非控股股东参与决策的积极性与企业技术创新  

The Non-controlling Shareholders' Activism and Corporate Technological Innovation

作　　者：李姝[1] 翟士运[2] 古朴 LI Shu;ZHAI Shi-yun;GU Pu(School of Business,Nankai University,Tianjin 300071,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]南开大学商学院中国治理研究院 [2]南开大学商学院 [3]清华大学经济管理学院

出　　处：《中国工业经济》2018年第7期155-173,共19页China Industrial Economics

基　　金：国家社会科学基金重点项目“创新驱动下客户治理与营运资本决策的协同机制及策略研究”(批准号16AGL006)。

摘　　要：中国上市公司存在严重的第二类代理问题,控股股东侵犯其他股东权益的案例层出不穷,独立董事等常规治理手段相继失效,鼓励非控股股东积极参与企业决策的声音却与日俱增。然而,对非控股股东参与决策的积极性能否对企业产生正面影响的研究并未达成一致的结论。本文以2007—2016年A股制造业上市公司为研究样本,基于股东大会投票的数据,从技术创新的视角,实证检验了非控股股东参与决策的积极性对企业的影响及其作用机制。研究发现,非控股股东投票率与企业研发投入和专利申请数量均呈显著的正相关关系。而且,相对于其他企业,在非国有企业、经理人纵向兼任、非"八大"会计师事务所审计和非交叉上市的企业中,非控股股东参与决策的积极性对技术创新的促进作用更为显著。排除各种可能存在的内生性问题后,本文结论依然成立。进一步的中介效应检验结果表明,非控股股东参与决策的积极性主要通过抑制控股股东的掏空行为促进了企业技术创新,而对管理层的监督作用则非常有限,甚至不存在,更不能起到稳定股价的作用。本文结论不仅验证了非控股股东参与决策的有效性,还发现了非控股股东抑制控股股东机会主义促进企业技术创新的不同情形,为鼓励非控股股东参与决策、完善企业治理机制助推技术创新提供了一定的参考依据。The listed companies in China have serious second-class agency problems,and there are numerous cases in which controlling shareholders infringe the rights of other shareholders.As conventional governance mechanisms,such as independent directors,have failed,the voice of encouraging non-controlling shareholders to participate in corporate decision-making actively becomes increasingly louder.Whether the participation of non-controlling shareholders in decision-making has a positive impact on the company,however,has not reached a consensus.Based on the data of non-controlling shareholders’voting at general meeting of shareholders,this paper empirically tests the influence and mechanism of non-controlling shareholders’activism on enterprises from the perspective of technological innovation with the sample of A-share listed manufacturing companies from 2007 to 2016.The study finds non-controlling shareholders’voting ratio is significantly correlated with both R&D intensity and number of patents applied.In addition,compared with other enterprises,in companies which are non-state-owned,with affiliated managers,not audited by the biggest eight accounting firms and non-cross-listed,non-controlling shareholders’activism improves technological innovation more significantly.The conclusion of this study still holds after addressing various potential endogenous concerns.Through the intermediary effect model test,it is found that non-controlling shareholders promote corporate technological innovation mainly by inhibiting the tunneling of major shareholders,while the participation of non-controlling stockholders has very limited even no supervisory effect on management and can not play a role in stabilizing stock prices.The result not only verifies the validity of non-controlling shareholders’participation in decision-making,but also finds distinct effect of non-controlling shareholders on technological innovation in different situations.This study provides some reference for encouraging non-controlling shareholders to

关 键 词：非控股股东 参与决策的积极性 技术创新 控股股东掏空 

分 类 号：F272[经济管理—企业管理]