股权结构与科技型中小企业创新基于创业板上市公司的实证研究

科技型中小企业的创新关乎中国创新驱动发展战略能否成功.股权结构会影响企业创新行为,股权集中可以使大股东有足够的实力与动力监督管理层,却又可能导致大股东掏空等私利行为;股权制衡可以防止大股东权力滥用,却又带来更多的决策成本,降低大股东工作积极性.基于此,研究选取2011～2018年709个创业板上市企业为样本,实证研究发现,股权集中度与创业板企业的创新绩效正相关,股权制衡度与之负相关,进一步分析发现在成立时间较短的企业、第1大股东绝对控股的企业中尤为如此.研究丰富了股权结构及企业创新影响因素研究,而且对现实中科技型中小企业的公司治理提供新思路.

Ownership Structure and Innovation of Technology Based SMEsEmpirical Analysis Based on the GEM Listed Companies

The innovation of SMEs is a key to the national strategy of innovation-driven development. The ownership structure will affect the innovation behavior of enterprises. Equity concentration enables large shareholders to own enough strength and power to monitor the management, but it may also lead to an act of making use of public power for private interest such as tunneling from major shareholders. Though equity balance can prevent large shareholders from abusing power, it will bring more cost in decision-making and reduce their work enthusiasm. Therefore, an empirical test is made to understand the impact of equity concentration and equity balance on enterprise innovation. On this basis, the selection of 709 GEM enterprises data over 2011 to 2018 will be used as research samples. The empirical results indicate that the equity concentration is positively correlated with the enterprise innovation, while equity balance is negatively correlated with it, particularly in those enterprises with short history and those with a more powerful first majority shareholder based on further analysis. Additionally, this paper enriches the research on the ownership structure and the influencing factors of enterprise innovation, as well as providing a new way of thinking about the corporate governance of technology based SMEs in practice.