Are VCs More Active Investors:Evidence from the Innovation Investment of Chinext Firms
以中国创业板上市公司为样本，研究机构投资者对创新投资的影响，发现风险投资比非风险投资机构更能促进企业增加创新投资。
Using the listed firms from ChiNext as objects,this paper discusses the relationship between institutional investors and the innovation investments.By further dividing institutional investors into VCs and non VCs and comparing the differences between their promoting innovation investments.The results show that(1) institutional investors can significandy increase firms' innovation investments;(2) compared with non VCs,VCs are more efficient in promoting the firms to enhance innovation investment;(3) above results are still robust after dealing with endogeneity problem,substitutional variables problem and singular values.