期刊论文

中文

山西财经大学学报

1007-9556

2013

35

10

81-91

10.13781/j.cnki.1007-9556.2013.10.009

国家自然科学基金项目(71072166);教育部人文社科重点研究基地重大项目(13JJD630012);中南财经政法大学博士研究生创新教育计划项目(2012B0902)

本校为其他机构

本文以终极控制人的所有权结构差异为切入点,考察了终极控制人的控制权与现金流量权的配置结构与分离程度对企业自主创新的影响.研究结果表明:(1)终极控制人的控制权与现金流量权配置结构在一定范围内会激励企业的自主创新,超出这一范围则会对自主创新产生抑制效应；(2)两权分离程度对企业自主创新有显著的侵占效应,这种侵占效应会明显扭曲创新效率,当两权分离超过一定程度时,侵占效应导致自主创新呈现负效率；(3)采用Cobb Douglas生产函数推估的专利权价值作为自主创新的变量,检验结果仍然稳健.

In this paper, the authors examine the impact of the degree of divergence between cash flow rights and control rights as well as allocation structure of these two rights on corporate innovation activities from the perspective of ownership structure of ultimate controlling shareholders. The authors find that： the allocation structure of cash flow rights and control rights of ultimate controlling shareholders contribute to corporate innovation activities within a certain range, above which a restraint effect appears; the degree of divergence bet...