两权分离、管理者背景特征和创新强度——基于创业板上市公司的经验证据

Separation of Two Rights,Management Background Characteristicsand Innovation Intensity Based on Empirical Research on GEM Listed Companies

以深圳证券市场2009-2014年创业板上市公司为研究样本,考察控制权和现金流权分离、管理者背景特征和公司创新强度之间的关系。实证检验的结果显示,管理层和董事长的背景特征对公司创新强度产生了显著影响,表明管理者背景特征是影响公司创新的重要因素。进一步,在区分控制权和现金流权是否存在分离的分析中,研究表明,两权分离对管理者背景特征和创新强度之间的关系产生明显的影响,表现出抑制的作用。

Based on the data from 2009 to 2014 on the GEM listed companies,we have,in this article,explored the relationship between the separation of control rights and cash flow rights,management background characteristics and the innovation intensity. The result of our study shows that the background of management and board of directors have a significant impact on the company＇s innovation intensity,which shows that the management background is an important factor affecting the company＇s innovation. Furthermore,based on distinguishing the control rights and cash flow rights,the study shows that the separation of two rights has a clear effect on the relationship between the management background characteristics and the innovation intensity,which shows the role of inhibition.