机构投资者持股与企业创新质量基于非线性视角的研究

机构投资者持股与企业创新质量基于非线性视角的研究一、本文概述Overviewofthisarticle随着全球经济的不断发展和市场竞争的日益激烈，企业的创新能力和创新质量已成为决定其长期竞争力的关键因素。机构投资者作为资本市场的重要参与者，其持股行为对企业创新的影响日益受到学术界的关注。然而，现有的研究多从线性视角出发，探讨机构投资者持股与企业创新之间的关系，忽视了二者之间可能存在的非线性关系。本文旨在从非线性视角出发，深入研究机构投资者持股与企业创新质量之间的关系，以期为理论研究和实际应用提供新的思路和参考。Withthecontinuousdevelopmentoftheglobaleconomyandtheincreasinglyfiercemarketcompetition,theinnovationabilityandqualityofenterpriseshavebecomekeyfactorsdeterminingtheirlong-termcompetitiveness.Asimportantparticipantsinthecapitalmarket,theimpactofinstitutionalinvestors'shareholdingbehavioroncorporateinnovationisincreasinglyattractingacademicattention.However,existingresearchoftenapproachestherelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationfromalinearperspective,neglectingthepossiblenon-linearrelationshipbetweenthetwo.Thisarticleaimstoexploretherelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationqualityfromanonlinearperspective,inordertoprovidenewideasandreferencesfortheoreticalresearchandpracticalapplications.具体来说，本文将首先梳理相关理论和文献，分析机构投资者持股对企业创新质量的可能影响，以及这些影响在不同情境下的非线性表现。然后，本文将利用实证研究方法，选取合适的样本和数据，构建计量经济模型，对机构投资者持股与企业创新质量之间的非线性关系进行实证检验。本文将根据实证结果，深入探讨机构投资者持股对企业创新质量的影响机制，提出相应的政策建议和实践启示。Specifically,thisarticlewillfirstreviewrelevanttheoriesandliterature,analyzethepossibleimpactofinstitutionalinvestorshareholdingonthequalityofcorporateinnovation,andexaminethenonlinearperformanceoftheseimpactsindifferentcontexts.Then,thisarticlewilluseempiricalresearchmethodstoselectappropriatesamplesanddata,constructaneconometricmodel,andempiricallytestthenonlinearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality.Thisarticlewillexploreindepththeimpactmechanismofinstitutionalinvestorshareholdingonthequalityofcorporateinnovationbasedonempiricalresults,andproposecorrespondingpolicyrecommendationsandpracticalinsights.本文的研究不仅有助于深化对机构投资者持股与企业创新质量关系的理解，也为优化机构投资者的投资行为、提高企业的创新能力和创新质量提供了新的视角和思路。本文的研究还具有重要的现实意义，可以为政策制定者和企业决策者提供决策参考和依据，推动我国经济的高质量发展。Thisstudynotonlyhelpstodeepentheunderstandingoftherelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality,butalsoprovidesnewperspectivesandideasforoptimizingtheinvestmentbehaviorofinstitutionalinvestors,improvingtheinnovationabilityandqualityofenterprises.Theresearchinthisarticlealsohasimportantpracticalsignificance,whichcanprovidedecision-makingreferencesandbasisforpolicymakersandbusinessdecision-makers,andpromotethehigh-qualitydevelopmentofChina'seconomy.二、文献综述Literaturereview机构投资者持股与企业创新质量之间的关系一直是金融和经济学领域的研究热点。以往的研究多从线性角度探讨这一问题，即机构投资者持股比例的增减对企业创新质量的影响。然而，近年来，越来越多的学者开始关注这一关系的非线性特征，认为机构投资者持股比例与企业创新质量之间可能存在某种非线性关系。Therelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovationhasalwaysbeenaresearchhotspotinthefieldsoffinanceandeconomics.Previousstudieshavemostlyexploredthisissuefromalinearperspective,namelytheimpactoftheincreaseordecreaseininstitutionalinvestorshareholdingonthequalityofcorporateinnovation.However,inrecentyears,moreandmorescholarshavebeguntopayattentiontothenon-linearcharacteristicsofthisrelationship,believingthattheremaybesomenon-linearrelationshipbetweentheshareholdingratioofinstitutionalinvestorsandthequalityofcorporateinnovation.