The Role of Foreign Institutional Investors in Facilitating Knowledge Diffusion across Geographic Boundaries: Evidence from Cross-Border Patent Citations (海外机构投资者与创新传播)

光华讲坛——社会名流与企业家论坛第6636期

主 题：The Role of Foreign Institutional Investors in Facilitating Knowledge Diffusion across Geographic Boundaries: Evidence from Cross-Border Patent Citations (海外机构投资者与创新传播)

主讲人：Simon Fraser University Ray Zhang

主持人：鸿博体育（中国）有限公司会计学院 胡宁

时 间：10月10日10:00-11:30

地 点： 诚正楼650室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 会计学院 科研处

主讲人简介：Ray Zhang， Associate Professor of Beedie School of Business。Ray Zhang 教授的研究领域是财务会计，具体研究方向包括证券监管、银团贷款、公司创新。研究成果发表于Journal of Business Ethnics, Journal of Financial and Quantitative Analysis, Review of Accounting studies 等期刊。担任Contemporary Accounting Research， Journal of Accounting and Public Policy, Journal of Financial and Quantitative Analysis 等多期刊的审稿人。

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.

这篇论文探讨了外国机构投资者对跨国界知识扩散的影响。我们的实证分析提供了有力证据，表明外国机构持股与被投资公司在其专利申请中引用外国机构投资者母国专利的频率之间存在显著的正相关关系。这些引用代表了源自外国机构投资者母国的创新知识的跨国扩散。因此，我们的研究结果强有力地证明了外国机构投资者在促进全球知识扩散方面的作用。此外，我们的研究发现，当这些投资者来自与被投资公司所在国具有较大地理、语言或文化差距的国家时，外国机构投资者对知识传播的影响更为显著。此外，我们发现，具有长期投资导向的外国机构投资者或专注于高科技投资的投资者对创新知识传播的影响更大。最后，我们提供了证据表明，通过促进知识扩散，外国机构投资者还可以进一步推动其外国投资公司与其母国企业之间的合作商业关系。