Impact of Institutional Investors’ Holding Ratio on R&D and Corporate Innovation Ability—Based on Empirical Research of Growth Enterprise Market

Abstract

This article is intended to explore the influence of institutional investors’ holding ratio on enterprises’ innovation, considering R&D inputs as the intermediate variable. In the study, 658 samples from manufacturing and information technology industry in Growth Enterprise Market in 2012-2014 were identified as research objects. Multivariate regression models were established and regression analysis was conducted by SPSS. The empirical results revealed that the institutional Investors’ overall holdings ratio had the forward influence on corporate R&D and innovation ability, but the regression coefficients are not high; pressure-resistance institutional shareholders’ holdings ratio had the significant positive influence on corporate R&D, while the innovation ability was not significant; the pressure-sensitive institutional investors have no significant impacts on corporate R&D investment and innovation ability of enterprises; the current R&D intensity has no significant effect on the one-period lag innovation ability of the enterprise.