【摘要】 基于代理理论,检验了机构投资者能否作为一种公司治理机制,降低管理层的代理成本,激励上市公司管理层增加R&D投入、追求上市公司的长期价值。结论显示,机构持股与上市公司R&D支出之间存在显著正相关关系,机构持股能够激励企业进行长期投资。以上发现表明,机构投资者已经能够作为一种公司治理的机制参与到公司治理中,并对公司的经营运作发挥监督作用。更多还原

【Abstract】 This paper makes an investigation on whether institutional investors in China could effectively encourage corporate managers to increase R&D expenditure for long term value of the firm.The results indicate that managers are more likely to increase R&D expenditure when institutional ownership is high.The results support that institutional investors in China begin to care about corporate governance and are capable of monitoring the manager action and firm operation.更多还原