本文關鍵詞： 股權(quán)集中度 區(qū)域治理環(huán)境 隧道效應 企業(yè)創(chuàng)新　出處：《重慶理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：股權(quán)集中度對企業(yè)創(chuàng)新的治理問題是理論研究的熱點�，F(xiàn)階段,學者都是假定區(qū)域治理環(huán)境處于同一水平來研究股權(quán)集中度與企業(yè)創(chuàng)新的關系,所得到的結(jié)論并不一致。與此同時,“法與金融”學派發(fā)現(xiàn)區(qū)域治理環(huán)境能夠緩和企業(yè)的代理沖突。那么在不同的區(qū)域治理環(huán)境下,股權(quán)集中度對企業(yè)創(chuàng)新的影響是否不同,其原因又是什么?基于此,本文以委托代理理論為支撐,將區(qū)域治理環(huán)境和股權(quán)集中度納入同一框架,選取2007-2015年A股上市公司5831個有效樣本,在研究股權(quán)集中度對企業(yè)創(chuàng)新影響的基礎上,重點研究區(qū)域治理環(huán)境與股權(quán)集中度的交互作用對企業(yè)創(chuàng)新的影響,回歸結(jié)果顯示:(1)股權(quán)集中度的提高對我國企業(yè)的研發(fā)投資強度具有顯著的負向影響,但兩者并不存在倒U型關系。其原因是我國企業(yè)的第一大股東往往處于相對控股地位,第二類代理成本較高,大股東可能利用“隧道效應”轉(zhuǎn)移公司資源,從而抑制了公司的研發(fā)投入。(2)良好的區(qū)域治理環(huán)境對企業(yè)創(chuàng)新有直接促進作用,區(qū)域治理環(huán)境與股權(quán)集中度的交互作用表明區(qū)域治理環(huán)境的改善會降低股權(quán)集中度對企業(yè)創(chuàng)新的負向影響。原因是激烈的市場競爭能夠有效抑制大股東的隧道行為,如果大股東一味追求控制權(quán)私有收益,減少對企業(yè)創(chuàng)新投入,企業(yè)將會被市場所淘汰。(3)引入?yún)^(qū)域治理環(huán)境的分指標——政府與市場的關系、市場中介組織發(fā)育和法律制度環(huán)境發(fā)現(xiàn),政府與市場的關系的改善與企業(yè)創(chuàng)新無顯著直接關系,但是交互項顯示能顯著抑制股權(quán)集中度對企業(yè)創(chuàng)新的負向影響;法治水平的提高對企業(yè)創(chuàng)新投入有直接的促進作用,交互項也表明能顯著抑制股權(quán)集中度對企業(yè)創(chuàng)新的負向影響,分指標的檢驗再次證實區(qū)域治理環(huán)境通過影響股權(quán)集中度對企業(yè)創(chuàng)新的間接影響。通過穩(wěn)健性檢驗,上述結(jié)果仍然能成立。本文結(jié)論意味著企業(yè)要提高創(chuàng)新投入一方面要堅持適當?shù)墓蓹?quán)集中度,發(fā)揮股權(quán)制衡的作用;另一方面要完善競爭市場,處理好政府與市場的關系,提高法治水平,促進區(qū)域協(xié)調(diào)發(fā)展,改善區(qū)域治理環(huán)境,發(fā)揮區(qū)域治理環(huán)境的監(jiān)督作用。
[Abstract]:The governance of ownership concentration on enterprise innovation is the focus of theoretical research. At present, scholars assume that the regional governance environment is at the same level to study the relationship between ownership concentration and enterprise innovation. At the same time, the "law and finance" school found that the regional governance environment can ease the agency conflict of enterprises. Is the impact of ownership concentration on enterprise innovation different, and what are the reasons? Based on this, this paper takes the principal-agent theory as the support, brings the regional governance environment and equity concentration into the same framework, and selects 5831 effective samples of A-share listed companies from 2007-2015. On the basis of studying the influence of ownership concentration on enterprise innovation, the paper focuses on the interaction of regional governance environment and equity concentration on enterprise innovation. The regression results show that the increase of ownership concentration has a significant negative impact on the R & D investment intensity of Chinese enterprises. However, there is no inverted U-type relationship between them. The reason is that the largest shareholders in Chinese enterprises are often in a relatively controlling position, the second kind of agency costs are relatively high, and the majority shareholders may use the "tunnel effect" to transfer the company's resources. Thus restraining the company's R & D investment. 2) the good regional governance environment has a direct role in promoting enterprise innovation. The interaction between regional governance environment and equity concentration indicates that the improvement of regional governance environment will reduce the negative impact of ownership concentration on enterprise innovation. The reason is that fierce market competition can effectively restrain the tunneling of large shareholders. For. If the major shareholders blindly pursue the private income of control and reduce the investment in innovation, the enterprise will be eliminated by the market. (3) the relationship between government and market is introduced into the sub-index of regional governance environment. Market intermediary organization development and legal system environment found that the improvement of the relationship between government and market has no significant direct relationship with enterprise innovation, but the interactive items can significantly restrain the negative impact of equity concentration on enterprise innovation. The improvement of the level of the rule of law has a direct role in promoting innovation investment, and the interaction also shows that it can significantly restrain the negative impact of ownership concentration on enterprise innovation. The test of sub-indicators proves once again that the regional governance environment affects the indirect impact of ownership concentration on enterprise innovation and the robustness test. The conclusion of this paper means that enterprises should stick to the proper concentration degree of equity and play the role of equity balance in order to improve innovation investment on the one hand; On the other hand, we should perfect the competitive market, deal with the relationship between the government and the market, improve the level of rule by law, promote the coordinated development of the region, improve the regional governance environment, and give play to the supervisory role of the regional governance environment.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F273.1;F832.51

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