当前我国经济发展进入新常态，必须实施创新驱动战略，加快和培育发展新动 能。战略性新兴产业作为培育发展新动能、形成未来竞争优势的关键领域，受到了 广泛关注。然而近年来，战略性新兴产业整体发展出现下滑趋势，产业研发经费与 产业融资均呈下降趋势。为有效缓解产业融资困难，加大政银企对接力度、完善地 区产业扶持计划和融资渠道等一系列政策出台以支持产业的发展，其中就包括鼓励 机构投资者参与产业创业投资和股权投资。在整体债务融资收紧的背景下，论文主 要关注战略性新兴产业内企业面临的融资约束是否会阻碍企业的创新持续性，机构 投资者持股会对融资约束与企业创新持续性之间的关系产生何种影响，异质机构投 资者持股的作用效果是否会存在差异，具有一定的意义。 论文选取了2013-2018年战略性新兴产业在A股上市的415家企业为研究样本 来探讨融资约束、机构投资者持股与企业创新持续性之间的关系。首先，论文梳理 了相关文献，界定了战略性新兴产业上市公司、融资约束、机构投资者以及企业创 新持续性等概念，阐述了与研究相关的理论，在此基础上分析了融资约束、机构投 资者持股与企业创新持续性之间的逻辑关系。接着，论文提出了三组研究假设，并 构造了三组回归模型，运用SystemGMM对样本数据进行了回归分析，得出了融资 约束、机构投资者持股与企业创新持续性的相关实证结论。研究发现：战略性新兴 产业内的企业创新投入与创新产出均具有持续性，但融资约束会阻碍企业创新投入 与创新产出的持续性；机构投资者持股能在一定程度上缓解融资约束对企业创新投 入与创新产出持续性的阻碍作用，其中，稳定型机构投资者持股有助于缓解融资约 束对企业创新投入与创新产出持续性的阻碍作用，而交易型机构投资者持股则不能。 最后，论文针对研究结论提出了对策建议。 论文明确了机构投资者的外部治理效应，拓展了融资约束与企业创新持续性的 相关研究，为我国战略性新兴产业内的企业缓解融资约束、增强技术创新的持续性 提供了建议，为推进我国战略性新兴产业健康持续发展提供了指导。 关键词：融资约束；机构投资者持股；企业创新持续性 II Abstract Atpresent,China'seconomicdevelopmenthasenteredanewnormal,andwemust implementaninnovation-drivenstrategytoaccelerateandnurturenewmomentumfor development.Strategicemergingindustrieshavereceivedwidespreadattentionasakey areaforcultivatingnewkineticenergyfordevelopmentandformingfuturecompetitive advantages.However,inrecentyears,theoveralldevelopmentofstrategicemerging industrieshasshownadownwardtrend,andbothindustrialR&Dexpenditureand industrialfinancinghaveshownadownwardtrend.Inordertoeffectivelyalleviatethe difficultyofindustrialfinancing,aseriesofpoliciessuchasincreasingtheconnection betweengovernmentandbanks,improvingregionalindustrialsupportplansand financingchannels,havebeenintroducedtosupportindustrialdevelopment,including encouraginginstitutionalinvestorstoparticipateinindustrialventureinvestmentand equityinvestment.Inthecontextoftighteningoveralldebtfinancing,thepaperfocuseson whetherthefinancingconstraintsfacedbycompaniesinstrategicemergingindustries willhinderthesustainabilityofcorporateinnovation,howdoestheinstitutionalinvestor shareholdingaffecttherelationshipbetweenfinancingconstraintsandthesustainability ofcorporateinnovation,andwilltherebedifferencesintheeffectsofheterogeneous institutionalinvestorholdings?Thishasacertainmeaning. Thepaperselects415companieslistedintheA-sharesofstrategicemerging industriesfrom2013to2018asresearchsamplestoexploretherelationshipbetween financingconstraints,institutionalinvestorholdings,andthesustainabilityofcorporate innovation.First,thepapercombsthroughtherelevantliterature,anddefinesthe conceptsofstrategicemergingindustrylistedcompanies,financingconstraints, institutionalinvestors,andthesustainabilityofcorporateinnovation.Thepaperexpounds thetheoriesrelatedtoresearch,andonthisbasis,analyzesthelogicalrelationship betweenfinancingconstraints,institutionalinvestorholdingsandthesustainabilityof corporateinnovation.Then,thepaperputsforwardthreesetsofresearchhypothesesand constructsthreesetsofregressionmodels.UsingSystemGMMtocarryoutregression analysisonthesampledata,theempiricalconclusionsaboutfinancingconstraints, institutionalinvestorholdingsandcorporateinnovationsustainabilityareobtained.The studyfoundthat:strategicemergingindustrieslistedcompanieshavecontinuous III innovationinputandinnovationoutput,butfinancingconstraintswillhinderthe continuityofinnovationinputandinnovationoutput;institutionalinvestorshareholding canalleviatethehindranceoffinancingconstraintsonthesustainabilityofcorporate innovationinputandinnovationoutputtoacertainextent,amongwhich,stable institutionalinvestorholdingshelptoalleviatethehindranceoffinancingconstraintson enterpriseinnovationinputandoutputsustainability,buttradinginstitutionalinvestors cannotholdsucharole.Finally,thepaperputsforwardcountermeasuresandsuggestions accordingtotheresearchconclusion. Thepaperclarifiestheexternalgovernanceeffectsofinstitutionalinvestors,expands theresearchonfinancingconstraintsandthesustainabilityofcorporateinnovation, providesrecommendationsforcompaniesinChina'sstrategicemergingindustriestoease financingconstraintsandenhancethesustainabilityoftechnologicalinnovation,and providesguidanceforpromotingthehealthyandsustainabledevelopmentofChina's strategicemergingindustries. KeyWords:financingconstraints;institutionalinvestorsholdings;corporateinnovation sustainability IV 目录 第1章绪论........................................................................................................................1 1.1研究背景及研究意义..............................................................................................1 1.1.1研究背景..........................................................................................................1 1.1.2研究意义..........................................................................................................2 1.2文献综述..................................................................................................................3 1.2.1融资约束与企业创新......................................................................................3 1.2.2机构投资者持股与融资约束..........................................................................5 1.2.3机构投资者持股与企业创新..........................................................................6 1.2.4文献评述..........................................................................................................7 1.3研究方法及内容......................................................................................................8 1.3.1研究方法..........................................................................................................8 1.3.2研究内容..........................................................................................................9 1.4论文创新点............................................................................................................10 第2章概念界定及理论基础..........................................................................................11 2.1概念界定................................................................................................................11 2.1.1战略性新兴产业上市公司............................................................................11 2.1.2融资约束及其测量........................................................................................11 2.1.3机构投资者及其分类....................................................................................12 2.1.4企业创新持续性及其测量............................................................................13 2.2理论基础................................................................................................................14 2.2.1信息不对称理论............................................................................................14 2.2.2信号传递理论................................................................................................15 2.2.3委托代理理论................................................................................................16 2.2.4优序融资理论................................................................................................17 2.3融资约束、机构投资者持股与企业创新持续性的影响机制............................18 第3章研究假设与模型设计.....