According to characteristics of liquidity, institutional investors are divided into long-term institutional investors and short-term institutional investors, and their influence on technology innovation is investigated respectively. It turns out that: ①institutional investors can significantly improve the level of enterprises'technology innovation, and there are differences in the role of long-term insti-tutional investors and short-term institutional investors on innovation; long-term institutional investors have a higher effect on technology innovation than short-term institutional investors; ②"short-sighted theory" cannot explain the investment behavior of institutional in-vestors; institutional investors usually choose a long-term investment strategy, prefer to invest in enterprises with large scale, strong profitability and growth ability, rather than enterprises with higher concentration and better solvency.%根据流动性特征, 本文将机构投资者分为长期与短期机构投资者, 分别考察它们对企业技术创新的影响.研究发现: ①机构投资者持股能够显著提高企业技术创新水平, 长期机构投资者与短期机构投资者对企业技术创新的作用存在差异, 长期机构投资者对企业技术创新的促进作用要明显强于短期机构投资者; ②"短视论"不能解释机构投资者的投资行为, 机构投资者通常选择长期投资策略, 更偏向投资盈利能力强、规模较大、成长能力强的企业, 而不偏向于股权集中度较高、偿债能力弱的企业.
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