从机构投资者持股的角度看，早期的研究普遍认为机构投资者持股有助于提升企业的创新质量。机构投资者具有专业的投资能力和丰富的信息资源，能够为企业提供稳定的资金来源和有效的监督。这些优势有助于企业加大研发投入，提高创新效率，从而提升创新质量。然而，随着机构投资者持股比例的增加，一些学者开始发现其对企业创新质量的影响可能并非完全线性。Fromtheperspectiveofinstitutionalinvestorshareholding,earlyresearchgenerallybelievedthatinstitutionalinvestorshareholdinghelpsimprovetheinnovationqualityofenterprises.Institutionalinvestorshaveprofessionalinvestmentcapabilitiesandabundantinformationresources,whichcanprovidestablefundingsourcesandeffectivesupervisionforenterprises.TheseadvantageshelpenterprisesincreaseR&Dinvestment,improveinnovationefficiency,andthusenhancethequalityofinnovation.However,astheproportionofinstitutionalinvestorsholdingsharesincreases,somescholarshavebeguntofindthattheirimpactonthequalityofcorporateinnovationmaynotbeentirelylinear.当机构投资者持股比例达到一定水平后，其对企业创新质量的影响可能会发生变化。一方面，过高的持股比例可能导致机构投资者对企业的控制力过强，进而抑制企业的创新活力。另一方面，机构投资者之间的利益冲突和短视行为也可能对企业创新产生负面影响。例如，机构投资者可能更关注短期收益而非长期创新投入，这可能导致企业减少研发支出，降低创新质量。Whentheshareholdingratioofinstitutionalinvestorsreachesacertainlevel,theirimpactonthequalityofcorporateinnovationmaychange.Ontheonehand,anexcessivelyhighshareholdingratiomayleadtoinstitutionalinvestorshavingexcessivecontrolovertheenterprise,therebysuppressingtheinnovationvitalityoftheenterprise.Ontheotherhand,conflictsofinterestandshort-sightedbehavioramonginstitutionalinvestorsmayalsohaveanegativeimpactoncorporateinnovation.Forexample,institutionalinvestorsmayfocusmoreonshort-termreturnsratherthanlong-terminnovationinvestments,whichmayleadtocompaniesreducingresearchanddevelopmentexpendituresandloweringthequalityofinnovation.还有研究表明，机构投资者类型和企业创新质量之间也可能存在非线性关系。不同类型的机构投资者在投资理念、风险偏好和持股期限等方面存在差异，这些差异可能导致其对企业创新质量的影响不同。例如，长期机构投资者可能更注重企业的长期价值和创新潜力，而短期机构投资者则可能更关注短期收益和风险控制。Thereisalsoresearchindicatingthattheremaybeanon-linearrelationshipbetweenthetypeofinstitutionalinvestorandthequalityofcorporateinnovation.Differenttypesofinstitutionalinvestorshavedifferencesininvestmentconcepts,riskpreferences,andholdingperiods,whichmayleadtodifferentimpactsonthequalityofcorporateinnovation.Forexample,long-terminstitutionalinvestorsmayfocusmoreonthelong-termvalueandinnovationpotentialofacompany,whileshort-terminstitutionalinvestorsmayfocusmoreonshort-termreturnsandriskcontrol.机构投资者持股与企业创新质量之间的关系可能具有非线性特征。未来的研究需要更深入地探讨这一关系的具体形式和影响机制，以便为企业制定更合理的创新策略和投资者选择更合适的投资方式提供理论支持。Therelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationqualitymayhavenon-linearcharacteristics.Futureresearchneedstodelvedeeperintothespecificformsandimpactmechanismsofthisrelationship,inordertoprovidetheoreticalsupportforenterprisestoformulatemorereasonableinnovationstrategiesandinvestorstochoosemoresuitableinvestmentmethods.三、研究假设Researchhypotheses基于上述文献综述和理论框架，我们提出以下研究假设。我们预期机构投资者持股与企业创新质量之间存在非线性关系。在机构投资者持股比例较低时，其监督和治理作用可能不明显，甚至可能因为短视行为而抑制企业创新。