控股股东身份差异、国际化程度与企业创新能力研究——基于民营企业的实证分析

Difference of Controlling Shareholder Identity, Internationalization and Innovation Ability——Evidence from Private Enterprises

民营企业一些特殊的公司治理特征对国际化带来的创新能力和经营风险变动有什么影响?本研究以2009-2012年我国沪深两市A股民营上市公司为研究样本,考察了实施国际化战略对企业创新能力和经营风险的影响,并进一步探讨了控股股东管理者身份这种特殊的公司治理特点对以上关系的调节影响。通过混合面板回归和2SLS最小二乘回归研究发现:企业国际化程度越高,创新能力会越强,但企业经营风险却在增加。进一步研究发现,如果民营企业控股股东垄断了管理权,会降低国际化战略给企业带来的创新推动能力,对国际化与创新能力起到了负向的调节作用,而对国际化带来的经营风险却起到了规避的作用。理解民营企业控股股东身份的显著差异有助于深入分析国际化战略对民营企业发展带来的多样化影响。

How will the special character of governance in private enterprise take influence on the effect of innovation and operating risk through international？ This study selected 2009-2012 A shares private listed companies in Shanghai and shenzhen as research samples, to find the internationalization impact on innovation ability and operation risk. By mixing panel regression and 2 SLS least-squares regression, the study found that： the higher internationalization degree a company has, the stronger innovation ability will be, but the operation risk is increasing. Further studies have found that if the controlling shareholder monopoly on the management power also in private enterprises, compared with no management power of the controlling shareholder, will lowers the internationalization improving impact on enterprise＇s innovation ability, this has played a negative role in regulating the relationship between internationalization and innovation ability, however, the identity have played an important role in avoiding the internationalization risk. Understanding the controlling shareholders has a management identity or not-these significant identity differences- help further the analysis the diversified influence of the internationalization strategy on the development of private enterprises.