法律、投资者保护与企业自主创新

发布时间：2018-11-07 21:04

【摘要】：本文在法与金融的理论框架内,研究了法律、中小投资者保护与企业创新的关系,并基于2004—2008年517家中国上市公司的数据,从RD投入和专利申请两个维度进行了实证检验。结果表明,有关中小投资者法律保护的良好立法与有效实施能够推进企业的技术创新;立法水平的提升,不仅可以增加上市公司的RD投入,而且能够提高上市公司的技术创新效率即专利申请的数量;执法对企业的研发投入没有显著影响,加强执法主要有助于增加企业的专利申请数量;作为司法权力具体行使主体的法院执法对企业的RD投入和专利申请均无显著影响,执法对企业创新的促进作用主要体现在证监会的行政执法上,证监会行政执法对企业技术创新的影响要显著高于法院执法对企业技术创新的影响。本文还就如何提高上市公司的技术创新能力提出了相应的政策建议。
[Abstract]:Within the theoretical framework of law and finance, this paper studies the relationship among law, protection of small and medium investors and innovation of enterprises. Based on the data of 517 listed companies in China from 2004 to 2008, this paper makes an empirical test from two dimensions of RD investment and patent application. The results show that good legislation and effective implementation of legal protection for small and medium-sized investors can promote the technological innovation of enterprises; The improvement of legislation level can not only increase the RD input of listed companies, but also improve the technological innovation efficiency of listed companies, that is, the number of patent applications. Law enforcement has no significant impact on R & D investment of enterprises, and strengthening law enforcement is mainly helpful to increase the number of patent applications. The court law enforcement, as the main body of exercising judicial power, has no significant influence on the RD investment and patent application of the enterprise, and the promoting effect of the law enforcement on the innovation of the enterprise is mainly reflected in the administrative law enforcement of the CSRC. The influence of CSRC administrative law enforcement on enterprise technological innovation is significantly higher than that of court law enforcement. This article also puts forward the corresponding policy suggestions on how to improve the technological innovation ability of listed companies.
【作者单位】：西安交通大学经济与金融学院;
【基金】：教育部人文社科规划项目(09yja790162);教育部人文社科青年项目(10YJC790369) 西安交通大学“985工程二期”资助项目(批准号07200701)和西安交通大学重点学科建设项目资助阶段性成果
【分类号】：D922.28;D922.29;F832.4

【共引文献】