股权集中度与产品创新关系实证研究

原文传递

导出

摘要文章认为,新产品创新是企业提高核心竞争力的关键手段,股权集中度是公司治理结构的本质问题,并通过实证研究强调指出,股权集中度与产品创新之间存在倒"U"型关系;过高或过低的股权集中度不利于产品创新,而股权适度集中有利于产品创新。

作者林祥

机构地区深圳市委党校校委

出处《特区实践与理论》 2012年第3期16-21,1,共6页 Practice and Theory of SEZS

关键词股权集中度新产品创新实证研究公司治理结构核心竞争力本质问题适度集中企业

参考文献14

1Jensen, Michael C. Agency costs of free cashflow: corporate finance and takeover[J].American Economic Review,1983.322-329.
2Hill, C.W.L,Snell, S. External control,corporate strategy, and firm performance in research-intensive industries[J].Strategic Management Journal,1988.577-590.
3Baysinger, B.D,Kosnik, R.D,Turk, T.A. Effects of board and ownership structure on corporate strategy[J].Academy of Management Journal,1991.205-214.
4Graves, S.B. Institutional ownership and corporate R&D in the computer industry[J].Academy of Management Journal,1988.417-427.
5Lee, P.M,O'''' Neill, H.M. Ownership structures and R&D investments of U.S.and Japanese firms:agency and stewardship perspectives[J].Academy of Management Journal,2003,(02):212-225.
6Herbig, P.A. The Innovation Matrix: Culture and Structure Prerequisites to Innovation[M].Westport,CT:Quorum Books,1994.216.
7Helge G. Innovation Regimes, R & D and Radical Innovations are Telecommunications[J].Research Policy,2000.1033-1046.
8Berger, Philip G,Ofek. Diversification''''s effect on firm value[J].Journal of Financial Economics,1995,(01):39-65.
9Laeven, Luc,Levine, Ross. Regulations,Market Structure, Institutions, and the Cost of Financial Intermediation[J].Journal of Money Credit and Banking,2004,(03):593-622.
10Maury, Benjamin,Pajuste, Anete. Multiple large shareholders and firm value[J].Journal of Banking and Finance,2005,(07):1813-1834.

1陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究,2001,36(11):3-11. 被引量：785
2张春霖.从融资角度分析国有企业的治理结构改革[J].改革,1995(3):34-36. 被引量：98
3Jesen, M.C., Meckling, W.H., 1976: Theory of Firm: Managerial Behavior, Agency Costs and Ownership Structure, [J]. Journal of Financial Economics, Vol.3, No.4, 5-20.
4Kay J., 1994: Corporate Strategy and Corporate Accountability, Nicholas Dimsdale, Martha Prevezer(Edited), Capital Market and Corporate Governance, [M]. New York: Oxford University Press Inc., 1994, 56.
5Oswald S.L., J.S. Jahera. Jr, 1991: The Influence of Ownership on Performance: An Empirical Study, [J].Strategy Management Journal, Vol. 12, 322.
6Shleifer Anrei, R. W. Vishny, 1997: A Survey of Corporate Governance, [J]. The Journal of Finance, Vol. L11, No.2, 753-754.
7Demsetz, Harold, Kenneth Lehn, 1985: The Structure of Corporate Ownership: Causes and Consequences, [J]. Journal of Political Economy, Vol.93, No.6, 1155-1177.
8Carter H.T., 1992: Financial Manager: Greater Choice for Stockholders, [J]. Management Accounting , Vol: 74 Iss: 6,22.
9Pozen, Robert C., 1994: Institutional investors: The reluctant activists , [J].Harvard Business Review, Vol: 72 Iss: 1, 140-149.
10Xiaonian Xu, Wang Yan, 1999: Ownership Structure and Corporate Governance in Chinese Stock Companies, [J]. China Econmic Review, No.10.

特区实践与理论

2012年第3期

内容加载中请稍等...