股权结构、价值链属性与技术创新——基于中国信息技术企业的实证分析被引量：19

Ownership Structure, Value Chain and Technological Innovation Empirical Analysis of Chinese Information Technology Companies

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摘要本文采用2005～2013年中国信息技术类上市公司的面板数据，对企业股权结构、价值链属性与技术创新关系进行了实证研究。本文的研究结果支持双重委托代理理论：中国信息技术企业的股权集中度与技术创新之间呈现显著的非线性关系，当第一大股东持股比例在26．56～50．63％之间时，股权集中度对技术创新形成“支持效应”。股权集中度过低或过高都不利企业创新。通过对企业价值链属性的分析结果发现高股权集中度、低股权制衡度的结构安排更有利于研发环节的信息技术企业的技术创新；而低股权集中度、高股权制衡度更利于营运环节的信息技术企业的技术创新。 We investigate the relationship between ownership structure, value chain position and technological innovation using a sample of Chinese information technology companies in the period of 2005-2013.Our results support dual agency theory illustrated by following observations： there is a nonlinear relationship between ownership structure and technological innovation, furthermore Ownership concentration supports technology innovation only when the voting right of largest shareholder is between 26.56% to 50.63%. Higher or lower ownership does no good to firms＇ innovation; Centralized ownership is more conductive to enterprises＇ technical innovation in research-based firms, while decentralized ownership benefits operating-based firms.

作者顾露露岑怡郭三张凯歌

机构地区中南财经政法大学金融学院

出处《证券市场导报》 CSSCI 北大核心 2015年第10期27-35,共9页 Securities Market Herald

基金国家自然科学基金<海外投资集群化外部化与"逆向技术溢出"效应研究-基于信息科技企业的全球价值链分析>的阶段性研究成果项目编号:32214105002

关键词股权结构双重委托代理价值链技术创新 ownership structure, dual agency theory, value chain, technological innovation

分类号 F830.9 [经济管理—金融学]

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