控制权视角下股权治理对公司创新和绩效的影响研究  

Impact of Equity Governance on the Corporate Innovation and Performance——From the Perspective of Control Power

作　　者：郭立新 陈传明[2] Guo Li-xin;Chen Chuan-ming(School of Business,Huaiyin Institute of Technology,Jiangsu,Huai'an 223001,China;Business of School,Nanjing University,Nanjing,210093,China)

机构地区：[1]淮阴工学院商学院,江苏淮安223001 [2]南京大学,江苏南京210093

出　　处：《技术经济与管理研究》2019年第6期46-54,共9页Journal of Technical Economics & Management

基　　金：国家自然科学基金项目(71172058);教育部人文社会科学研究一般规划基金项目(13YJA630022);教育部课题(17YJA630084);江苏省社会科学基金项目(17SHB006)

摘　　要：文章从控制权的视角,分析了股权治理对公司创新和绩效的影响,以2012-2017年345家高科技上市公司为样本,检验了股权治理的创新与绩效效应。结果发现:(1)当第一大股东具有绝对控制权时,股权治理失效,股权集中和制衡度对创新投入、公司绩效的影响均不显著;(2)当第一大股东不具有绝对控制权时,股权集中对创新投入具有负向作用,股权制衡对创新投入具有正向作用,股权集中和制衡均对公司绩效具有显著的正向作用;(3)股权集中、创新投入和公司绩效存在"正反馈"的双向因果关系,其中,当期创新投入对公司绩效存在负向影响,前期创新投入对公司绩效存在正向影响。The impact of equity governance on corporate innovation and performance is analyzed in the paper from the perspective of control power.The sample of 345 high-tech listed companies from 2012 to 2017 is used to test the effects of the equity governance on corporate innovation and performance.There are three main results from the research.First,when the first large shareholder has absolute control power,the equity governance fails,and the influence of equity concentration and balance on innovation investment and company performance is not significant.Second,when the first shareholder does not have absolute control power,equity concentration has a negative effect on innovation investment,but equity balance has a positive effect on innovation investment,and equity concentration and balance both have a significant positive effect on company performance.Third,there is two-way causal relationship among the equity concentration,innovation investment and company performance.The current innovation investment has a negative impact on the company performance,but the early innovation investment has a positive impact on the company performance.The research perspective and scope of equity governance,innovation and corporate performance are expanded in the paper,and the conclusions have important reference value for listed companies' equity governance and innovation decision-making.

关 键 词：股权治理 创新投入 公司绩效 股权集中 股权制衡 

分 类 号：F271[经济管理—企业管理]