High-tech firms stand apart from traditional firms due to their emphasis on innovation. This paper provides empirical evidence indicating new mechanisms through which hedge fund holdings enhances innovation of high-tech firms listed on the Science and Technology Innovation Board in China. Different from that of traditional firms, this paper finds that hedge fund ownership enhances innovation output by increasing innovation input and improving innovation efficiency of high-tech firms in China. The positive relationship is especially evident among firms with long-term holdings by hedge funds, low agency costs, a high degree of equity checks and balances, and those that are privately held enterprises.
李路
上海外国语大学国际金融贸易学院教授、博士生导师,曾任中国金融期货交易所研发部金融创新实验室负责人。研究方向:市场微观结构与高频交易、对冲基金与资产管理、语言学与公司财务。在International Review of Financial Analysis、Pacific-Basin Finance Journal、《会计研究》等SSCI/CSSCI学术期刊发表论文30余篇;完成高频交易领域政策咨询报告30余篇并得到中国证监会部级领导批示。
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