机构投资者对科创板企业研发投入的影响研究

HOW DO INSTITUTIONAL INVESTORS INFLUENCE R&D INVESTMENT OF STAR MARKET ENTERPRISES

耿迅

11849161

硕士

金融

何佳

2020-05-28

2020-06-30

哈尔滨工业大学

深圳

科创板为科技创新企业融资开辟了一条新的通道，也为风险投资提供了新的退出渠道，积极推动了风险投资参与到科技创新企业的发展中。本文的研究目的是探讨机构投资者在科技创新企业早期发展过程中扮演的角色。本文通过理论分析和实证分析，对机构投资者持股比例与企业研发投入之间的关系进行了研究，并针对研究结论为如何促进科技创新企业发展提出了政策建议。 本文选取从2019年3月到2020年2月共210家申报科创板的企业作为样本。主要运用实证分析的方法研究了机构投资者持股对企业研发投入的影响作用。首先考虑了整体机构投资者的影响作用，其次，考虑了国有资本、外来资本及其他机构投资者分别的影响作用及差异，最后，考虑了企业研发投入对机构投资者的反作用。主要研究结论如下：第一，整体来看机构投资者持股比例与企业研发投入具有显著正相关。机构投资者持股比例越高，企业研发投入比也就越高，说明机构投资者在公司治理过程中扮演了积极的监督者的角色，验证了股东积极主义理论在企业早期发展过程中的有效性。第二，国有资本、外来资本以及其他机构投资者持股比例均与企业研发投入比之间存在显著的正相关。第三，在三类机构投资者中，国有资本机构投资者对企业研发投入的影响最为显著，但是其回归系数却低于外来资本机构投资者，其他机构投资者回归系数最低。第四，企业研发投入对机构投资者具有反作用，高研发投入对于机构投资者具有吸引作用。 本文的创新性主要体现在研究样本的选取上，在过往研究中主要关注发展成熟的上市公司，本文关注处于发展阶段的科技创新企业。在学术意义方面，本文主要是对机构股东积极主义的补充以及风险投资理论的实证检验。机构股东积极主义的有效性一直存在争论，经过实证，本文证实了机构股东积极主义在科技创新企业发展过程中的有效性。在风险投资理论上，由于国内一直缺少相关样本导致研究难以进行，科创板的建立筛选出一批依然处于发展过程中的科技创新企业，这也是风险投资主要的投资标的。因此本文实现对风险投资理论的实证分析，并证实了风险投资理论的有效性。在实践意义方面，本文研究将有效帮助企业理解机构投资者的积极作用，在发展过程中做出正确的融资选择，构建起最有利于企业长期发展的股权结构。

Sci-Tech innovation board provides a new financing channel for the technology enterprises and a new exit channel for venture capital, which actively promotes the venture capital to participate in the development of technology enterprises. The purpose of this paper is to explore the role of institutional investors in the early development of technology enterprises. Through theoretical analysis and empirical analysis, this paper studies the relationship between institutional investors' shareholding and R&D investment, and finally provides policy suggestions on how to promote the development of technology enterprises.In this paper, 210 enterprises that had applied for Sci-Tech innovation board from March 2019 to February 2020 were selected as samples. This paper mainly uses the method of empirical analysis to study the influence of institutional investors on the R&D investment of enterprises. Firstly, the influence of overall institutional investors is considered. Secondly, the influence and differences of state-owned institutional investors, foreign institutional investors and other institutional investors are considered. At last, it researches the effect of R&D on institutional investors. The main research conclusions are as follows: First, on the whole, there is a significant positive correlation between institutional investors and R&D investment. The higher the shareholding ratio of institutional investors, the higher the R&D investment ratio of enterprises. The result indicates that institutional investors play an active role as supervisors in the process of corporate governance. Second, the state-owned institutional investors, the foreign institutional investors and other institutional investors have significant positive correlation with the R&D investment of enterprises, which verifies the effectiveness of shareholder activism theory in the early development of enterprises. Third, among the three types of institutional investors, the state-owned institutional investors have the most significant impact on the R&D investment of enterprises, but the regression coefficient is lower than the foreign institutional investors. The regression coefficient of the other institutional investors is the lowest. Fourth, R&D investment could have a significant impact on institutional investor. High R&D investment ratio is truly attractive to institutional investors.The innovation of this paper is mainly reflected in the selection of research samples. In previous studies, the paper mainly focused on the listed companies with mature development, but not studied the technology enterprises in the development stage. In terms of academic significance, this paper is mainly a supplement to institutional shareholder activism and an empirical test of venture capital theory. The effectiveness of institutional shareholder activism has always been debated. Through empirical study, this paper proves the effectiveness of institutional shareholder activism in the development process of technology enterprises. About the theory of venture capital, due to the lack of relevant samples in China, the research is difficult to carry out. Sci-Tech innovation board selects a group of technology enterprises still in the process of development, which is also the main investment target of venture capital. Therefore, this paper makes an empirical analysis of the venture capital theory and proves the effectiveness of the venture capital theory. In terms of practical significance, this study will help enterprises to understand the positive role of institutional investors. Then enterprises could make the right financing choices in the development process, and build the most conducive equity structure for the long-term development of enterprises.

科创板 机构投资者 科技创新企业 研发投入

Sci-Tech innovation board institutional investor technology enterprises R&D investment

中文

联合培养

南方科技大学

耿迅. 机构投资者对科创板企业研发投入的影响研究[D]. 深圳. 哈尔滨工业大学,2020.