Institutional Research?Innovation Cognition And R&D Investment

In order to fully understand the company and obtain investment income,institutional investors will investigate interested companies on the ground.The transfer of information between the asset market and listed companies is interactive.Not only can institutional investors obtain information from the industry and company level,but companies can also learn about institutional investors' views on the development of enterprises and peer companies.In recent years,institutional research has become an important channel for asset markets to return information to listed companies beyond analyst forecasts and institutional holdings,but few literatures have conducted in-depth discussions on this information mechanism.The article focuses on information feedback mechanisms for research.First of all,the article studies whether there is an organizational research impact on the R&D investment of the company,and further studies the influence of the number of investigations and the number of research institutions,and uses the PSM method and instrumental variable method to perform robustness tests to solve endogenous problems;Based on the above,the article explores the impact of innovation awareness and cohort effects on this transmission mechanism.The study found that institutional surveys will boost corporate R&D investment,and that the greater the intensity of research,the greater the impact;and that institutional surveys will significantly increase the company's sense of innovation,and its sense of innovation will be stronger in senior management surveys.The research has influenced R&D investment by enhancing corporate innovation awareness;further research found that institutional research mainly affects companies with relatively weak innovation capabilities in the same industry.Institutional research will promote the co-benefits of R&D investment,and large enterprises have innovative leading roles for companies in the same industry.This article believes that institutional research is a form of interaction between capital markets and corporate information,and can influence the decision-making of R&D investment.On the one hand,due to the deeper exposure to the company's projects and R&D progress during the institutional research process,the industry and the company's R&D projects are interpreted,which reduces the information asymmetry of innovation activities;on the other hand,because of the listed company's research process,institutions Investors and securities company analysts will bring the latest trends in the development of the industry,bringing with them the experience and information of excellent companies,and enhancing the company's sense of innovation and innovation.This paper examines the impact of R&D investment on research institutions in order to verify that capital markets influence new ways of corporate innovation decisions in addition to institutional investors' shareholdings and analysts' concerns,and expands the thinking for theoretical research on information transfer of listed companies in the capital market.It provides a new policy perspective on how the capital market serves the real economy.