The Influence of Insurance Capital Placards on Enterprise Innovation:Promotion or Inhibition
Mu Weiwei1, Liu Kefu2
1. School of International Trade and Economics,University of International Business and Economics, Beijing 100029,China; 2. School of Bank and Finance,University of International Business and Economics,Beijing 100029,China
Abstract：Previous studies have not formed a consistent view on whether insurance capital placards play the role of long-term investors or short-term speculators in enterprise business decisions.Based on the perspective of enterprise innovation,using the research samples of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020,this paper explores the impact of insurance capital placards on enterprise innovation.The empirical test shows that the listing of insurance capital has a significant inhibitory effect on the innovation of listed companies,and it is also found that the innovation inhibitory effect of the insurance capital has a long-term impact.After performing the endogenous tests and a series of other robustness tests,we find that the above conclusion is still valid.In addition,this paper further analyzes the differential impact of the external market environment of enterprises and the internal mechanism of enterprises.The results show that the innovation inhibitory effect of insurance capital is more significant in enterprises located in areas with low marketization process and enterprises with low information transparency.This study not only contributes to a deep understanding of the economic consequences of insurance capital placards,but also has important practical significance for improving the value investment concept of insurance capital,standardizing the behavior of insurance capital placards,and promoting the high-quality development of China's economy.
牟卫卫, 刘克富. 险资举牌对企业创新的影响:促进还是抑制[J]. 中国科技论坛, 2023(1): 130-140.
Mu Weiwei, Liu Kefu. The Influence of Insurance Capital Placards on Enterprise Innovation:Promotion or Inhibition. , 2023(1): 130-140.
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