本文利用深交所2013-2020年A股上市公司的数据样本实证检验了机构投资者调研与企业创新效率之间的关系。研究发现,机构投资者调研能够显著提升企业创新效率,表现在机构调研的次数和参与调研的机构数量越多,企业的创新效率越高；相比于买方或卖方机构单独调研,买卖双方共同参与的联合调研对创新效率的提升作用更显著。机制检验结果证明,机构投资者调研能够通过发挥信息效应提高创新活动信息透明度、发挥监督效应提高企业内部控制质量、发挥激励效应提高员工创新积极性三种机制影响企业创新效率；进一步研究发现,相比于保险和其他投资机构,券商和基金调研对企业创新效率的作用更明显,并且机构调研对创新效率的促进作用在市场化程度较高的地区更强。

This paper examines the relationship between institutional investor research and enterprise innovation efficiency by using the annual data from 2013 to 2020 of listed companies. It is found that institutional investor visits can improve the innovation efficiency of enterprises, which is manifested in the fact that the more times of institutional research and the number of institutions participating in the research, the higher the innovation efficiency of enterprises; Compared with the independent investigation by the buyer or the seller"s organization, the joint investigation has a stronger effect on improving the innovation efficiency. The mechanism test shows that institutional research affects the innovation efficiency of enterprises by exerting information effect to improve the information transparency of innovation activities,exerting supervision effect to improve the quality of internal control and exerting incentive effect to improve the innovation enthusiasm of employees. Further research found that compared with insurance and other investment institutions, the role of brokerage and fund research on enterprise innovation efficiency is more obvious, and the promotion of institutional research on innovation efficiency is stronger in areas with higher degree of marketization.

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教育部人文社科规划基金项目“高管激励结构、风险承担与企业创新研究规划基金项目”（20YJA630089）；国家社科基金项目“注册制下机构投资者促进企业持续创新的模式、机制及制度设计”（21BGL098）