Research On The Relationship Between Management Power,Institutional Investors And Enterprise Technology Innovation Investment

Innovation has important strategic significance for the growth of a country's economy.Enterprises must adapt to changes in the market and maintain long-term competitive advantages.As an important participant in corporate investment decisions,corporate management has an impact on the company's technological innovation investment.In addition,with the continuous expansion of institutional investors,institutional investors have played an increasingly important role on the capital market,but whether China's institutional investors can effectively play external governance remains to be verified.Therefore,on the basis of theoretical analysis,this paper combines the innovation investment in the process of transformation and upgrading of China's manufacturing enterprises,and empirical test on management power and the intensity and structure of enterprise technology innovation investment.At the same time,this paper examines the influence of institutional investors on the relationship between management power and the intensity and structure of corporate technology innovation investment.In order to verify the theoretical hypothesis of this paper,the paper analyzes the relationship between management power and the intensity and structure of enterprise technology innovation investment,and examines the regulatory role of institutional investors,based on the sample of a small and medium-sized private manufacturinglisted companies in Shenzhen from 2012 to 2017.The study draws the following conclusions:(1)Management power has a positive impact on the investment intensity of enterprise technology innovation.(2)Management power has a positive impact on corporate technology upgrade investment.(3)Management power has a positive impact on the company's independent R&D investment.(4)Institutional investors fail to play a regulatory role in the relationship between management power and investment intensity of technological innovation;deconstructing technological innovation investment into technology upgrade investment and independent R&D investment It is found that institutional investors' shareholdings fail to play a regulatory role in the relationship between management power and technology upgrade investment,and play a significant negative adjustment role in the relationship between management power and independent R&D investment.Finally,based on the above conclusions,combined with the present situation of China's private enterprise technology innovation investment,this paper puts forward reasonable suggestions,in order to provide useful suggestion for the future development of listed companies in China.