债权治理、创新激励二元性与企业创新绩效—关系型债权人视角下的实证检验

发布时间：2018-06-11 18:24

本文选题：关系型债权人 + 银行债权治理　；参考：《科研管理》2017年03期

【摘要】：本研究基于关系型债权人视角,阐释了创新激励二元性特征及其在债权治理和创新绩效的路径作用,并将产权性质纳入整合分析框架,对产权性质在债权治理、创新激励二元性与创新绩效关系的调节作用展开探讨,全面揭示了债权治理对创新绩效的作用机理。研究发现:中国本土情境下,商业银行具有典型的关系型债权人特征,银行债权治理作用能够显著促进企业创新绩效;约束性激励在债权治理与创新绩效关系中具有显著中介作用,而鼓励性激励的中介效应并不显著;产权性质在二者关系中具有显著调节作用,国有持股比例越高,债权治理机制产生的约束性激励越发不明显,创新绩效越低。本文研究结论有利于在创新激励视角下拓展债务异质理论,并能够为企业创新融资实践提供重要科学依据。
[Abstract]:Based on the perspective of relational creditors, this study explains the duality of innovation incentive and its role in the governance of creditor's rights and the performance of innovation, and brings the nature of property right into the framework of integration analysis, and puts the nature of property right in the governance of creditor's rights. The relationship between duality of innovation incentive and innovation performance is discussed, and the mechanism of creditor's rights governance on innovation performance is fully revealed. It is found that commercial banks have typical relational creditor characteristics in the local context of China, and the governance role of bank creditor's rights can significantly promote the innovation performance of enterprises. Binding incentives play a significant intermediary role in the relationship between creditor's rights governance and innovative performance, but the intermediary effects of incentive incentives are not significant. The binding incentive of creditor's right governance mechanism is less obvious, and the innovation performance is lower. The conclusion of this paper is helpful to expand the theory of debt heterogeneity from the perspective of innovation incentive and to provide important scientific basis for the practice of innovative financing.
【作者单位】：山东财经大学工商管理学院;全球能源互联网(山东)协同创新中心;
【基金】：国家自然科学基金面上项目(编号:71472109,2015.01-2018.12) 国家电网公司总部科技项目(编号:SGSDDK00KJJS1600067,2016.01-2017.12) 教育部人文社科青年项目(编号:14YJC630131,2014.01-2016.12) 山东省社科联人文社科项目(编号:16-ZZ-GL-09,2016.06-2017.06) 山东省自然科学基金面上项目(编号:ZR2014GM014,2014.12-2017.12) 山东省高校人文社科研究项目(编号:J14WF11,2014.06-2017.06)
【分类号】：F275

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