股权结构对技术创新能力的影响研究——基于中小上市企业面板的实证分析

Study on Equity Structure Effects on Technological Innovation capacity——Based on The Empirical Analysis of Small and Medium Listed Enterprises Panel

中小企业是国民经济发展中重要的积极力量,也是国家技术创新的主体和内部动力。本文以116家中小上市公司2010—2015年面板数据为样本,在采用因子分析方法对技术创新能力分析的基础上,研究了股权集中度、股权制衡度及管理层持股对企业技术创新能力的影响。结果发现:中小上市公司的股权集中度与企业技术创新能力呈U型关系,而股权制衡和管理层持股均与技术创新能力呈正相关关系。

SMEs is not only an important positive force of economic development,but is the body and the internal dynamics of national technology innovation.In this paper,we take the 116 listed SMEs’ 2010--2015 panel data for the sample.Based on the use of factor analysis of technology innovation capability analysis,we studied on ownership concentration,equity balance degree and managerial ownership effects on technological innovation capacity.The results showed the ownership concentration of listed SMEs has a U-shaped relationship with technological innovation capacity.Moreover,the equity balance degree and managerial ownership are all positively correlated with technological innovation capacity.