机构投资者网络位置对企业研发投入影响研究

在知识经济时代,研发已然成为商业竞争优势之源和企业发展动力之基。选取2012—2014年的A股上市公司作为研究样本,以是否在同一上市公司持股为标准构建机构投资者网络,研究机构投资者网络位置对企业研发投入的影响,其中网络位置由程度中心度和中介中心度两个指标来度量。研究结果发现:机构投资者网络中心度越高,企业的研发投入也就越大。

Research on impact of institutional investors' network location on enterprise R&D investment

In the era of knowledge economy, research and development have become the source of the competitive advantage and the foundation of enterprise development. The listed companies of A-share in 2012—2014 are selected as samples, the institutional investors network is built according to whether they hold shares of the same listing company, the impact of network location of institutional investors on enterprise R&; D investment is studied, and the network location is measured by two indicators, i.e., the network degree centrality index and the intermediate centrality index. The research results show that the network position of institutional investors has a significant positive correlation with enterprise R&; D investment.