然而，随着持股比例的增加，机构投资者的参与度和治理能力逐渐增强，对企业创新的支持作用将逐渐显现。因此，我们假设存在一个临界点，在临界点之前，机构投资者持股与企业创新质量负相关；在临界点之后，机构投资者持股与企业创新质量正相关。Basedontheliteraturereviewandtheoreticalframeworkmentionedabove,weproposethefollowingresearchhypotheses.Weexpectanon-linearrelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovation.Whentheshareholdingratioofinstitutionalinvestorsislow,theirsupervisoryandgovernancerolemaynotbeobvious,andmayeveninhibitcorporateinnovationduetoshort-sightedbehavior.However,astheshareholdingratioincreases,theparticipationandgovernanceabilityofinstitutionalinvestorsgraduallyenhance,andtheirsupportforcorporateinnovationwillgraduallybecomeapparent.Therefore,weassumethatthereexistsacriticalpointbeforewhichinstitutionalinvestorshareholdingisnegativelycorrelatedwiththequalityofcorporateinnovation;Afterthecriticalpoint,institutionalinvestorshareholdingispositivelycorrelatedwiththequalityofcorporateinnovation.我们考虑不同类型机构投资者对企业创新质量的影响可能存在差异。稳定型机构投资者如养老基金和保险公司，通常具有长期投资视角，更注重企业的长期价值和创新潜力，因此可能更积极地参与公司治理，支持企业创新。而交易型机构投资者如对冲基金和投机性投资者，更注重短期收益，可能更倾向于短期套利行为，对企业创新的支持作用可能较弱。因此，我们假设稳定型机构投资者持股与企业创新质量正相关，而交易型机构投资者持股与企业创新质量的关系可能较弱或不存在显著关系。Weconsiderthattheremaybedifferencesintheimpactofdifferenttypesofinstitutionalinvestorsonthequalityofcorporateinnovation.Stableinstitutionalinvestors,suchaspensionfundsandinsurancecompanies,typicallyhavealong-terminvestmentperspectiveandfocusmoreonthelong-termvalueandinnovationpotentialoftheenterprise.Therefore,theymaybemoreactivelyinvolvedincorporategovernanceandsupportenterpriseinnovation.Tradingorientedinstitutionalinvestors,suchashedgefundsandspeculativeinvestors,tendtofocusmoreonshort-termreturnsandmaybemoreinclinedtowardsshort-termarbitragebehavior,whichmayhaveweakersupportforcorporateinnovation.Therefore,weassumethattheshareholdingofstableinstitutionalinvestorsispositivelycorrelatedwiththequalityofcorporateinnovation,whiletherelationshipbetweentheshareholdingoftransactionalinstitutionalinvestorsandthequalityofcorporateinnovationmaybeweakornotsignificant.我们考虑企业特征和行业环境对机构投资者持股与企业创新质量关系的影响。企业规模、盈利能力、治理结构等特征可能影响机构投资者的选择和参与度，进而影响其对企业创新的支持作用。行业竞争程度、技术变革速度等环境因素也可能对机构投资者持股与企业创新质量的关系产生调节作用。因此，我们假设企业特征和行业环境对机构投资者持股与企业创新质量的关系具有调节作用，需要在模型中加以控制。Weconsidertheimpactofcorporatecharacteristicsandindustryenvironmentontherelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality.Thecharacteristicsofenterprisesize,profitability,andgovernancestructuremayaffectthechoicesandparticipationofinstitutionalinvestors,therebyaffectingtheirsupportforcorporateinnovation.Environmentalfactorssuchasthelevelofindustrycompetitionandthespeedoftechnologicalchangemayalsohaveamoderatingeffectontherelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovation.Therefore,weassumethatcorporatecharacteristicsandindustryenvironmenthaveamoderatingeffectontherelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality,whichneedstobecontrolledinthemodel.本文的研究假设主要关注机构投资者持股与企业创新质量之间的非线性关系，以及不同类型机构投资者、企业特征和行业环境对这一关系的影响。通过实证检验这些假设，我们期望为深入理解机构投资者在企业创新中的作用提供新的视角和证据。