光華講壇——社會名流與企業家論壇第6636期

主 題：The Role of Foreign Institutional Investors in Facilitating Knowledge Diffusion across Geographic Boundaries: Evidence from Cross-Border Patent Citations (海外機構投資者與創新傳播)

主講人：Simon Fraser University Ray Zhang

主持人：西南財經大學會計學院 胡寧

時 間：10月10日10:00-11:30

地 點： 誠正樓650室

主辦單位：新時代中國特色財務與會計理論創新與方法體系研究團隊 數字經濟重大基礎理論與實踐創新研究團隊 會計學院 科研處

主講人簡介：Ray Zhang， Associate Professor of Beedie School of Business。Ray Zhang 教授的研究領域是財務會計，具體研究方向包括證券監管、銀團貸款、公司創新。研究成果發表于Journal of Business Ethnics, Journal of Financial and Quantitative Analysis, Review of Accounting studies 等期刊。擔任Contemporary Accounting Research， Journal of Accounting and Public Policy, Journal of Financial and Quantitative Analysis 等多期刊的審稿人。

摘要：This paper explores the influence of foreign institutional investors on knowledge diffusion across national borders. Our empirical analyses provide robust evidence on a significant and positive relationship between foreign institutional ownership and the frequency of investee firms citing patents from the home country of the foreign institutional investors in their own patent filings. These citations represent cross-border diffusion of innovative knowledge originating from the home countries of foreign institutional investors. Thus, our findings provide compelling evidence that foreign institutional investors facilitate global knowledge diffusion. Furthermore, our findings reveal that the influence of foreign institutional investors on knowledge dissemination is more pronounced when these investors are from countries with greater geographic, linguistic, or cultural distances from countries where the investee firms are located. In addition, we find long-term oriented foreign institutional investors or those focusing on high-tech investment have greater influence on the spread of innovative knowledge. Finally, we provide evidence that through facilitating knowledge diffusion, foreign institutional investors can further foster collaborative business relationships between their foreign investees and firms located in their home countries.

這篇論文探討了外國機構投資者對跨國界知識擴散的影響。我們的實證分析提供了有力證據，表明外國機構持股與被投資公司在其專利申請中引用外國機構投資者母國專利的頻率之間存在顯著的正相關關系。這些引用代表了源自外國機構投資者母國的創新知識的跨國擴散。因此，我們的研究結果強有力地證明了外國機構投資者在促進全球知識擴散方面的作用。此外，我們的研究發現，當這些投資者來自與被投資公司所在國具有較大地理、語言或文化差距的國家時，外國機構投資者對知識傳播的影響更為顯著。此外，我們發現，具有長期投資導向的外國機構投資者或專注于高科技投資的投資者對創新知識傳播的影響更大。最后，我們提供了證據表明，通過促進知識擴散，外國機構投資者還可以進一步推動其外國投資公司與其母國企業之間的合作商業關系。