factors affecting technological upgrading, thus leading to the motivation and research issues of this paper. The third chapter is about the impact of the degree of industrial relevance of the enterprises within the portfolio on enterprise innovation. First of all, the theoretical analysis is carried out on the relationship between the degree of industrial relevance of the enterprises within the portfolio and enterprise innovation, and the corresponding research assumptions are put forward. Secondly, on the basis of determining the source of the sample data, this paper empirically tests the positive effect of the degree of industrial relevance of the enterprises within the portfolio on enterprise innovation by constructing a model, and further tests the important role of the nature of property rights and financing constraints in promoting enterprise innovation through the degree of industrial relevance of the enterprises within the portfolio. The fourth chapter is the mechanism analysis of the influence of the degree of industrial relevance of the enterprises within the portfolio on enterprise innovation. First of all, from the theoretical level, this paper discusses how the degree of industrial relevance of the enterprises within the portfolio promotes enterprise innovation through information mechanism, investment mechanism and governance mechanism, and puts forward corresponding research assumptions. Secondly, on the basis of determining the source of sample data, this paper uses the intermediary effect model to empirically test whether the market share of enterprise, R&D investment and enterprise size play an intermediary role in the process of promoting enterprise innovation by the degree of industrial relevance of the enterprises within the portfolio. Chapter five, the degree of industrial relevance of the enterprises within the portfolio, enterprise innovation and technological upgrading. First of all, the theoretical analysis is carried out on the impact of the degree of industrial relevance of the enterprises within the portfolio on technological upgrading and the intermediary role of enterprise innovation in the above impact, and then corresponding research assumptions are put forward. Secondly, on the basis of determining the source of sample data, this paper uses the intermediary effect model to empirically test whether the degree of industrial relevance of the enterprises within the portfolio has an impact on technological upgrading through enterprise innovation, and further tests the regulatory role of the nature of property rights and financing constraints in the above process. Chapter six, research conclusions, policy recommendations and future research prospects. On the basis of summing up and concluding the main conclusions, this paper puts forward policy recommendations for the reference of listed companies and relevant departments, and explains the possible limitations of this study and possible future research directions. Through theoretical analysis and empirical test, the main conclusions of this paper are as follows: First, there is a significant positive correlation between the degree of industrial relevance of the enterprises within the portfolio and enterprise innovation, that is, with the improvement of the degree of industrial relevance of the enterprises within the portfolio, enterprise innovation shows an increasing trend. Moreover, the above promotion effect is more obvious in private enterprises and enterprises facing less financing constraints. Further, this paper differentiates the degree of industrial relevance of the enterprises within the portfolio from the perspective of input relevance and output relevance, and the above results remain unchanged. Secondly, the promotion effect of the degree of industrial relevance of the enterprises within the portfolio on enterprise innovation can be realized through "information mechanism", "investment mechanism" and "governance mechanism". Specifically, the market share of enterprise is the intermediary variable that the degree of industrial relevance of the enterprises within the portfolio promotes the innovation of enterprises. The improvement of the degree of industrial relevance of the enterprises within the portfolio will lead to the increase of the market share of enterprise, and then promote the innovation of enterprises through the above-mentioned "information mechanism". R&D investment is an intermediary variable that the degree of industrial relevance of the enterprises within the portfolio promotes enterprise innovation. The increase of the degree of industrial relevance of the enterprises within the portfolio will lead to the increase of enterprise R&D investment, and then promote enterprise innovation through the above-mentioned "investment mechanism". Enterprise scale is the intermediary variable that the degree of industrial relevance of the enterprises within the portfolio promotes enterprise innovation. The improvement of the degree of industrial relevance of the enterprises within the portfolio will lead to the expansion of enterprise scale, and further promote enterprise innovation through the above-mentioned "governance mechanism". The above results remain unchanged after further distinguishing the degree of industrial relevance of the enterprises within the portfolio from the perspective of input relevance and output relevance. Third, there is a significant positive correlation between the degree of industrial relevance of the enterprises within the portfolio and technological upgrading, that is, with the improvement of the degree of industrial relevance of the enterprises within the portfolio, the level of technological upgrading of enterprises continues to improve. Enterprise innovation is the intermediary variable that the degree of industrial relevance of the enterprises within the portfolio promotes technological upgrading, that is, the improvement of the degree of industrial relevance of the enterprises within the portfolio can promote technological upgrading by increasing enterprise innovation. The heterogeneity analysis found that factors such as the nature of property rights and financing constraints would have a moderating effect on the relationship between the degree of industrial relevance of the enterprises within the portfolio and technological upgrading. Specifically, the promotion effect of the degree of industrial relevance of the enterprises within the portfolio on technological upgrading is more obvious in private enterprises and enterprises facing less financing constraints. After further distinguishing the degree of industrial relevance of the enterprises within the portfolio from the perspective of input relevance and output relevance, the above results remain basically unchanged.
查看全文：	预览  下载(下载需要进行登录)