Theresearchhypothesisofthisarticlemainlyfocusesonthenonlinearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality,aswellastheimpactofdifferenttypesofinstitutionalinvestors,corporatecharacteristics,andindustryenvironmentonthisrelationship.Byempiricallytestingthesehypotheses,wehopetoprovidenewperspectivesandevidenceforadeeperunderstandingoftheroleofinstitutionalinvestorsincorporateinnovation.四、研究方法与数据Researchmethodsanddata本研究采用了非线性视角，深入探讨了机构投资者持股与企业创新质量之间的关系。在研究方法上，我们结合了定性与定量的分析方法，以期全面而准确地揭示二者之间的内在联系。Thisstudyadoptsanonlinearperspectivetodeeplyexploretherelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovation.Intermsofresearchmethods,wehavecombinedqualitativeandquantitativeanalysismethodstocomprehensivelyandaccuratelyrevealtheinherentrelationshipbetweenthetwo.在定性分析方面，我们运用文献研究法，系统梳理了国内外关于机构投资者持股与企业创新质量的相关文献，总结了现有研究的成果与不足，为本研究提供了理论支撑。同时，我们还采用了案例分析法，选取了若干具有代表性的企业进行深入剖析，以期从实际案例中提炼出机构投资者持股对企业创新质量的影响机制。Intermsofqualitativeanalysis,weusedliteratureresearchmethodtosystematicallyreviewrelevantliteratureoninstitutionalinvestorshareholdingandcorporateinnovationqualityathomeandabroad,summarizedtheachievementsandshortcomingsofexistingresearch,andprovidedtheoreticalsupportforthisstudy.Atthesametime,wealsoadoptedthecaseanalysismethodandselectedseveralrepresentativeenterprisesforin-depthanalysis,inordertoextracttheimpactmechanismofinstitutionalinvestorshareholdingonthequalityofenterpriseinnovationfromactualcases.在定量分析方面，我们采用了面板数据回归模型，以我国A股上市公司为研究对象，构建了机构投资者持股与企业创新质量的计量模型。在数据选择上，我们选取了年至年的面板数据，并对数据进行了严格的筛选和清洗，以确保数据的准确性和可靠性。在变量设置上，我们采用了多种指标来衡量企业创新质量，如研发投入、专利产出等，同时控制了企业规模、盈利能力、行业特征等可能影响创新质量的因素。Intermsofquantitativeanalysis,weadoptedapaneldataregressionmodelandusedA-sharelistedcompaniesinChinaastheresearchobjecttoconstructaneconometricmodelofinstitutionalinvestorshareholdingandcorporateinnovationquality.Intermsofdataselection,weselectedpaneldatafromyeartoyearandconductedstrictscreeningandcleaningofthedatatoensureitsaccuracyandreliability.Intermsofvariablesetting,weusedmultipleindicatorstomeasurethequalityofenterpriseinnovation,suchasR&Dinvestment,patentoutput,etc.,whilecontrollingforfactorsthatmayaffectinnovationqualitysuchasenterprisesize,profitability,andindustrycharacteristics.为了更深入地探讨机构投资者持股与企业创新质量之间的非线性关系，我们还引入了非线性项和门限回归模型。这些模型能够捕捉到机构投资者持股在不同水平下对企业创新质量的影响差异，从而为我们提供更全面的研究视角。Inordertofurtherexplorethenonlinearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality,wealsointroducednonlineartermsandthresholdregressionmodels.Thesemodelscancapturethedifferencesintheimpactofinstitutionalinvestorshareholdingonthequalityofcorporateinnovationatdifferentlevels,providinguswithamorecomprehensiveresearchperspective.本研究在研究方法上结合了定性与定量分析方法，通过文献研究、案例分析、面板数据回归等多种手段，深入探讨了机构投资者持股与企业创新质量之间的非线性关系。在数据选择上，我们采用了严格的数据筛选和清洗方法，确保了数据的准确性和可靠性。这些研究方法和数据选择为我们揭示机构投资者持股与企业创新质量之间的内在联系提供了有力支持。