创业板控股股东增持股权对企业创新行为的影响研究

Research on the impact of the increased shareholding of the controlling shareholders of the growth enterprise market on the innovation behavior of enterprises

针对我国资本市场增持行为日益增多的实际情况,基于2017-2019年创业板上市公司数据,结合代理理论、信号理论及企业能力理论,分析了控股股东持股比例及增持股权对企业创新行为的影响。结果表明:控股股东持股比例与企业创新行为存在正相关关系,控股股东增持股权行为可以对企业创新行为产生积极影响。

In view of the actual situation of increasing holdings in my country’s capital market,based on the data of listed companies on the GEM from 2017 to 2019,combined with agency theory,signal theory and corporate capability theory,this paper examines the influence of controlling shareholder’s shareholding ratio and increased shareholding on corporate innovation behavior.The results show that there is a positive correlation between the controlling shareholder’s shareholding ratio and the enterprise’s innovative behavior.It is further concluded that the controlling shareholder’s increase in equity is also positively correlated with the enterprise’s innovative behavior.