促进半导体产业创新发展的混合股权配置——基于组态视角研究  

Hybrid Equity Allocation for Promoting Innovation and Development of Semiconductor Industry:A Study Based on Group Perspective

作　　者：王宛秋[1,2] 侯雅雯 王芳 李靖[3] Wang Wanqiu;Hou Yawen;Wang Fang;Li Jing(School of Economics and Management,Beijing University of Technology,Beijing 100124,China;Beijing Modern Manufacturing Development Research Base,Beijing 100124,China;Beijing Institute of Economics and Management,Beijing 100102,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]北京现代制造业发展研究基地,北京100124 [3]北京经济管理职业学院,北京100102

出　　处：《科技管理研究》2023年第17期130-140,共11页Science and Technology Management Research

摘　　要：通过构建“控制权-股东结构-管理层持股”的模型,采用fs QCA法,探索提高半导体企业创新绩效的股权配置的方式。研究发现,存在“国企主导-混合制衡”“非国企主导-多元股权-股权激励”“多元股权-混合制衡-战略资本引领”“多元股权-混合制衡-股权激励”四种产生高创新绩效的混合股权配置组合;高混合股权制衡度是半导体企业获得高创新绩效的重要条件;战略资本与管理层股权激励之间有一定的替代关系。研究结论为推进半导体企业的双向混合所有制改革提供了实证证据。By establishing an equity structure model of"control rights-shareholder structure-management shareholding"and explores the equity allocation method to improve the innovation performance of semiconductor enterprises with fsQCA.The study found that there are four types configurations that produce high innovation performance:"SOE led with balanced equity structure of SOE and non-SOE","non-SOE led multi-equity with equity incentives","inducting strategic capital-mixed multi-equity with balanced equity structure of SOE and non-SOE",and"mixed multi-equity with balanced equity structure of SOE and non-SOE with equity incentives".A high degree of mixed equity balance holds the key to preeminent innovation performance.Also,there is a certain substitution relationship between strategic capital and management equity incentives.This thesis provides empirical evidence for promoting the two-way mixed ownership reform of semiconductor enterprises.

关 键 词：半导体产业 股权配置 混合股权制衡 创新绩效 模糊集定性比较分析 

分 类 号：F272.3[经济管理—企业管理] G311[经济管理—国民经济]