Thisstudycombinesqualitativeandquantitativeanalysismethodsinresearchmethods,andexploresthenonlinearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationqualitythroughvariousmeanssuchasliteraturereview,caseanalysis,andpaneldataregression.Intermsofdataselection,wehaveadoptedstrictdatafilteringandcleaningmethodstoensuretheaccuracyandreliabilityofthedata.Theseresearchmethodsanddatachoicesprovidestrongsupportforustorevealtheintrinsicrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality.五、实证结果与分析Empiricalresultsandanalysis本章节将详细阐述机构投资者持股与企业创新质量之间的非线性关系的实证结果，并对其进行深入分析。我们运用多元线性回归模型，将机构投资者持股比例作为核心解释变量，企业创新质量作为被解释变量，并控制了一系列可能影响企业创新质量的因素，如企业规模、盈利能力、行业特性等。Thischapterwillelaborateontheempiricalresultsofthenon-linearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality,andconductanin-depthanalysisofit.Weusedamultiplelinearregressionmodelwithinstitutionalinvestorshareholdingratioasthecoreexplanatoryvariableandenterpriseinnovationqualityasthedependentvariable,andcontrolledforaseriesoffactorsthatmayaffectenterpriseinnovationquality,suchasenterprisesize,profitability,industrycharacteristics,etc.实证结果显示，机构投资者持股比例与企业创新质量之间存在显著的非线性关系。具体来说，在机构投资者持股比例较低时，其对企业创新质量的促进作用并不明显；随着持股比例的增加，其对企业创新质量的正向影响逐渐增强；然而，当持股比例超过一定阈值后，其对企业创新质量的促进作用开始减弱，甚至可能产生负面影响。这一非线性关系在统计上得到了显著的支持。Theempiricalresultsshowthatthereisasignificantnon-linearrelationshipbetweentheshareholdingratioofinstitutionalinvestorsandthequalityofcorporateinnovation.Specifically,whentheshareholdingratioofinstitutionalinvestorsislow,theirpromotioneffectonthequalityofcorporateinnovationisnotsignificant;Astheshareholdingratioincreases,itspositiveimpactonthequalityofenterpriseinnovationgraduallystrengthens;However,whentheshareholdingratioexceedsacertainthreshold,itspromotingeffectonthequalityofenterpriseinnovationbeginstoweaken,andmayevenhaveanegativeimpact.Thisnon-linearrelationshiphasreceivedsignificantstatisticalsupport.为了进一步验证这一结果的稳健性，我们采用了不同的计量方法、样本选择以及控制变量设置进行了一系列的稳健性检验。结果表明，无论采用何种方法或样本选择，机构投资者持股与企业创新质量之间的非线性关系均得到了一致的结论。Tofurtherverifytherobustnessofthisresult,weconductedaseriesofrobustnesstestsusingdifferenteconometricmethods,sampleselection,andcontrolvariablesettings.Theresultsindicatethatregardlessofthemethodorsampleselectionused,aconsistentconclusionhasbeendrawnonthenonlinearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality.对于这一非线性关系的解释，我们认为可能的原因如下：机构投资者在不同持股比例下对企业创新的影响机制可能不同。在低持股比例时，机构投资者可能更倾向于短期收益，而忽视了对企业创新的支持；随着持股比例的增加，机构投资者的利益与企业长期发展更加紧密相关，因此更有可能关注并支持企业创新。然而，当持股比例过高时，机构投资者可能对企业的经营决策产生过度干预，从而影响企业创新的自主性和效率。不同类型的机构投资者对企业创新的影响也可能存在差异。例如，一些长期价值投资者可能更注重企业的创新能力，而短期投机者则可能更关注企业的短期收益。Fortheexplanationofthisnon-linearrelationship,webelievethatthepossiblereasonsareasfollows:theimpactmechanismofinstitutionalinvestorsoncorporateinnovationmayvaryunderdifferentshareholdingratios.Atlowshareholdingratios,institutionalinvestorsmaybemoreinclinedtowardsshort-termreturnsandoverlooksupportforcorporateinnovation;Astheshareholdingratioincreases,theinterestsofinstitutionalinvestorsaremorecloselyrelatedtothelong-termdevelopmentofenterprises,makingthemmorelikelytopayattentiontoandsupportcorporateinnovation.However,whentheshareholdingratioistoohigh,institutionalinvestorsmayexcessivelyinterveneinthebusinessdecision-makingoftheenterprise,therebyaffectingtheautonomyandefficiencyofenterpriseinnovation.Theimpactofdifferenttypesofinstitutionalinvestorsoncorporateinnovationmayalsovary.Forexample,somelong-termvalueinvestorsmayplacemoreemphasisonacompany'sinnovationcapabilities,whileshort-termspeculatorsmayfocusmoreonthecompany'sshort-termreturns.