股权制衡、高管持股与企业创新效率  

Equity Restriction,Managerial Ownership and Enterprise Innovation Efficiency

作　　者：朱德胜[1] 周晓珮 

机构地区：[1]山东财经大学会计学院

出　　处：《南开管理评论》2016年第3期136-144,共9页Nankai Business Review

基　　金：国家社科基金项目(15BJY013);教育部规划基金项目(15YJAZH114)资助

摘　　要：考虑创新投入创造收益的滞后性和数据的可获得性,本文选取2010年以前上市的高新技术企业为研究样本,利用2010-2013年的面板数据,实证分析了股权制衡度和高管持股对企业创新效率的影响。研究发现,股权制衡度对企业创新效率有显著影响,股权制衡度高的企业创新效率更高;高管持股比例与企业创新效率之间具有显著的非线性关系;随着第一大股东持股比例的变化,股权制衡与高管持股在影响企业创新效率方面具有替代作用。第一大股东持股比例应控制在合理的范围内,以使制衡股东和管理层都积极作为。在提高企业股权制衡度时,应避免制衡股东对高管的过度监督,过度监督会使管理层因担心投资失败、经营绩效下降而缺乏进行创新投资的积极性,需给予管理层经营上的适度自由。研究结论为完善企业治理结构、提高创新效率提供了经验证据。Enterprise is the main body of innovation, how to improve the enterprise＇s innovation efficiency is the key to implement the strategy of innovation driven development. Due to the limited resources, improve the innovation efficiency is the basic way for enterprise to stay eternal development vigor and realize the value- added. Perfect corporate governance mechanism can optimize allocation of resources, and then improve the innovation efficiency of the enterprise. This paper mainly studies the impact of check- and-balance and managerial ownership on the enterprise innovation efficiency, furthermore, enterprise innovation be divided into independent innovation and imitation innovation, so as to consider the innovation input and output comprehensively. Consider profits lag of innovation investment and data availability, we select listed high-tech companies before 2010 as the research sample, using panel data of 2010-2013 to analyze the influence of Equity Restriction and managerial ownership on the enterprise innovation efficiency. The research findings show that： equity balance degree positively related to the enterprise innovation efficiency; there is significant nonlinear relationship between the proportion of the managerial ownership and enterprise innovation efficiency; change with the share proportion of the largest shareholder, check-and-balance and managerial ownership has substitution effect in terms of influence enterprise innovation efficiency. Get the following enlightenment from the results of the study： Firstly, reasonable ownership structure is helpful to enhance the level of corporate governance, increase corporate equity balance degree and managerial ownership can improve the innovation efficiency, realize the enterprise＇s value appreciation. Secondly, companies should combine their own characteristics to implement equity incentive plans, encourage executives＇ and shareholders＇ interests to converge, avoid the short-term behavior of top management, at the same time, keep the

关 键 词：股权制衡 高管持股 创新效率 

分 类 号：F276.44[经济管理—企业管理]