股权结构、隧道效应与创新产出——来自制造业上市公司的证据

Ownership Structure,Tunneling,and Innovation Output:Evidence from Chinese Manufacturing-Industry Listed Firms

改善微观企业创新激励对于加快我国经济转型和结构调整至关重要。以2003—2017年中国制造业上市公司为研究样本,可使用公司三类专利申请数量和授权数量衡量企业创新产出。研究发现集中型股权结构会显著抑制企业专利创新产出,关联交易是二者之间的中介变量。由于隧道效应成本远低于研发创新成本,大股东倾向于通过隧道效应掠夺中小股东利益而非通过创新获得长期收益。此外,集中型股权结构会损害公司价值,且对于高科技企业的损害作用更大。政策建议为倡导多元化的股权结构,包括引进与培育能与控股股东抗衡的其他大股东、增加机构投资者持股等。

Improving the innovation incentives of firms is essential for accelerating China’s economic transformation and structural adjustment.This article takes the Chinese manufacturing-industry listed companies in 2003-2017 as the research sample and uses the quantity of three types of patent applications and the quantity of patents granted to measure the innovation output of firms.It is found that the concentrated ownership structure can significantly inhibit the output of patent innovation,and that related party transactions are the mediating variable between them.Since the cost of tunneling is much lower than that of R&D and innovation,large shareholders tend to appropriate minority shareholders through tunneling rather than reap long-term benefits through innovation.In addition,the concentrated ownership structure will damage the value of a firm,and it will do more harm to high-tech companies.The policy implication is to advocate a diversified ownership structure,including introducing and cultivating other large shareholders who can compete with the controlling shareholder,and increasing the shareholdings of institutional investors.