创新、股权集中度与企业衰落轨迹关系研究：政治关系的调节作用
发布时间：2018-09-19 20:24
【摘要】：2009年10月30日,第一批28家企业在创业板上市,标志着我国创业板市场的诞生。随着我国资本市场的发展,我国创业板市场得到了飞速发展。创业板市场主要为我国广大中小型和创新型企业服务,满足中小企业多元化发展需求,在整个社会发展中也承担着越来越重要的作用。 在创业板高速发展的大背景下,对创业板企业上市后的发展研究就显得尤为重要。创新不仅作为推动社会经济发展的动力,在企业的发展过程中也扮演着重要的角色,企业只有不断的研发和运用新技术才能获得其他企业不可比拟的核心竞争力,提高企业绩效。而从公司治理的角度来看,企业的股权集中度又与企业绩效息息相关。虽然众多学者已对创新研发、股权集中度与企业绩效之间相关关系进行了研究,但却忽略了政治关系在研发强度、股权集中度与企业绩效之间所充当的边界条件。与此同时,现存的研究虽然提供了关于企业绩效面板数据的纵向研究,但并没有考虑企业绩效随着时间的变化是嵌套在公司内部的。因此在多层次的纵向的数据结构下,必然需要采用一种既能够考虑到时间问题,又能考虑到跨层次问题的统计分析技术研究企业发展轨迹的变化。 为解决上述问题,本文在回顾国内外相关文献的基础上,利用188家创业板企业4年的面板数据,采用较前沿的多层线性模型分析方法(HLM),研究随着时间的推移,各影响因素对企业绩效的具体影响机制。将时间变量作为第一层,企业层作为第二层,以企业绩效为因变量。尝试在时间层研发强度、股权集中度与企业绩效之间加入企业层政治关系这一变量,探究政治关系对其关系的影响。同时分别适当引入各层其他自变量探究各层自变量对企业绩效的作用。根据已有理论提出本文研究假设,并建立分析模型,运用Excel、SPSS19.0和HLM6.08统计分析软件对数据进行实证分析,包括样本的基本情况描述性统计分析、变量的描述性统计分析、HLM模型建模与分析、各变量在企业发展过程中的作用分析。 最后,在上述实证研究基础上,本研究得到以下结论：1)创业板企业呈先下降后上升的U型衰落轨迹；2)在企业衰落过程中,企业研发强度与企业绩效呈负相关关系；3)在企业衰落过程中,股权集中度与企业绩效之间呈正相关关系；4)在企业衰落过程中,企业政治关系较强时,企业研发强度与企业绩效之间的负向关系越弱,即强政治关系会削弱企业研发强度与企业绩效之间的负向关系,而弱政治关系会增强企业研发强度与企业绩效的负向关系；5)在企业衰落过程中,企业地方政治关系越强,企业股权集中度与企业绩效之间的正向关系越弱,即强地方政治关系会削弱企业股权集中度与企业绩效之间的正向关系,而弱地方政治关系会强化股权集中高度与企业绩效的正向关系；6)企业之间比较而言,高财务冗余特征的企业较低财务冗余特征的企业绩效更高。
[Abstract]:October 30, 2009, the first batch of 28 enterprises listed on the GEM, marking the birth of China's GEM market. With the development of China's capital market, China's GEM market has been developing rapidly. GEM market mainly for the vast number of small and medium-sized enterprises and innovative enterprises in China, to meet the diversified development needs of SMEs, in the whole society. Development is also playing an increasingly important role.
Under the background of the rapid development of GEM, it is particularly important to study the development of GEM enterprises after listing. Innovation not only acts as a driving force to promote social and economic development, but also plays an important role in the development process of enterprises. Only by constantly researching and applying new technologies can enterprises obtain the core that other enterprises can not compare with. From the perspective of corporate governance, ownership concentration is closely related to corporate performance. Although many scholars have studied the relationship between innovation and R&D, ownership concentration and corporate performance, they have neglected the political relationship between R&D intensity, ownership concentration and corporate performance. At the same time, the existing research provides a longitudinal study of the enterprise performance panel data, but does not consider that the enterprise performance changes over time is nested within the company. It also takes into account the statistical analysis technology of cross level problems to study the change of enterprise development trajectory.
