共同机构持股与上市企业创新投入研究从股权关联网络视角

2021年末我国公募基金持有A股市值达到34.01%,机构投资者通过投资持股积极参与上市企业治理。在已有研究发现共同股权和机构持股对企业经营具有间接影响的基础上,本研究利用2015~2022年上市公司和机构持股数据,创新地从机构-企业持股网络投影得到上市企业间股权关联网络,将网络连接边权重作为信息传递、行为协同的代理变量,发现共同机构持股通过增强企业股权关联的中介作用,抑制企业创新支出,结合实例分析,支持了共同机构持股带来技术溢出外部性和反竞争效应的观点。本研究深化了对共同机构持股对企业经营的影响理解,为鼓励创新和反垄断监管政策提供了依据。

Study on Common Institutional Ownership and R&D ExpenditureEvidence from the Inter-corporation Equity Network

In 2021, China"s public mutual funds reached 34.01% in A-share holdings, reflecting institutional investors" active engagement in listed company governance. Building on existing research that has found indirect effects of common ownership on firm performance, this research, using 2015~2022 data of institutional ownership and listed company, innovatively constructs a network of corporate equity connections. By treating the edge weights of network as proxy variables for information transmission and coordination, it finds that common institutional ownership suppresses corporate innovation expenditure by strengthening the inter-corporation equity connections, together with case analysis, supporting the opinion of technological spillover and anti-competitive effects. These findings deepen our understanding of common ownership"s influence on corporate operations and provide a scholarly basis for policies promoting innovation and anti-monopoly regulatory policies.