股权集中度对数字企业创新的影响机制研究——基于企业风险承担的视角  

Research on the Influence Mechanism of Ownership Concentration onDigital Enterprise Innovation——Based on the Perspective of Enterprise Risk Taking

作　　者：李雪婧 范柏乃[1] LI Xuejing;FAN Bonai(Business School,Ningbo University,Ningbo 315211,China)

机构地区：[1]宁波大学商学院,浙江宁波315211

出　　处：《科技与经济》2025年第2期26-30,共5页Science & Technology and Economy

基　　金：国家社会科学基金重大项目——“我国数字经济安全的动态预警、治理机制和法律保障研究”(项目编号:21&ZD089,项目负责人:范柏乃)成果之一。

摘　　要：基于企业风险承担视角,以2010—2022年A股数字企业为样本,构建双向固定效应模型。实证检验结果表明:股权集中度对数字企业创新具有抑制作用,且经过稳健性检验后结果仍成立;企业分红水平在股权集中度和数字企业创新之间起部分中介作用;企业风险承担水平会抑制股权集中度对数字企业创新的直接影响效应,并且负向调节企业分红水平在股权集中度抑制数字企业创新中的中介作用。通过探讨数字企业创新的影响机制,为数字企业长期健康发展提供理论支撑。Based on the perspective of enterprise risk taking,this paper took A-share listed digital enterprises from 2010 to 2022 as samples and constructed a two-way fixed model.The empirical test results show that:ownership concentration has an inhibitory effect on digital enterprise innovation and it is still valid after robustness test.The level of enterprise dividend plays a partial mediating role between ownership concentration and digital enterprise innovation.The level of enterprise risk taking inhibits the direct effect of ownership concentration on digital enterprise innovation,and negatively moderates the mediating effect of enterprise dividend level in the inhibition of ownership concentration on digital enterprise innovation.By exploring the influence mechanism of digital enterprise innovation,the paper provides theoretical support for the long-term healthy development of digital enterprises.

关 键 词：数字企业 创新 股权集中度 企业分红 

分 类 号：F275[经济管理—企业管理]