股权结构对企业市场价值影响研究——基于技术创新效率中介效应的视角  

Research on the Impact of Equity Structure on Enterprise Market Value--From the Perspective of the Intermediary Effect of Technological Innovation Efficiency

作　　者：文淑惠[1] 刘聪 WEN Shu-hui;LIU Cong(School of Management and Economics,Kunming University of Technology,Kunming 650031,Yunnan)

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650031

出　　处：《江苏商论》2024年第3期75-79,83,共6页Jiangsu Commercial Forum

摘　　要：在美国竭力遏制中国创新技术发展并叠加国内经济新常态的背景下,研究企业技术创新效率,将有助于促进企业市场价值发展,引导企业重视技术创新的效率。论文通过采用沪深A股上市公司2010—2020的年度数据,实证探究企业市场价值、股权结构与技术创新效率三者之间的关系,得出如下主要结论:(1)适度的股权集中将有利于企业市场价值的提升,股权制衡度、机构持股、高管持股均显著正向影响企业市场价值。(2)高管持股(1、2期滞后)、股权集中度和股权制衡度(2期滞后)能通过影响企业的技术创新效率进一步间接作用于企业市场价值。(3)研究显示,技术创新效率是股权结构影响企业市场价值的中介变量。同时,在替换主要变量后,研究结论依然具有良好的稳健性表现。Against the backdrop of the United States striving to curb the development of innovative technology in China and superimpose it on the new normal of the domestic economy,studying the efficiency of enterprise technological innovation will help promote the development of enterprise market value and guide enterprises to attach importance to the efficiency of technological innovation.The paper uses annual data from Shanghai and Shenzhen A-share listed companies from 2010 to 2020 to empirically explore the relationship between enterprise market value,equity structure,and technological innovation efficiency.The main conclusions are as follows:(1)Moderate equity concentration will be conducive to the improvement of enterprise value,and the degree of equity balance,institutional shareholding,and executive shareholding all significantly and positively affect enterprise market value.(2)Executive shareholding(lag in periods 1 and 2),equity concentration,and equity balance(lag in periods 2)can further indirectly affect the value of a company by influencing its technological innovation efficiency.(3)Research shows that technological innovation efficiency is a mediating variable that affects the market value of enterprises through equity structure.Meanwhile,after replacing the main variables,the research conclusion still exhibits good robustness.

关 键 词：股权结构 技术创新效率 企业市场价值 

分 类 号：F729.23[经济管理—产业经济]