Research On The Relationship Between Institution Investors' Shareholding,Innovation Investment And Enterprise Performance

Innovation and research and development(R&D)is one of the power sources for an enterprise's survival and development,it can also promote the deep and further an enterprise's development.In today's fiercely competitive economic market,R&D investment is particularly important and urgent;enterprises should actively increase R&D input to enhance their core competitiveness.At the same time,the positive impact on enterprise,which institutional investors had made,has been widely recognized,such as business management,collection of information and funds.The influence on research and development has become a hot research topic In corporate governance.In this thesis,it will offer a more in-depth and meticulous research based the issues above.On the one hand,it empirically analyzes the relationship between R&Dinvestment and company performance,that is,it mainly analyze the interaction between research and development inputs and corporate performance under different conditions,aiming to obtain the dynamic endogenous relationship in-between the both.On the other hand,the corporate governance effect of institutional investors is decomposed into two parts,namely value choice and value creation.By adding the factors of adjusting variables of institutional investors,this paper further analyzes the influence of the adjustment variables on research and development investment and company performance.In the theoretical analysis,the paper first expounds the relevant theoretical background and significance,defines and explains the necessary theoretical basis and related concepts,and designs and carries on the follow-up data research based on above contents.Through the analysis and construction of the model,the methods were used to solve the dynamic endogenous problems.Through empirical data analysis,it shows there is no significant relationship between R&D input and company performance under the OLS and 2LSL models.In the dynamic endogenous relationship,R&D investment and corporate performance are interdependent and causal relationship.It demonstrates that the dynamic endogenous relationship between R&D and performance is reasonable.In the trans-period model,there is a more obvious time lag effect.After joining the institutional investors,the adjustment variables have a positive impact on research and development and performance.The research shows that there is a significant dynamic endogenous relationship between research and development investment and corporate performance,and the influence of institutional investors is obvious.