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This paper constructs a dynamic panel threshold model with a sample of firms in the Chinese A-share market. The authors analyse the non-linear relationship and the mechanisms between the two. The study found that there is an inverted U-shaped relationship between corporate technology innovation and institutional investors’ group holdings and an inverse N-shaped relationship between corporate technology innovation output and institutional investors’ group holdings. And when they add the innovation input to a lag operator, the model calculations are similar to the inverse N-type non-linear model of innovation output, and the two innovation indicators are consistent. When institutional investors feel the sentiment and the “pass the parcel” in the market, they will exit the group because of the risk factor. Although technological innovation in companies will contribute to their long-term development, it is important to be more aware of the risks involved. Excessive levels of investment will still be subject to external financing constraints.

Do Listed Companies’ Technological Innovations Make Institutional Investors' “Group Holdings” More Favorable? Based on Network-Clustering