In order to solve the above problems, based on the review of relevant literatures at home and abroad, this paper uses the 4-year panel data of 188 GEM enterprises and adopts the more advanced multi-level linear model analysis (HLM) to study the specific impact mechanism of various factors on enterprise performance over time. In the second layer, we take the firm performance as the dependent variable. We try to add the variable of political relationship between R&D intensity, ownership concentration and firm performance to explore the influence of political relationship on firm performance. This paper studies the hypothesis, and establishes the analysis model, using Excel, SPSS19.0 and HLM 6.08 statistical analysis software for empirical analysis of data, including the basic situation of the sample descriptive statistical analysis, descriptive statistical analysis of variables, HLM model modeling and analysis, the role of variables in the process of enterprise development analysis.
Finally, on the basis of the above empirical research, this study draws the following conclusions: 1) GEM enterprises show a U-shaped decline track, which first declines and then rises; 2) in the process of enterprise decline, R&D intensity and enterprise performance are negatively correlated; 3) in the process of enterprise decline, ownership concentration and enterprise performance are positively correlated; In the process of enterprise decline, the stronger the political relationship, the weaker the negative relationship between R&D intensity and enterprise performance, that is, the stronger the political relationship will weaken the negative relationship between R&D intensity and enterprise performance, while weakening the political relationship will strengthen the negative relationship between R&D intensity and enterprise performance. The stronger the local political relationship, the weaker the positive relationship between ownership concentration and firm performance, that is, the stronger the local political relationship will weaken the positive relationship between ownership concentration and firm performance, while weakening the local political relationship will strengthen the positive relationship between ownership concentration and firm performance. Enterprises with high financial redundancy characteristics have higher corporate performance than those with low financial redundancy.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F273.1
[Abstract]:October 30, 2009, the first batch of 28 enterprises listed on the GEM, marking the birth of China's GEM market. With the development of China's capital market, China's GEM market has been developing rapidly. GEM market mainly for the vast number of small and medium-sized enterprises and innovative enterprises in China, to meet the diversified development needs of SMEs, in the whole society. Development is also playing an increasingly important role.
Under the background of the rapid development of GEM, it is particularly important to study the development of GEM enterprises after listing. Innovation not only acts as a driving force to promote social and economic development, but also plays an important role in the development process of enterprises. Only by constantly researching and applying new technologies can enterprises obtain the core that other enterprises can not compare with. From the perspective of corporate governance, ownership concentration is closely related to corporate performance. Although many scholars have studied the relationship between innovation and R&D, ownership concentration and corporate performance, they have neglected the political relationship between R&D intensity, ownership concentration and corporate performance. At the same time, the existing research provides a longitudinal study of the enterprise performance panel data, but does not consider that the enterprise performance changes over time is nested within the company. It also takes into account the statistical analysis technology of cross level problems to study the change of enterprise development trajectory.
In order to solve the above problems, based on the review of relevant literatures at home and abroad, this paper uses the 4-year panel data of 188 GEM enterprises and adopts the more advanced multi-level linear model analysis (HLM) to study the specific impact mechanism of various factors on enterprise performance over time. In the second layer, we take the firm performance as the dependent variable. We try to add the variable of political relationship between R&D intensity, ownership concentration and firm performance to explore the influence of political relationship on firm performance. This paper studies the hypothesis, and establishes the analysis model, using Excel, SPSS19.0 and HLM 6.08 statistical analysis software for empirical analysis of data, including the basic situation of the sample descriptive statistical analysis, descriptive statistical analysis of variables, HLM model modeling and analysis, the role of variables in the process of enterprise development analysis.
Finally, on the basis of the above empirical research, this study draws the following conclusions: 1) GEM enterprises show a U-shaped decline track, which first declines and then rises; 2) in the process of enterprise decline, R&D intensity and enterprise performance are negatively correlated; 3) in the process of enterprise decline, ownership concentration and enterprise performance are positively correlated; In the process of enterprise decline, the stronger the political relationship, the weaker the negative relationship between R&D intensity and enterprise performance, that is, the stronger the political relationship will weaken the negative relationship between R&D intensity and enterprise performance, while weakening the political relationship will strengthen the negative relationship between R&D intensity and enterprise performance. The stronger the local political relationship, the weaker the positive relationship between ownership concentration and firm performance, that is, the stronger the local political relationship will weaken the positive relationship between ownership concentration and firm performance, while weakening the local political relationship will strengthen the positive relationship between ownership concentration and firm performance. Enterprises with high financial redundancy characteristics have higher corporate performance than those with low financial redundancy.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F273.1
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