TITLE:
Fund Shareholding and Enterprise Innovation—Based on the Research of Chinese A-Share Listed Companies
AUTHORS:
Hanyu Li
KEYWORDS:
Fund Holdings, R&D Expenditures, Long-Term Funds, Short-Term Funds, Average Holding Time
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.9 No.4,
April
22,
2019
ABSTRACT: This paper takes China’s A-share listed companies in 2006-2016 as a sample, and divides fund investors into long-term funds and short-term funds according to the average position time. It empirically analyzes the impact of funds of different transaction nature on enterprise R&D investment. The research findings in this paper are as follows: Different from the “short-sighted theory” in previous studies, short-term fund does not inhibit the investment in research and development, and long-term fund ownership can significantly promote the innovation investment of the company. In high-tech enterprises, this kind of promotion effect is inhibited, but the inhibition effect is not obvious.