不充分外部竞争环境下企业股权结构与创新关系再审视——基于非平衡面板数据分析  

Revisit on the Relationship between Ownership Structure and Innovation under the Perspective of Incomplete External Competitive Environment——Analysis based on Unbalanced Panel Censored Data

作　　者：贾凯威[1] 马成浩[1] 赵丰义[2] 高英慧[1] 李薇 Jia Kaiwe;Ma Chenghao;Zhao Fengyi;Gao Yinghui;li Wei(School of Business Administration,Liaoning Technical University,Huludao 125105,China;School of Economics,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁工程技术大学工商管理学院,辽宁葫芦岛125105 [2]辽宁大学经济学院,辽宁沈阳110036

出　　处：《科技进步与对策》2018年第20期94-101,共8页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(15BJY066);辽宁省教育厅科学研究一般项目(W2015198);辽宁省社科规划基金项目(L15BJY026)

摘　　要：在探究不充分竞争外部环境影响企业创新机理的基础上,结合交易成本、委托代理等理论重新审视股权类型多样化、股权集中度、企业规模与年龄对企业创新的影响,并以2014-2015年861家上市企业及2015-2016年936家上市企业组成的非平衡删失面板数据为样本,验证了面板Tobit模型。结果表明:股权集中度与股权类型多样化显著影响企业创新绩效;企业创新绩效与股权类型多样化显著正相关,与股权集中度呈倒U型关系;与股权集中度相比,股权类型多样化比股权集中度更能影响企业创新绩效;企业规模与年龄对企业创新绩效具有显著正向影响,支持了"创新累积假说"。在外部环境竞争不充分情况下,股权类型多样化与股权集中度组合是企业获得互补性创新资源的重要途径,对于降低交易成本、缓解委托代理冲突与委托-委托冲突具有重要意义,国有企业实施混合所有制改革是做大做强的有效途径之一。Strengthening the innovative ability under the background of incomplete external competitive environments is essential for the innovation-driven strategy in China.Based on the mechanics analysis of incomplete external competitive environments,this paper revisits the effects of ownership structure on innovation using theories such as transaction cost,principle-agent conflict and principle-principle conflict.Based on which,the paper constructs an unbalanced panel censored dataset including ownership diversity and ownership density.Then the panel Tobit model is estimated using the above dataset and two kinds of robustness test are executed to make sure the right specification of the model.The result show that ownership structure significantly affects the innovation performance of the company through two channels,i.e.,ownership concentration and ownership diversity;the relationship between innovation performance and ownership structure takes on inverse U shape;compared to ownership concentration,the ownership diversity matters more;ownership diversity is a vital channel through which the company can attain most of the necessary sources of innovation and the company can reduce the P-A conflict and P-P conflict.

关 键 词：企业股权结构 企业创新 非平衡面板删失数据 面板Tobit模型 

分 类 号：F273.1[经济管理—企业管理]