联合风险投资对企业技术创新影响的实证研究——基于股权结构的调节作用

An Empirical Study of the Influence of Joint Venture Capital on Enterprise Technology Innovation——Based on the Moderating Role of Ownership Structure

[目的/意义]根据行为金融学假说,股权结构影响着联合风险投资机构的行为,大量实证结果同样表明,股权结构对企业技术创新也产生了一定的影响,这种影响机制十分复杂,甚至存在一些非线性关系,因而基于股权结构研究联合风险投资对企业技术创新的影响具有重要意义。[方法/过程]基于2013—2017年深交所创业板上市公司的面板数据,本文利用固定效应模型实证检验了联合风险投资对企业技术创新的影响,以及股权结构对联合风险投资影响企业技术创新的调节作用。[结果/结论]研究结果表明,联合风险投资正向促进企业技术创新;股权结构在联合风险投资对企业技术创新的影响过程中存在显著的调节作用,即大股东持股存在显著的负向调节作用,而股权制衡发挥显著的“倒U型”调节作用。因此,企业应当尽量采用联合风险投资,同时将第一大股东的持股比例控制在合理范围内。

[Purpose/Significance] According to the behavioral finance hypothesis, the ownership structure affects the behavior of joint venture capital investment institutions. A large number of empirical results also show that the shareholding structure has a certain impact on the technological innovation of enterprises. This impact mechanism is very complicated and even some non-linear relations exist. That’s why it is of great significance to study the impact of joint venture capital investment on enterprise technological innovation based on ownership structure.[Method/Process] Taking the panel data of GEM listed companies from 2013 to 2017 as samples, this paper tests empirically the impact of joint venture capital investment on enterprise technology innovation and the moderating role of ownership structure on joint venture capital investment.[Result/Conclusion] The results show that joint venture capital investment plays a positive role in promoting technological innovation of enterprises. Theownership structure plays a moderating role in the process of joint venture capital investment in technological innovation: the shareholding oflarge shareholders has a significant negative moderating effect, while the ownership control shows a significant "inverted U-shaped" moderating effect. Therefore, enterprises should adopt more joint venture capital investment and control the shareholding ratio of the largest shareholder within a reasonable range.