异质性股东引入与企业创新质量——来自中国A股上市公司的经验证据  

Heterogeneous Shareholders Introduction and Corporate Innovation Quality——Empirical Evidence from Chinese A-Share Listed Companies

作　　者：范明珠 王京[1] 徐璟娜[1] FAN Ming-zhu;WANG Jing;XU Jing-na(Management College,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《山西财经大学学报》2023年第5期99-112,共14页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社科规划项目(18YJC630178);山东省自然科学基金项目(ZR2022QG028)。

摘　　要：立足于中国混合所有制改革的现实情境,基于2008—2021年度沪深两市A股上市企业的财务数据,考察异质性股东引入对企业创新质量的影响。研究发现,异质性股东引入对企业创新质量具有积极作用,股权多元化、股权制衡程度和异质性股东委派董事与企业创新质量正相关。进一步研究发现,异质性股东引入通过促进企业获取资源支持和提升创新意愿提高自身创新质量;在知识产权保护力度和产品市场竞争较强的企业中,异质性股东引入对创新质量的促进作用更为显著;异质性股东引入对创新质量的正向作用能够促进企业价值增值。Based on the realistic situation of China's mixed ownership reform,the paper quoted the financial data of A-share listed enterprises in Shanghai and Shenzhen from 2008 to 2021,and examined the impact of heterogeneous shareholders introduction on enterprise innovation quality.The research found that,heterogeneous shareholders introduction had a positive effect on enterprise innovation quality.Meanwhile,there was a positive correlation between enterprise innovation quality and equity diversification,equity balance degree,as well as the director appointment of heterogeneous shareholders.Further research showed that,heterogeneous shareholders introduction has improved innovation quality by promoting enterprises to obtain resource support and enhancing innovation intention.The promoting effect was more significant in the enterprises with stronger intellectual property protection and those with stronger product market competition.This positive effect of heterogeneous shareholders introduction could also promote the value appreciation of enterprises.

关 键 词：创新质量 异质性股东引入 政府补助 创新意愿 外部环境 

分 类 号：F271[经济管理—企业管理]