共同机构所有权对企业创新的影响研究

Research on the Impact of Common Institutional Ownership on Enterprise Innovation

摘要: 本文以2014年~2023年我国沪深A股上市公司为研究对象，实证检验共同机构所有权对企业创新的影响。研究结果表明，共同机构所有权的联结程度越高，越有利于企业创新，且通过更改样本区间、解释变量滞后一期的方法展开稳健性检验致力于提升前述结论的说服力。更进一步地，当企业所处生命周期为成熟期时，共同机构所有权与企业创新的正向关系更为显著。相较于内陆地区而言，沿海地区的资本市场环境较为发达，不同市场参与主体间的沟通效率较高，机构投资者对于企业创新的促进作用更强。本文深化了共同机构所有权影响企业创新的进一步了解，对于提升企业价值具有积极作用。

Abstract: This paper takes China’s Shanghai and Shenzhen A-share listed companies from 2014 to 2023 as the research object, and empirically tests the impact of common institutional ownership on enterprise innovation. The research results show that the higher the degree of connection of common institutional ownership, the more conducive it is to enterprise innovation, and the robustness test is carried out by changing the sample interval and the explanatory variable lagging one period to improve the persuasiveness of the above conclusions. Furthermore, when the life cycle of an enterprise is a growth period, the positive relationship between common institutional ownership and enterprise innovation is more significant. Compared with inland areas, the capital market environment in coastal areas is more developed, the communication efficiency between different market participants is higher, and institutional investors have a stronger role in promoting enterprise innovation. This paper deepens the further understanding of the impact of common institutional ownership on enterprise innovation, and has a positive effect on enhancing enterprise value.