JOURNAL OF CORPORATE FINANCE, VOL 48, FEBRUARY 2018

机构投资者的企业实地考察与企业创新

作者：Xuanyu Jiang (Central University of Finance and Economics)

QingBo Yuan (University of Meiboume)

摘要：本文研究了机构投资者的实地考察是否以及如何影响企业创新。利用2009年至2013年深圳交易所所有上市公司数据，本文发现机构投资者实地考察显著提升了企业创新能力，且对于信息环境质量较差，公司治理水平较低的企业来说，这一效应更为显著。本文进一步发现，机构投资者实地考察对企业创新能力的影响与职业担忧假说一致，与安逸生活假说相悖。本文采用两阶段最小二乘分析方法，解决可能的内生性问题并进行稳健性检验，包括使用其他替代实地考察的方法来验证与企业创新的关系，构建其他替代模型，以及控制企业的固定效应。本文还发现，机构实地考察与机构持股的作用是相互替代的。

关键词：企业实地考察，企业创新，信息环境，职业利益假说，安逸生活假说

Institutional Investors' Corporate Site Visits and Corporate Innovation

Xuanyu Jiang (Central University of Finance and Economics), QingBo Yuan (University of Meiboume)

ABSTRACT

This study investigates whether and how institutional investors' site visits affect corporate innovation. Using all Chinese firms listed in the Shenzhen Stock Exchange from 2009 to 2013, we find that institutional investors' site visits significantly enhance corporate innovation and this effect is more pronounced for firms with a lower-quality information environment and poor corporate governance. We further find that the governance effect of site visits on innovation is consistent with career concerns rather than the quiet life hypothesis. We perform two stage-least square analysis to address possible endogeneity concerns and several robustness checks including using alternative measures of site visits and corporate innovation, alternative model specifications, and controlling for firm fixed effects. We also find that the effects of institutions' site visits are substitutes for the effects of institutional shareholding.

Keywords: Corporate Site Visits, Corporate Innovation, Information Environment, Career Concern, Quiet Life

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917301578#!

翻译：王秭越