创新型企业的创新活动、股权结构与经营业绩——来自中国A股市场的经验证据  

The Innovative Activity,Equity Structure and Operating Performance of Innovating Enterprises——An Empirical Evidence from a Stock Market in China

作　　者：陈昆玉[1] 

机构地区：[1]云南财经大学工商管理学院,云南昆明650221

出　　处：《产业经济研究》2010年第4期49-57,共9页Industrial Economics Research

基　　金：国家自然科学基金项目--地区科学基金项目(项目编号:70862005);云南省哲学社会科学规划课题

摘　　要：本文研究了2006年国家开展创新型企业试点工作后,试点企业创新活动、股权结构以及公司业绩间的关系。以37家试点上市公司为样本,以2001～2008年共8年为时间窗,并为每个样本公司按总资产差异小于30%与总资产收益率差异小于10%的标准,匹配相应的控制组进行比较研究和跟踪研究,研究结果发现:入选试点企业后,企业的创新产出得到显著增加;股权集中度、控股股权性质以及管理层股权激励对创新产出的变化没有显著影响;另外,创新产出增加对公司业绩也没有显著影响。这说明政府的行政干预不利于企业良性创新机制的构建以及长期发展。The present paper studies the relationship of innovative activity, equity structure and corporate performance of the trial enterprises after the government launched ＇innovating enterprises trial project＇. A sample of thirty-seven trial listed companies covering eight years from 2001 to 2008 is studied. The sample companies are made comparative study and tracing study by pairing relative controlling groups for each sample company, following the criteria that the difference of asset is less than 30% and the difference of ROA is less than 10% between the sample company and the controlling companies. It turns out that ： Firstly, the innovative outputs of the enterprises increases significantly after becoming trial enterprises ; Secondly, the change of the innovative outputs aren＇t significantly affected by equity concentration, controlling equity property and management stock incentive; Finally, the growth of the innovative outputs have a insignificant effect on corporate performance, these results means that the governmental intervene is harmful to establish a good enterprises innovative system and their Long-run development.

关 键 词：技术创新 股权结构 经营业绩 创新型企业 上市公司 

分 类 号：G306.3[文化科学]