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创新活动是企业永续发展的关键。本文以中国制造业上市公司为对象,探讨控股股东行为与企业创新活动的关系。本文以控股股东控制权与现金流量权偏离的程度衡量控股股东对小股东的利益侵占行为,并以公司的专利数作为创新活动的代替变量,考查控股股东的利益侵占行为对企业创新活动的影响。实证结果表明,现金流量权占控制权的比率越小,也就是控制权越偏离现金流量权越大时,公司的创新活动将减少;二者偏离越小,创新活动越多。
Innovation activities are the key to sustainable development of enterprises. This article takes China’s manufacturing listed companies as the object, and explores the relationship between the controlling shareholder’s behavior and the enterprise’s innovation activities. In this paper, the controlling shareholder’s interest in the minority shareholders is measured by the degree of deviation of the controlling shareholder’s right of control from the cash flow right, and the influence of the controlling shareholder’s interests on the innovation activities is examined based on the number of patents of the company as an alternative variable of the innovation activity . The empirical results show that the smaller the ratio of cash flow right to control, that is, the greater the deviation of the control right from the cash flow right, the less the company’s innovation activity will be reduced; the smaller the two deviations, the more innovative activities.