Research On Institutional Investor Network Relationship And Firm Innovation

under the national macro strategic vision of "use the enterprise as the main body,the market as the guidance,accelerate the innovative country’s construction",the science and technology innovation with science innovation of important strategic support for the modern economic system bring everlasting unprecedented development opportunities,but also bring enterprises challenges and market competition to speed up the construction of innovation economic system.How to further stimulate the innovation vitality of enterprises and improve their innovation ability and efficiency is something important that to solve and further studied in China.This article attempts from the perspective of institutional investors network(social network),study the influence of institutional investors network to the enterprise innovation behavior,and consider different cross section regulation of enterprise property rights,industry competition and marketization,discuss the similarities and differences of the impact of heterogeneous institutional investors network to the enterprise innovation fully,this thesis analyzes the mechanism of the impact of institutional investor network relationship on enterprise innovation and to move forward a single step to test the economic aftermath of the impact of institutional investor network relationship on enterprise innovation.As an emerging capital market of China,its market development mechanism,property rights protection system and the the legal norms are not consummate,institutional investors network as a kind of informal institutional arrangement of corporate governance,is an effective complement of the formal system,the effects of the resources,information and governance that in the institutional investors network will influence the enterprise innovation behavior deeply.Starting from institutional investor network and based on social network theory,this thesis deeply analyzes the influencing factors,action mechanism and economic consequences of enterprise innovation,which provides a new research field for the study of enterprise technological innovation and enriches the related research results in sociology and corporate governance.This thesis takes the innovation behavior of a-share listed companies in Shanghai and Shenzhen from2007 to 2019 as the research object.After fully combing the major historical changes and system background caused by the institutionalization of China’s capital market,it focuses on the social network relationship formed by the joint ownership of institutional investors.Using social network theory,resource-based theory,information asymmetry theory,corporate governance theory,innovation and competitive advantage theory,this thesis systematically examines the impact of institutional investor network relationship on enterprise innovation,its mechanism of action and economic consequences.Conclusions of the study are as follows:First,the institutional investor network can significantly improve the level of enterprise innovation.The tendency score matching(PSM),instrumental variables(IV)and two-stage HECKMAN test were further used to control the endogeneity generated by non-random interference,omitted variables and self-selection problems,and the conclusion remains valid.In this thesis,methods such as substitution of explanatory variables and explained variables and random deletion of samples were used to carry out robustness tests,and the results are still robust.The intersecting surface test illustrated that the nature of property rights(state-owned = 1,private = 0)weakens the positive effect of institutional investor network relationship on enterprise innovation,while the degree of industry competition(counter indicator)and the process of marketization strengthen the positive effect of institutional investor network relationship on enterprise innovation.Secondly,this thesis reconstructed the pressure-resistant institutional investor network and pressure-sensitive institutional investor network according to whether Institutions and enterprises have commercial relationship(independence).This thesis reconstructed the stable institutional investor network and transactional institutional investor network according to the sustainability(stability)of institutional investors’ shareholding.This thesis reconstructed the dedicated institutional investor network and temporary institutional investor network according to the shareholding quality and shareholding scale(focus)of institutional investors,and further studied the relationship between heterogeneous institutional investor network and enterprise innovation.Both the pressure-sensitive network tie and pressure-resistant network tie can significantly improve the level of enterprise innovation.Compared with transactional and temporary institutional investor networks,stable and dedicated institutional investor networks have a more significant impact on enterprise innovation level.Third,the network of institutional investors can promote enterprise innovation level by alleviating financing constraints,playing the resources effect,further to study the effect of resources found that institutional investors network relations can promote the commercial credit cooperation and decrease the cost of equity financing rather than the expansion of bank credit to achieve the enterprise innovation level of ascension;Institutional investors network can improve the enterprise information transparency and play the effect of information to enhance the level of enterprise innovation,further study the effect of information found that institutional investors network can not only improve the enterprise information transparency,but also promote the private information and information transfer of innovation and achieve the enterprise innovation level of ascension;The institutional investor network relationship can improve the enterprise’s innovation level by improving the corporate governance level and play the governance effect.More research on the effect of governance shows that the institutional investor network relationship can improve the enterprise’s innovation level by reducing the management’s self-interested behavior and inhibiting the tunneling behavior of major shareholders.Fourthly,it is found that the network relationship of institutional investors can weaken the restraining effect of corporate cash constraint on innovation activities and overcome the lack of innovation investment.The network relationship of institutional investors can alleviate the catering behavior of innovation and restrain excessive investment in innovation.The network relationship of institutional investors can also improve the quality of enterprise innovation.On the basis of improving the input-output ratio of enterprise innovation and the value-added ability of enterprise innovation value,further improve the innovation efficiency of enterprises;The improvement of enterprises’ innovation efficiency caused by institutional investor network relationship can improve enterprises’ total factor productivity,optimize their resource allocation,and promote high-quality economic development.Innovation is an important way to improve enterprise labor productivity,and also an effective way to enhance its core competitiveness.Recently,the government of China has made a series of relevant strong industrial support policies in order to enhance the technological innovation of enterprises.However,compared with innovative countries,our country’s innovation level is lag behind relatively,and the technological innovation input and output effect of enterprises can not meet the increasingly fierce international competition demand.In the context of China’s economy entering the "new normal" era,providing high-quality sustainable and stable innovation investment and a good innovation financing environment to meet the needs of innovation activities is an important things that all departments of society and companies themselves need to solve.This thesis mainly discusses the effect of institutional investors network formed by the institution holding together to the enterprise innovation behavior and the mechanism of action and the influence of the economic consequences,as a kind of informal institutional arrangement,through the resources,information and the governance effect,the institutional investors network can realize effective improving of the enterprise innovation level,the positive influence of institutional investor network relationship on enterprise innovation also further optimizes enterprise resource allocation and improves the TFP.To a certain degree,the research conclusions of this thesis can provide direction guidance for enterprises to use innovation resources reasonably and efficiently,can also provide the scientific guidance for sustainable and healthy development of enterprises,and provide rich theoretical reference and policy inspiration for the government to spark plug the Institutions to take part in enterprise operating and improve enterprise innovation vitality.