非关联股东结盟与公司创新——基于一致行动人的经验证据  

Alliance of Unrelated Shareholders and Corporate Innovation:Based on the Empirical Evidence of Persons Acting in Concert

作　　者：张洪辉[1] 邹英 章琳一[1] Zhang Honghui;Zou Ying;Zhang Linyi

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《证券市场导报》2021年第6期43-56,共14页Securities Market Herald

基　　金：国家自然科学基金项目“控股股东缺失与公司治理:溯源、影响与治理”(批准号:71962010);国家自然科学基金项目“抱团取暖:中小股东签订一致行动人协议的动因与影响研究”(项目编号:72002086);教育部人文社科项目“高质量审计、晋升锦标赛与机会主义行为”(项目编号:18YJC790227);教育部人文社科项目“内部控制优势富集效应、晋升锦标赛与企业社会责任研究”(项目编号:19YJC790182)

摘　　要：非关联股东签订一致行动人协议是我国资本市场的新现象。本文利用2007―2018年我国上市公司数据,实证分析一致行动人与公司创新之间的关系。研究发现,一致行动人对公司创新投入有促进作用;考虑非关联股东结盟地位,当一致行动人构成控股股东时,该促进作用更显著;在影响路径上,非关联股东结盟成一致行动人,会降低信息不对称程度,缓解融资约束来促进创新。异质性分析发现,在非国有企业、金融发展水平较低和法治环境较好的地区,一致行动人对创新的正向影响更明显。本文还分析了一致行动人促进创新的经济后果,发现一致行动人促进创新行为最终有助于提升公司价值。研究结论表明,非关联股东的结盟行为存在一定的治理作用,该结论对于当前致力于完善一致行动人相关法律法规、保护股东权利、促进公司创新具有重要启示意义。It is a new phenomenon that unrelated shareholders sign a concerted action agreement in China’s capital market.Using the data of China’s A-share listed companies from 2007 to 2018,this paper empirically analyzes the relationship between persons acting in concert and corporate innovation.The paper finds that persons acting in concert promote the company’s investment in innovation.Considering the alliance status of unrelated shareholders,the promotion effect is more significant when persons acting in concert constitute the controlling shareholder.On the path of influence,the alliance of unrelated shareholders to act in concert will reduce the degree of information asymmetry,ease financing constraints and promote innovation.The analysis of heterogeneity finds that in non-state-owned enterprises and areas with lower levels of financial development and better legal environment,the positive impact of persons acting in concert on innovation is more obvious.The paper also analyzes the economic consequences of persons acting in concert to promote innovation,and finds that persons acting in concert promote innovation and ultimately help enhance the company’s value.The research conclusion shows that there is a certain governance effect in the alliance behavior of non-affiliated shareholders,which is of great enlightenment to the current efforts to improve the relevant laws and regulations of the persons acting in concert,protect the rights of shareholders and promote the innovation of the company.

关 键 词：一致行动人 公司创新 信息不对称 融资约束 公司治理 

分 类 号：F272.3[经济管理—企业管理]