本研究探討不同類型機構投資人對公司創新的影響，並使用股票市場對專利授權的反應衡量創新的經濟價值。依據 Bushee (2001)之分類方法，機構投資人分為: 1. 專注型投資人；2. 短暫型投資人；及 3. 準指數投資人。實證結果顯示，專注型投資人透過較長的持有期間和較強的監督力道，對創新價值有正面影響，而短暫型投資人則有負面影響。專注型投資人對創新價值之影響，對於發展階段成熟、成長機會大、競爭激烈的公司中具有更顯著的效果。

This study examines the heterogenous impact of institutional investors on firm innovation, focusing on dedicated, transient, and quasi-indexer investors. Using marketable value of innovation following Kogan et al. (2017), we find that dedicated investors positively influence innovation through long-term support and governance, while transient investors negatively impact it. The positive effect of dedicated investors is stronger in firms with advanced stage of development, more growth opportunities, and intense competition.

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