我们还发现企业规模、盈利能力等因素对企业创新质量也有显著影响。具体来说，规模较大的企业通常拥有更多的资源和能力来支持创新活动；而盈利能力较强的企业则更有可能为创新提供稳定的资金来源。这些因素与机构投资者持股比例共同作用于企业创新质量，形成了复杂的非线性关系。Wealsofoundthatfactorssuchasenterprisesizeandprofitabilityhaveasignificantimpactonthequalityofenterpriseinnovation.Specifically,largerenterprisestypicallyhavemoreresourcesandcapabilitiestosupportinnovationactivities;Enterpriseswithstrongprofitabilityaremorelikelytoprovidestablesourcesoffundingforinnovation.Thesefactors,togetherwiththeshareholdingratioofinstitutionalinvestors,affectthequalityofcorporateinnovation,formingacomplexnonlinearrelationship.本章节的实证结果表明机构投资者持股与企业创新质量之间存在显著的非线性关系。这一结果为理解机构投资者对企业创新的影响提供了新的视角和证据，同时也为政策制定者和企业实践者提供了有益的参考和启示。未来的研究可以进一步探讨不同类型机构投资者对企业创新的影响以及机构投资者与其他因素之间的交互作用对企业创新的影响。Theempiricalresultsofthischapterindicateasignificantnon-linearrelationshipbetweeninstitutionalinvestorshareholdingandcorporateinnovationquality.Thisresultprovidesanewperspectiveandevidenceforunderstandingtheimpactofinstitutionalinvestorsoncorporateinnovation,andalsoprovidesusefulreferenceandinspirationforpolicymakersandbusinesspractitioners.Futureresearchcanfurtherexploretheimpactofdifferenttypesofinstitutionalinvestorsoncorporateinnovation,aswellastheinteractionbetweeninstitutionalinvestorsandotherfactorsoncorporateinnovation.六、讨论与结论DiscussionandConclusion本文基于非线性视角，深入探讨了机构投资者持股与企业创新质量之间的关系。研究发现，机构投资者持股与企业创新质量之间存在非线性关系，即随着机构投资者持股比例的增加，企业创新质量呈现出先升后降的趋势。这一发现为我们理解机构投资者在企业创新中的作用提供了新的视角。Thisarticleexploresindepththerelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovationfromanonlinearperspective.Researchhasfoundthatthereisanon-linearrelationshipbetweeninstitutionalinvestorshareholdingandthequalityofcorporateinnovation,thatis,astheproportionofinstitutionalinvestorshareholdingincreases,thequalityofcorporateinnovationshowsatrendoffirstincreasingandthendecreasing.Thisdiscoveryprovidesuswithanewperspectiveontheroleofinstitutionalinvestorsincorporateinnovation.在讨论中，我们首先分析了机构投资者持股对企业创新质量的正面影响。机构投资者作为重要的外部治理力量，能够通过积极参与公司治理、提供专业意见和监督管理层行为等方式，促进企业创新活动的顺利开展。机构投资者还具有丰富的投资经验和专业知识，能够为企业提供有价值的创新建议和资源支持，从而提升企业创新质量。Inthediscussion,wefirstanalyzedthepositiveimpactofinstitutionalinvestorshareholdingonthequalityofcorporateinnovation.Asanimportantexternalgovernanceforce,institutionalinvestorscanpromotethesmoothdevelopmentofcorporateinnovationactivitiesbyactivelyparticipatingincorporategovernance,providingprofessionalopinions,andsupervisingmanagementbehavior.Institutionalinvestorsalsohaverichinvestmentexperienceandprofessionalknowledge,whichcanprovidevaluableinnovationsuggestionsandresources