Nature Of Property Rights,Heterogeneous Institutional Investor And R&D Investment

As the micro-subject of economic society,enterprises are the main factors for the improvement of national innovation capability.Based on the institutional investor's participation in corporate governance and its impact on corporate R&D activities,after considering the heterogeneity of institutional investors,it was found that different types of institutional investors have different effects on corporate R&D activities.At the same time,R&D investment is heterogeneous.Two different types of R&D investment mean that the degree of principal-agent conflict caused by the two will also be di fferent.Therefore,different types of institutional investors may have different impacts on exploration-based innovation and conventional innovation.In addition,under the background of our country,managers in different types of property rights are affected by different incentive systems and assessment systems,and thus their management behavior,especially innovative behavior will also be affected by environmental differences under state-owned and non-state-owned property rights.Therefore,the following questions were discussed:First,whether institutional investors in China have played a positive role in promoting R&D investment;second,based on the perspective of R&D heterogeneity,we explored institutional investors' investment in exploration-based innovation investment and conventional innovation and whether or not there is a difference in their role;third,whether the impact of institutional investors on corporate R&D investment is different due to the nature of property rights.First of all,a literature review of domestic and foreign research status is conducted from three levels.Based on principal-agent theory,information asymmetry theory,cost-benefit theory,and the theoretical basis of shareholder activism theory.R&D expenditures for institutional investors,heterogeneous institutions,and enterprises are based on The mechanism of the interaction between investment in exploration,investigative innovation'and investment in conventional innovation is analyzed and research hypotheses are proposed.Secondly,the SME board listed companies with R&D data disclosure ages of 5 years or more from 2007 to 2016 are selected as the research objects According to the investment of R&D expenditures,the enterprise's innovation investment is divided into two modes for empirical analysis.Finally,through research,the following conclusions are drawn:First,institutional investors can promote corporate R&D and innovation,and this positive effect comes mainly from independent institutional investors.Secondly,in terms of heterogeneous R&D and innovation investment,the overall shareholding of institutional investors and the shareholdings of independent institutional investors have a significant role in promoting innovative investment in enterprises,and have a certain role in promoting conventional investment in corporate innovation,but the promotion isn't significant;non-independent institutional investors have a significant inhibitory effect on corporate investment in exploration innovation.a significant role in the promotion of corporate traditional innovation.Third,compared to non-state-owned enterprises,institutional investors have a greater role in promoting R&D investment in state-owned enterprises,The innovations of the research are mainly reflected in the following:First,the company's R&D investment behavior is refined,and the relationship between institutional investors and corporate heterogeneous R&D innovations is studied based on R&D heterogeneity.Second.to refine the research path,based on the R&D heterogeneity perspective,we will investigate and discuss the nature of property rights,institutional investors,and investment in R&D.