公司创新投入与中小股东参与——基于投服中心持股行权视角  

Corporate Innovation Investment and Participation of Minority Shareholders——Based on the Perspective of Shareholding Exercise of Investment Service Center

作　　者：杨红娟 YANG Hongjuan(Business School,Nanjing University,Nanjing 210023,China;Zhengzhou University of Aeronautics,Zhengzhou 410045,China)

机构地区：[1]南京大学商学院,江苏南京210023 [2]郑州航空工业管理学院,河南郑州410045

出　　处：《经济与管理评论》2023年第4期120-133,共14页Review of Economy and Management

基　　金：国家社会科学青年基金项目“社会资本、融资约束与民企创新投资研究”(16CJY006)。

摘　　要：中小股东作为重要的社会参与力量,对推动经济实现高质量发展意义重大。基于2016年我国中证中小股东服务中心持股行权的视角,实证检验中小股东参与治理对企业创新投入的影响及其机制。研究发现,相对于非试点地区,试点地区上市公司显著提高了研发创新投入,尤其是管理层持股比例高和分析师关注度低的公司。这说明中小股东参与治理不仅能够提升管理层持股的治理效果,还能对现有公司治理不足发挥补充作用。上述影响机制在于中小股东参与治理能够发挥信息效应和治理效应,在抑制管理层决策短视的同时,也能给予低成本的资金支持。研究为“有为政府”探索如何通过中小股东保护,促进企业高质量发展,提供了实验方面的有力证据。As an important social participation force,minority shareholders are of great significance for promoting high-quality economic development.Based on the perspective of shareholding and exercise of China Securities Minority Shareholder Service Center in 2016,this paper empirically examines the impact of minority shareholders' participation in governance on corporate RD and its internal mechanism.Compared with non-pilot areas,listed companies in pilot areas have significantly increased their RD,especially for companies with higher management shareholding and lower attention of analysts,which shows that the participation of minority shareholders in governance can not only improve the governance effect of management shareholding,but also play a complementary role in the existing lack of corporate governance.The mechanism is that the participation of minority shareholders in governance can exert information effect and governance effect,which can provide low-cost financial support while restraining management's short-sighted decision-making.This paper provides strong experimental evidence for the “promising government” to promote the high-quality development of enterprises through protecting minority shareholders.

关 键 词：投服中心 中小股东 创新投入 

分 类 号：F272.3[经济管理—企业管理]