随着我国资本市场的不断完善和发展，公司高管通过二级市场减持退出现象越来越普遍，股权分置改革的顺利实施在促进我国资本市场健康发展过程中具有里程碑式的重要意义，赋予非流通股流通权，使得大小非股东能够有更多退出方式的选择，激发了投资者的投资热情，提升了流通效率，充分激发了市场发现价格的功能，但与此同时，一系列内部人交易使大股东操纵股价获得超额减持收益的行为严重侵害了中小股东利益。企业本身的经营与创新活动和公司的股权结构变动密切相关，但现有的研究大多关注与大股东减持时市场的反映和动因，却鲜有研究大股东减持对企业经营和创新活动的影响，本文将针对大股东减持的对公司基本面的影响进行研究，特别是在我国多层次资本市场建设的背景下，本文将研究创业板上市公司大股东减持是否会影响企业的创新投入水平。 本文将选取2017-2020年891家创业板上市企业的大股东减持行为作为研究对象，将衡量公司经营情况和研发投入的指标作为被解释变量，构建回归方程进行实证分析，研究大股东减持对企业经营情况与研发投入的影响，并结合创业板上市企业的股权性质和所属行业进行综合性分析，并试图探究大股东减持的影响机制，最后对研究结论重新替代变量进行检验，得出的结果和原结论一致，表明本文的结论有较好的稳健性。 通过回归分析和稳健性检验我们得到如下结论：（1）创业板上市公司大股东减持对企业经营和创新投入的影响是正向的；（2）股权异质性分析结果表明：创业板上市非国有企业大股东减持对企业经营情况和创新投入影响显著为正，且影响程度要高于总样本；而创业板上市国有企业大股东减持对企业创新投入的影响都不显著；（3）在越需要企业创新的行业，创业板上市公司大股东减持对企业创新投入的影响程度越大，信息技术类企业大股东减持对创新投入的影响程度的影响程度要高于制造业企业。 本文拓宽了大股东减持对基本面影响的研究领域，也为大股东减持的影响机制提供一种思路，同时本文研究大股东减持的影响在不同股权性质和不同行业呈现的不同特点，这对如何监管并改善上市公司内部治理结构提供理论依据。

With the constant improvement of China's capital market and the development, the company executives holdings through the secondary market to exit the phenomenon more and more common, the smooth implementation of reform of non-tradable shares in promoting the healthy development of capital market in China is a milestone in the process of the significance of giving the right of non-tradable shares, makes the size of shareholders to have more options to exit, stimulated the enthusiasm of investors, It improves the circulation efficiency and fully stimulates the function of the market to discover the price, but at the same time, a series of insider transactions make the major shareholders manipulate the stock price to obtain the excess reduction income, which seriously infringes the interests of small and medium shareholders. The management of the enterprise itself and innovation activities, and is closely related to the company's equity structure changes, but most of the existing research focus and major shareholders holdings reflect and motivation of the market, but few studies major shareholders holdings influence on enterprise management and innovation, this article will focus on major shareholders holdings of the company to study the influence of the basic, Especially under the background of the construction of Chinese multi-level capital market, this paper will study whether the reduction of major shareholders of listed companies on the GEM will affect the innovation input level of enterprises.In this paper, the reduction behavior of major shareholders of 891 enterprises listed on GEM from 2017 to 2020 was selected as the research object, and the indicators measuring the company's operation and R&D investment were taken as the explained variables to construct a regression equation for empirical analysis, so as to study the impact of the reduction of major shareholders on the enterprise's operation and R&D investment. Combined with the nature of equity of enterprises listed on GEM and their industries, a comprehensive analysis is conducted to explore the influence mechanism of major shareholders' reduction of holdings. Finally, the research conclusions are re-tested to substitute variables, and the results obtained are consistent with the original conclusions, indicating that the conclusions of this paper have good robustness.Through regression analysis and robustness test, we can draw the following conclusions :(1) the reduction of major shareholders of gem listed companies has a positive impact on enterprise operation and innovation input; (2) The results of ownership heterogeneity analysis show that the reduction of major shareholders of non-state-owned enterprises listed on GEM has a significantly positive impact on enterprise operation and innovation input, and the impact degree is higher than the total sample; However, the reduction of major shareholders of state-owned enterprises listed on GEM has no significant effect on enterprise innovation input. (3) In industries that require enterprise innovation more, the reduction of major shareholders of GEM listed companies has a greater impact on enterprise innovation input, and the reduction of major shareholders of information technology enterprises has a higher impact on innovation input than manufacturing enterprises.This paper expanded on the impact of major shareholders holdings on fundamental research, as well as the influence of major shareholders holdings mechanism provides a train of thought, at the same time, this paper studies the influence of the major shareholders holdings in the different nature of equity and present the different characteristics of different industry, to how to regulate and improve the internal governance structure of listed companies to provide theoretical basis.