Heterogeneity Of Institutional Investors,Shareholding Of Largest Shareholders And Innovation Input Of Smes Listed Companies

The report of the 19 th CPC National Congress pointed out that we must continue to implement the innovation-driven development strategy and turn our country into a manufacturing powerhouse and improve the innovation capabilities of Chinese enterprises.There are numerous high-tech and environmental protection enterprises in small and mediumsized enterprises board,which is the mainstay of China’s innovation-driven strategic system.However,as innovation investment has certain risks and will sacrifice the short-term profits of the company,the company’s internal major shareholders may reduce the innovation investment of listed companies in order to avoid risks,however,this measure will greatly damage the long-term development of listed companies in China.In recent years,the Chinese government has introduced various policies and vigorously introduced various types of institutional investors,so that they can exert their advantages in resources and talents.The government also hope they can actively participate in corporate governance,and play a good role in supervising the company’s business decisions.Whether the institutional investors can really be the role as a "stabilizer" in the market as expected has become the focus of scholars’ attention.In order to gain a deeper understanding of the impact of institutional investors and different types of institutional investors’ influence on the company’s innovation investment,this paper is based on the study of a large number of domestic and foreign literature.Investors are divided into two parts as pressure-resistance and pressure-sensitive by referring to domestic and foreign scholars’ research,based on the "principal-agent theory","stakeholder theory" and "cost-benefit analysis theory".And this literature has analyzed the motivation of the paticipation of institutional investors in corporate governance and affecting the company’s innovation investment.Then using R&D intensity as a measure index of innovation investment,equity the first large shareholders’ shareholding as intermediary variable,then four research models were established,and relevant data of institutional investors holding stocks of SEM Board listed companies from 2012 to 2015 were selected for empirical analysis.Do the research of how the institutional investors have influenced the company’s innovation investment and tested the mediating effect of the first large shareholders’ shareholding,and reached the following conclusions: First,the overall-holding of institutional investors will promote the investment in innovation of listed companies.Second,pressure-resistance institutional investors are more effective in promoting innovation investment,and pressuresensitive institutional investors are not significantly related to innovation.Third,the shareholding of the first largest shareholder is a mediator variable of pressure type institutional investors affecting the innovative investment of listed companies.Finally,based on the research conclusions of this paper,some relevant suggestions for government and individual investors are put forward.