高新技术上市公司股权结构特征与技术创新绩效关系研究

Research on Relationship between Shareholding Structure Characteristics and Technology Innovation Performance of High-tech Listed Companies

股权结构是资本结构的组成部分,也是公司治理的重要方面。在资本结构与公司治理理论基础上,以高新技术上市公司作为研究对象,结合偏相关系数检验、曲线回归、分位数回归等统计分析方法对高新技术上市公司股权结构特征与技术创新绩效关系进行实证研究。研究结果显示:国有股与技术创新绩效呈显著的倒"U"型关系;法人股、高管持股在以技术创新绩效中位数为分位点的左侧呈显著正相关,在右侧的相关性则非显著;股权制衡度、股权流通性与技术创新绩效分别为显著的正、负相关;股权集中度与技术创新绩效关系微弱。

Shareholding structure is not only a part of the capital structure, but also an important aspect of corporate governance. Based on theories about the capital structure and corporate governance, this paper had an empirical study on relationship between shareholding structure characteristics and technology innovation performance of high-tech listed companies. The results show that： the state-owned shares and technological innovation performance was significantly inverted“U” shaped relationship;corporate shares, sen-ior executives shares and technological innovation performance in the left of median sites of technological innovation performance have a significant positive correlation, then non-significant in the right; equity restriction, equity liquidity and technological innovation per-formance have a significant positive and negative correlation;relationship between shareholding concentration and technological innova-tion performance was weak.