交叉上市、投资者关注与企业创新——基于沪深A股上市公司的实证研究
摘要
The theory of modern economic growth reveals that technological progress and knowledge innovation are important factors in determining economic growth （Romer, 1990）. Especially in current critical macroeconomic situation with continuous downward pressure, the Chinese governments from central to local are vigorously promoting the national strategy named mass entrepreneurship and innovation”. With the aim of vitalizing the innovation level of domestic enterprises and restructuring and upgrading the economy, the governments are trying to create a good environment for enterprises’ innovation at both regulatory and policy levels. Nevertheless, low research and development （RD Hall, 1993; Akcomak and Weel, 2009; Gayle, 2011）, without the consideration of the impact of different investor attention on company innovation decisions due to cross-listing. Firms that are listed on multiple markets through cross-listing receive investor attention from two or more capital markets, which may lead to the variance of innovation activity choices. Compared with domestic individual investors who adopt the speculative strategy in the main capital market, institutional investors as the main body in developed capital markets prefer to invest in enterprises with potential. Corporate innovation activities are usually regarded as important means of improving enterprise value by foreign investors （Monte and Papgni, 2003）, which explains the underlying fact that why foreign investors prefer to invest in innovative activities. Business managers with the aim of maintaining or enhancing corporate value may consider conducting a higher level of innovative activities to attract the attention from foreign investors. In contrast, individual investors who focus on short-term gains are more concerned about the short-term volatility of stock prices rather than the specific business activities （innovation activities）. Therefore, the concern of domestic investors does not significantly affect the business