机构地区: 上海政法学院
出 处: 《商业经济与管理》 2012年第10期40-51,共12页
摘 要: 基于2004-2008年关于制造业的配对面板数据,检验了股权集中度、公司所有制性质对企业创新绩效的影响,以及独立董事比例对这一影响关系的调节作用。结果显示:(1)股权集中度在不同所有制性质的企业中对创新绩效的作用程度不同,国有企业中股权集中度的上升能够显著促进企业创新投入,家族企业中股权集中度的上升对创新投入具有显著的阻碍作用,即随着股权集中度的上升,国有企业与家族企业在创新投入方面具有显著不同的偏好;且国有企业中股权集中度对企业创新过程和创新产出的影响更显著。(2)独立董事对股权集中度与企业创新绩效之间的关系具有正向调节作用,且这种调节作用在国有企业中更为显著。 Based on paired panel data of manufacturing industry,this paper empirically studied the relationship between ownership intensity and firm innovative performance.The results showed that:(1) the effects of ownership intensity on firm innovative performance depends on the nature of the firm.In state-owned firms,ownership intensity can improve the investment in firm innovative activities,but in family-owned firms,ownership intensity has a negative effect on firm innovative investment.And the effect of ownership intensity on firm innovative process and innovative output is more significant in state-owned firms.(2) the ratio of independent board members has a positive moderating effect on ownership intensity and firm innovative performance,and it is also more significant in state-owned firms.