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| Moderating Effect of Ownership Characteristics on Institutional Investors and Innovation Investments |
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Abstract Setting the listed Ashare companies during 2010 to 2015 as the research object, this paper probes into the influence of different types of institutional investor ownerships on innovation investments by adopting the method of Tobit Regression and elaborately analyses the moderating effect of ownership concentration and ownership property on the relation between institutional equity holding and innovation investments.Main findings in this paper are as followings: first, compared with transactional institutional investors, stable institutional investors could better promote the innovation investments of corporation; second, ownership concentration in transactional institutional investors weakens the acceleration of institutional investors holding to the innovation investments; third, institutional equity holding plays a better role in rising the innovation investments in the stateowned enterprises. Finally, the paper comes to the conclusion that companies must face up to the diversification of institutional investors and shareholder structure, while the government should devote greater effort to the supervision over securities market and reform of stateowned enterprises.
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