本土情境下股权集中度与技术创新绩效关系的再审视

A Review of the Relationship Between Ownership Concentration and Technological Innovation Performance in Local Context

股权集中度与技术创新绩效间的关系一直是公司治理的热点。为了进一步明确二者间的关系,揭示其边界条件,本文采用Meta回归方法,对57项实证研究的139个独立样本进行了归纳分析。结果表明:股权集中度与创新绩效之间存在微弱正相关关系,非线性关系并不显著;董事会结构、企业特征、外部环境在不同程度上对股权集中度与技术创新绩效之间的关系起调节作用;股权集中测量方式的不同不会在股权集中度与创新绩效的关系界定上产生显著差异;技术创新绩效评价方式下,采用R&D评价方式会产生明显偏差,而采用专利申请数和综合指标评价则较为稳健。

The relationship between ownership concentration and technological innovation performance has always been a hot topic in corporate governance.In order to further clarify the relationship between the two and reveal their boundary conditions,the paper adopts meta regression method to conduct a summary analysis of 139 independent samples from 57 empirical studies.The results show that there is a weak positive correlation between ownership concentration and innovation performance,while the nonlinear relationship is not significant.The structure of the board of directors,the characteristics of the enterprise and the external environment regulate the relationship between the ownership concentration and the performance of technological innovation to different degrees.The difference of stock ownership concentration measurement method will not produce significant difference in the relationship between stock ownership concentration and innovation performance.Under the evaluation method of technological innovation performance,the adoption of R&D evaluation method will produce obvious deviation,while the adoption of the number of patent applications and comprehensive indicators is more robust.