Financial Environment,Institutional Investment And Enterprise Innovation

With the construction of an innovative country and the increasingly promotion of the advocacy of double-venture,enterprise innovation has become a more popular topic.Enterprises are the core leaders of national technological innovation and development,representing the progress of the whole country's technology.The realization of enterprise innovation activities depends on the internal development and external environment of the enterprise,and the incentive and influence of the organization.So attracting investors to share the risk of R&D activities naturally becomes an important part of improving the enterprise's independent innovation ability.In addition,based on the principal-agent relationship,the introduction of institutional investors to supervise the management is an important means to encourage innovation investment.It is necessary to study the impact of equity incentives on innovation performance of high-tech enterprises in China so as to effectively improve their innovation performance.In addition,how to harmonize the development of financial environment between institutional investors and enterprises is also an important link to understand the relationship between R&D innovation and external environment.This paper chooses listed companies from 2010 to 2017 as the research object.After eliminating the missing values and financial industry companies,7578 groups of observations are obtained.This paper examines the relationship among institutional investors,financial environment and enterprise innovation and R&D.On the basis of descriptive statistics and correlation analysis of the above variables,this paper carries out regression analysis,and also incorporates the multiplier variables of financial environment and institutional investment to examine the regulatory effect of financial environment on institutional investment and enterprise R&D.The conclusions of this study are as follows: firstly,institutional investors and enterprise innovation are significantly positively correlated;secondly,financial environment plays a promoting role between institutional investors and enterprise innovation;thirdly,compared with non-state-owned enterprises,institutional investment of state-owned enterprises ismore positively correlated with enterprise innovation;fourthly,compared with non-state-owned enterprises,financial environment is more opportunistic in state-owned enterprises.The positive moderating effect of structural investment on enterprise innovation is more significant.The contributions of this study are as follows:Firstly,this paper enriches the research on the economic consequences of institutional investors.Existing literature explores the role of institutional investors in corporate governance activities.These documents carry out empirical analysis from the perspective of promoting governance and restraining governance.In addition,there are different opinions on the impact of institutional investors' participation in R&D activities,which is either promoting or inhibiting.This paper supports the view that institutional investors promote enterprise innovation,and supplements the relevant literature.Secondly,this paper expands the research on the influencing factors of enterprise innovation.From the perspectives of enterprise scale,top management team characteristics and high-order theory,the existing literature explores how these factors affect enterprise innovation,whether they promote or inhibit it.From the perspective of ownership governance,this paper chooses institutional investors as the ownership variable to explain whether institutional investors affect the innovation of enterprises.Finally,this paper combines the financial environment to discuss the relationship between corporate innovation and institutional investors' participation in shareholding.When discussing the role of the financial environment in the existing literature,most of the literature is based on the environmental condition of financing constraints to measure,while for the market-oriented and financial laws and regulations,the analysis of more literature is still lack of in-depth discussion.From the perspective of marketization and financial laws and regulations,this paper discusses the regulatory role of institutional investors in innovative activities.