Institutional Investor Shareholding,enterprise Risk Taking And Enterprise Technological Innovation Output

The 14 th Five-Year Plan clearly points out that enhancing innovation capacity is an important support for achieving high-quality economic and social development.Today’s society has changed from a material society to a society with a high level of knowledge,and the international competition environment is increasingly intensified.All countries in the world must attach importance to technological innovation and develop innovation ability in order to develop comprehensive national strength.However,by improving the technical innovation output of firms,the benign operation of the current national economic system can be continued,and China’s international discourse power and international status can be improved.China’s reform and opening up related systems continue to optimize,institutional investors can play a certain external supervisory role in the operation and management of investment business.However,at present,some institutional investors in China’s capital market still have serious speculative behavior,and it is not clear how institutional investors play a management role in the invested enterprises,especially the impact on enterprises to take risks.This article uses 21,921 data of A-share companies that are listed in my country from 2009 to 2020 as a sample book,citing the relationship between institutional investors’ shareholders and enterprises’ technological innovation output and the mediating role of enterprises’ risk-taking between the two.The results show that :(1)institutional investor shareholder system may improve firms’ technological innovation output.(2)From distinct perspectives,the proportion of stress-resistant corporate investor may increase the technical innovation output of firms,however,the proportion of the institutional investors that are sensitive to pressure can curb the technical innovation output of firms.(3)The shareholder status of institutional investors can increase the technical innovation output of firms by improving the risk tolerance of enterprises.Through the above research,we have gained relevant understanding.First,China should actively support the development of institutional investors.Second,the government formulate relevant policies to strengthen government control;Second,optimize the internal management environment of enterprises;Finally,conduct firms to adopt a proper view that for risk takin.