An empirical study on the influence of institutional cross-shareholding on the innovation of listed companies

Abstract

In this paper, we study the impact of cross-shareholdings of listed companies institutions innovation and mechanism of action, and use computer and related technology combined with econometrics, adopt OLS regression analysis and intermediary effect inspection and so on model, based on China’s a-share listed companies from 2007 to 2020 data, cross-shareholdings of listed companies to institutional innovation influence the empirical analysis. It is found that institutional cross-shareholding mainly improves innovation input and output by alleviating financing constraints, and the conclusion is still robust after considering the endogeneity problem.