混合所有制、决策权配置与企业技术创新

Mixed Ownership,Decision Right Allocation and Technology Innovation

基于沪深两市高新技术企业财务数据,研究了企业决策权配置与技术创新的关系,并从终极产权视角考察了不同性质实际控制人下混合股权对决策权配置与技术创新关系的调节作用,及不同决策权配置方式下混合股权对技术创新经济后果的影响.研究结果表明,决策控制权与决策制定权分离有利于企业技术创新;企业股权混合度越高,对两者的正向调节效应越明显;得益于混合股权的治理作用,决策权合一时混合股权对技术创新与企业价值正向关系的促进作用比决策权分离时更大.研究结论为企业基于技术创新的价值创造和混合所有制改革提供了有益参考.

Based on the sample of Chinese public listed high-technology companies, it studied the relationship between company decision right allocation and technology innovation, and then investigated the moderating role of mixed owner-ship under different actual controllers in the relationship between decision right allocation and technology innovation from the ultimate property right perspective. Meanwhile, it discussed the effect of mixed ownership on the economic consequence of technology innovation under the different decision right allocation modes. The resuh shows that the separation of declsion-making rights and decision-supervision rights is beneficial for technology innovation, and the higher mixed degree of company ownership, the higher positive adjustment effect on the relationship between the separation of decision-making rights and decision-supervision rights and technology innovation. Benefiting from the governance effect of mixed ownership, compared with the separation of decision rights, mixed ownership has more positive effects on the relationship between technology innovation and company value in the unity of decision rights. It provides some useful advices on the company value creation based on technology innovation and the reform of company mixed ownership.