高技术产业上市公司股权结构对技术创新产出的影响研究

发布时间：2018-06-27 14:00

本文选题：股权结构 + 技术创新产出　；参考：《浙江工业大学》2014年硕士论文

【摘要】：股权结构是公司治理结构的基础,他决定着一个公司的经营管理方式,而技术创新是一个公司构建核心竞争力的重要手段,决定着一个公司是否能持续在市场上生存。因此,股权结构和技术创新都是国内外相关学者研究的重点,但是通过阅读文献发现,只有为数不多的学者研究股权结构与技术创新产出的关系,且由于样本、方法的不一致,他们的研究结论也不一样。鉴于此,本文才尝试研究两者之间关系。本文以高技术产业78家上市公司2011年到2013年面板数据为样本,对公司股权结构与技术创新产出的之间的关系进行了研究。通过研究,本文主要得出以下结论：(1) 高技术产业公司股权集中度与技术创新产出呈倒U型关系；(2)高技术产业上市公司股权制衡度与技术创新产出呈正相关关系；(3)高技术产业上市公司机构投资者持股比例与技术创新产出呈正相关关系；(4)高技术产业上市公司管理层持股比例与技术创新产出呈正相关关系；(5)高技术产业上市公司股权流通性与技术创新产出呈负相关关系。根据实证结果,本文提出以下几点建议：(1)实行相对控股的股权结构模式；(2)引入理性的机构投资者持股(3)保护中小股东利益,让他们参与到公司治理中；(4)重视研发投入对企业技术创新的作用。
[Abstract]:Ownership structure is the basis of corporate governance structure. It determines the management mode of a company, and technological innovation is an important means for a company to build its core competitiveness, which determines whether a company can survive in the market. Therefore, equity structure and technological innovation are the focus of relevant scholars at home and abroad, but through reading the literature, it is found that only a few scholars study the relationship between ownership structure and technological innovation output, and because of the sample, the method is inconsistent. Their findings are also different. In view of this, this paper tries to study the relationship between the two. Based on the panel data of 78 listed companies in high-tech industry from 2011 to 2013, this paper studies the relationship between corporate equity structure and technological innovation output. The main conclusions of this paper are as follows: (1) the degree of ownership concentration and the output of technological innovation are inversely U-shaped; (2) there is a positive correlation between the degree of equity balance and the output of technological innovation in the listed companies of high-tech industry. (3) there is a positive correlation between the proportion of institutional investors' shareholding and the output of technological innovation in high-tech listed companies, (4) the proportion of managerial shareholding in listed companies in high-tech industries is positively correlated with the output of technological innovation. (5) there is a negative correlation between equity liquidity and technological innovation output. According to the empirical results, this paper puts forward the following suggestions: (1) to implement the equity structure model of relative control; (2) to introduce rational institutional investors' shareholding; (3) to protect the interests of minority shareholders and let them participate in corporate governance; (4) attach importance to the role of R & D investment in technological innovation of enterprises.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F832.51

【相似文献】