【作者】 李敏；

【导师】 杨丽芳；

【作者基本信息】 天津财经大学 ， 会计学， 2020， 硕士

【摘要】 创新活动为企业的生存和发展提供了源源不断的内生动力,是企业保持核心竞争力的关键因素,已成为近年来学者们的研究热点。已有研究表明,企业的创新绩效同时受到企业内外部治理机制的影响。一方面,内部控制机制贯穿于公司的生产经营和管理决策等各个环节,能够合理保证企业经营合法合规、提高企业经营效率和效果等,与企业的价值创造活动息息相关。创新投资活动兼具周期长和高风险的特点,离不开企业内部控制机制的有效运行,因而良好的内部控制有利于提升企业创新绩效。另一方面,“百闻不如一见”,调研活动为机构投资者提供了与公司高管进行面对面沟通的机会,有助于其更好地了解企业的经营状况、未来前景和潜在风险,并能够降低企业的不对称程度、缓解企业创新过程中的代理问题,通过缓解项目的融资约束、提高高管创新意愿和增强企业创新效率,进而提升创新绩效。那么机构投资者调研和内部控制作为公司的内外部治理机制,如何相互作用、共同对企业创新绩效产生影响呢?该相互作用在异质性的机构投资者调研活动和不同产权性质的企业中是否有所不同?因此,本文着手探究机构投资者调研活动产生的治理效果,利用2012-2016年我国A股上市公司样本,检验机构投资者调研和内部控制的交互作用如何作用于企业创新绩效,并对样本按照机构异质性和产权性质进行分组检验,研究发现:(1)在企业内部控制质量较低的企业中,机构投资者调研对企业创新绩效的促进作用更显著,即二者在促进企业创新绩效的过程中存在一定的替代作用;(2)与买方机构投资者相比,卖方机构调研和内部控制的替代作用更加明显;(3)机构投资者调研和内部控制在促进企业创新绩效时的相互替代作用仅存在非国有企业中。本文的研究结论具有一定的现实意义:从企业角度来说,一方面我国企业仍需积极完善内部控制制度建设,减少经营过程中不规范行为的发生,提高企业经营效率,另一方面,企业应积极开展实地调研活动的接待工作,重视机构投资者调研发挥的外部治理作用;从政府角度来看,监管部门应继续为机构投资者调研活动提供制度上的便利条件。同时,交易所应加强对调研活动信息披露的监管,以保证调研活动相关信息披露的规范性,促进机构投资者实地调研活动良性发展。更多还原

【Abstract】 Innovation activities provide continuous endogenous power for the survival and development of enterprises,which is the key factor to maintain the core competitiveness of enterprises,and has become the research hotspot of scholars in recent years.Previous studies have shown that the innovation performance of enterprises are affected by the internal and external governance mechanisms.On the one hand,effective internal control is conducive to improving the innovation performance of enterprises.The internal control mechanism runs through all aspects of the company’s production,operation and management decision-making,which could reasonably ensure the legal compliance of the enterprise’s operation.Furthermorer,it could improve the efficiency of investment activities,which is closely related to the value creation activities of the enterprise.Innovation investment activities have the characteristics of long cycle and high risk,which can not be separated from the effective operation of internal control mechanism.On the other hand,"seeing is not as good as hearing".Institutional investor research activities provide an opportunity for institutional investors to have face-to-face communication with company executives,which is conducive to better understanding of the business situation,future prospects and potential risks of the enterprise.It can alleviate the agency problems in the process of enterprise innovation by reducing the degree of enterprise asymmetry and alleviating the agency problems in the process of enterprise innovation Financing constraints,improving executives’ willingness to innovate and enhancing the efficiency of enterprise innovation have a positive impact,Finally it will help to promote enterprise innovation performance.So,how do institutional investor research and internal control,as the internal and external governance mechanism of the company,interact and jointly affect the innovation performance of the company? Is the interaction different between heterogeneous institutional investor research activities and enterprises with different property rights?Therefore,this paper starts to explore the governance effect of institutional investor field research activities,and uses the sample data of A-share listed companies in China from 2012 to2016 to test how the interaction between institutional investor research and internal control affects the innovation performance of enterprises.In order to further analyze the relationship between the three,this paper groups the sample data according to the heterogeneity of institutional investors and the nature of property rights.It founds that,compared with the institutional investors of the buyer,the seller’s institutional investors’ research and internal control have more obvious substitutions.At the same time,the interaction between institutional investors’ field research and internal control only exists in non-state-owned enterprises.The conclusion of this paper has certain practical significance: from the perspective of enterprises,on the one hand,Chinese enterprises still need to actively improve the construction and operation of internal control system,reduce the occurrence of irregular behavior in the process of operation,and improve the efficiency of asset allocation.On the other hand,companies should actively carry out the reception work of field research activities,and pay attention to the corporate governance of institutional investors’ research activities From the perspective of government,regulatory authorities should pay attention to the governance role of institutional investor field research and continue to provide institutional convenience for institutional investor research activities.At the same time,the exchange should strengthen the supervision of research information disclosure platform to ensure the standardization of information disclosure related to field research activities and the benign development of field research activities of institutional investors.更多还原