不同区域治理环境下股权集中度对企业创新的影响研究

发布时间：2018-01-20 07:55

本文关键词： 股权集中度区域治理环境隧道效应企业创新　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权集中度对企业创新的治理问题是理论研究的热点。现阶段,学者都是假定区域治理环境处于同一水平来研究股权集中度与企业创新的关系,所得到的结论并不一致。与此同时,“法与金融”学派发现区域治理环境能够缓和企业的代理冲突。那么在不同的区域治理环境下,股权集中度对企业创新的影响是否不同,其原因又是什么?基于此,本文以委托代理理论为支撑,将区域治理环境和股权集中度纳入同一框架,选取2007-2015年A股上市公司5831个有效样本,在研究股权集中度对企业创新影响的基础上,重点研究区域治理环境与股权集中度的交互作用对企业创新的影响,回归结果显示:(1)股权集中度的提高对我国企业的研发投资强度具有显著的负向影响,但两者并不存在倒U型关系。其原因是我国企业的第一大股东往往处于相对控股地位,第二类代理成本较高,大股东可能利用“隧道效应”转移公司资源,从而抑制了公司的研发投入。(2)良好的区域治理环境对企业创新有直接促进作用,区域治理环境与股权集中度的交互作用表明区域治理环境的改善会降低股权集中度对企业创新的负向影响。原因是激烈的市场竞争能够有效抑制大股东的隧道行为,如果大股东一味追求控制权私有收益,减少对企业创新投入,企业将会被市场所淘汰。(3)引入区域治理环境的分指标——政府与市场的关系、市场中介组织发育和法律制度环境发现,政府与市场的关系的改善与企业创新无显著直接关系,但是交互项显示能显著抑制股权集中度对企业创新的负向影响;法治水平的提高对企业创新投入有直接的促进作用,交互项也表明能显著抑制股权集中度对企业创新的负向影响,分指标的检验再次证实区域治理环境通过影响股权集中度对企业创新的间接影响。通过稳健性检验,上述结果仍然能成立。本文结论意味着企业要提高创新投入一方面要坚持适当的股权集中度,发挥股权制衡的作用;另一方面要完善竞争市场,处理好政府与市场的关系,提高法治水平,促进区域协调发展,改善区域治理环境,发挥区域治理环境的监督作用。
[Abstract]:The governance of ownership concentration on enterprise innovation is the focus of theoretical research. At present, scholars assume that the regional governance environment is at the same level to study the relationship between ownership concentration and enterprise innovation. At the same time, the "law and finance" school found that the regional governance environment can ease the agency conflict of enterprises. Is the impact of ownership concentration on enterprise innovation different, and what are the reasons? Based on this, this paper takes the principal-agent theory as the support, brings the regional governance environment and equity concentration into the same framework, and selects 5831 effective samples of A-share listed companies from 2007-2015. On the basis of studying the influence of ownership concentration on enterprise innovation, the paper focuses on the interaction of regional governance environment and equity concentration on enterprise innovation. The regression results show that the increase of ownership concentration has a significant negative impact on the R & D investment intensity of Chinese enterprises. However, there is no inverted U-type relationship between them. The reason is that the largest shareholders in Chinese enterprises are often in a relatively controlling position, the second kind of agency costs are relatively high, and the majority shareholders may use the "tunnel effect" to transfer the company's resources. Thus restraining the company's R & D investment. 2) the good regional governance environment has a direct role in promoting enterprise innovation. The interaction between regional governance environment and equity concentration indicates that the improvement of regional governance environment will reduce the negative impact of ownership concentration on enterprise innovation. The reason is that fierce market competition can effectively restrain the tunneling of large shareholders. For. If the major shareholders blindly pursue the private income of control and reduce the investment in innovation, the enterprise will be eliminated by the market. (3) the relationship between government and market is introduced into the sub-index of regional governance environment. Market intermediary organization development and legal system environment found that the improvement of the relationship between government and market has no significant direct relationship with enterprise innovation, but the interactive items can significantly restrain the negative impact of equity concentration on enterprise innovation. The improvement of the level of the rule of law has a direct role in promoting innovation investment, and the interaction also shows that it can significantly restrain the negative impact of ownership concentration on enterprise innovation. The test of sub-indicators proves once again that the regional governance environment affects the indirect impact of ownership concentration on enterprise innovation and the robustness test. The conclusion of this paper means that enterprises should stick to the proper concentration degree of equity and play the role of equity balance in order to improve innovation investment on the one hand; On the other hand, we should perfect the competitive market, deal with the relationship between the government and the market, improve the level of rule by law, promote the coordinated development of the region, improve the regional governance environment, and give play to the supervisory role of the regional governance environment.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F832.51

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