创新型企业股权结构与成长性的关系研究--基于沪深上市企业的实证检验  

Study on the Relationship Between Ownership Structure and Growth of Innovative Enterprises:An Empirical Analysis Based on Listed Company in China

作　　者：段伟宇[1,2] 师萍[1] 陶建宏[1,3] 

机构地区：[1]西北大学经济管理学院 [2]山西师范大学经济与管理学院 [3]陕西科技大学管理学院

出　　处：《投资研究》2012年第5期79-90,共12页Review of Investment Studies

基　　金：国家自然科学基金(70873095);教育部人文社会科学基金(07JA630067);山西省高等学校哲学社会科学研究项目(2010222)的联合资助

摘　　要：基于沪深上市的创新型企业2008～2010年的经验数据,以因子分析法所计算的企业成长性综合指数衡量创新型企业成长性,运用平衡面板数据固定效应模型,实证分析股权集中度、股权制衡度与股权性质三个股权结构维度对创新型企业成长性的影响。研究结果表明:股权集中度与企业成长性显著负相关,股权制衡度与企业成长性显著正相关,第一大股东性质为非国有股的企业成长性要显著好于第一大股东性质为国有股的企业成长性。并从改善和优化股权结构视角来推动创新型企业持续成长提出对策建议。Based on the 2008-2010 empirical data of listed innovative enterprises in China, by applying factor analysis, this pa- per measures innovative enterprises growth with the comprehensive index of enterprise growth. And by applying fixed effect model of balance pool data, this paper analyzes the relationship between three dimensions of ownership structure （ownership concentration, cheek-and-balance of ownership, and the largest shareholders type） and growth of innovative enterprises. The re- suits show that there exists a significantly negative relationship between ownership concentration and enterprise growth, a sig- nificantly positive relationship between check-and-balance of ownership and enterprise growth, and the enterprise growth is significantly better in the innovative enterprises that the largest shareholders type is non-state ownership than the innovative enter- prises that the largest shareholders type is state ownership. And this paper provides the main suggestions on the innovative enterprises sustained growth by the view of improving ownership structure.

关 键 词：创新型企业 股权结构 成长性 

分 类 号：F832.51[经济管理—金融学]