Research On The Influence Of Institutional Investors On Military Enterprises’ R&D Investment From The Perspective Of Configuration

Military enterprises are important representatives of China’s national defense industry,which undertake the important mission of national defense scientific research.The innovation ability of military enterprises is related to our country’s national security and sustainable development.Due to the structure of military products is complex and requires a long time for research and development,a large amount of R&D investment is needed.As an important role in China’s capital market,institutional investors have sufficient funds and a wide range of information sources to support military industries in R&D investment.How the characteristics of institutional investors and the network of them cooperatively affects the R&D investment of military enterprises is an important issue of concern to the theoretical and practical circles.This paper takes the listed companies of ten military industrial groups in China as the research object.Firstly,based on the analysis of the development status and related theories of institutional investors in China,this paper analyzes the institutional investors of military enterprises from two aspects : the characteristics of institutional investors and the network position of institutional investors.It is found that most of the top ten shareholders of military enterprises have a certain number of institutional investors,but the proportion of them is not stable.The long-term institutional investors of the top ten shareholders hold more shares than independent institutional investors,and institutional investors hold shares of several military enterprises at the same time,forming an institutional investor network.Secondly,taking the characteristics of institutional investors and the network location of them as conditional variables,the intensity of R&D investment as the result variable,discussing how institutional investors affect enterprise’ R&D investment through QCA method.The research finds that the linkage between the characteristics of institutional investors and the network location of them can promote the R&D investment capacity of military enterprises by four ways: scale oriented,value investment,long-term investment and information resource oriented.Indicating that institutional investors with certain characteristics and a central position in the social network can increase the level of R&D investment.The absence of governance and the lack of information transmission of institutional investors will affect the improvement of R&D investment level of military enterprises.Finally,combined with the case and path analysis,it is proposed that military enterprises can improve the introduction rules of institutional investors from the perspectives of their shareholding scale,their types and their network location,ensure their right to speak.Through institutional investors’ active participation in corporate governance,they can supervise enterprises to focus on the innovation,improve the ability to use funds,and finally improve the level of military enterprises’ R&D investment.The research conclusion reveals the internal mechanism of institutional investors affecting the R&D investment of military enterprises,which has certain reference significance for the introduction of institutional investors in military enterprises.