大股东同业竞争会抑制上市公司技术创新吗  

Whether Horizontal Competition of Majority Shareholders will Hold Back Technological Innovation of the Listed Companies

作　　者：李永吉 王善平[2] Li Yongji;Wang Shanping

机构地区：[1]湖南大学工商管理学院 [2]湖南师范大学

出　　处：《财经科学》2018年第11期95-109,共15页Finance & Economics

基　　金：财政部会计名家培养工程“精准扶贫中的代理问题及审计治理研究”(财会[2016] 15号)的资助

摘　　要：大股东同业竞争是引发大股东与中小股东之间利益冲突的重要动因。本文利用2003-2016年上市公司的同业竞争数据,考察了同业竞争对上市公司技术创新的影响。研究发现:存在同业竞争关系的上市公司投入的研发费用、申请的专利数量与质量,以及专利-研发费用比均低于不存在同业竞争关系的公司。进一步分析发现,大股东的股权流通难以缓解同业竞争对上市公司技术创新的不利影响。结果表明:同业竞争抑制了上市公司的创新活动。Horizontal competition of majority shareholders is a significant reason for interest conflicts between majority shareholders and minority shareholders. This study analyzed the adverse effects of horizontal competition on technological innovation of the listed companies based on the data of horizontal competition of the listed companies from2003 to 2016. The finding of this study is that the R&D expenses, quantity & quality of patent applications and the ratio of patents to R&D expenses for the listed companies involved in horizontal competition are all lower than those of the listed companies not involved in horizontal competition. Through further analysis, it is found that it is difficult for the equity circulation of the majority shareholders to mitigate adverse effects of horizontal competition on the technological innovations of the listed companies. The result of this study shows that horizontal competition holds back technological innovation of the listed companies.

关 键 词：同业竞争 创新 股权流通 

分 类 号：F121.25[经济管理—世界经济]