公司治理、政府补贴与战略性新兴企业创新效率

基于随机前沿方法评价了战略性新兴企业的创新效率,并从公司内部治理和外部环境的创新激励视角对战略性新兴企业的创新驱动因素进行了路径分析与识别.通过对2011-2016年389家上市公司的研究发现:战略性新兴企业的创新效率差异较大,而且具有随时间递减的技术进步效应.政府补贴、市场竞争、产权比率、董事薪酬、董事独立性等因素表现出创新驱动效应,高管持股表现出创新抑制效应.此外,国有产权对高管持股的创新驱动具有同向强化作用,对股票流通性的创新驱动具有反向强化作用.

Corporate Governance, Government Subsidies and Innovative Efficiency of Strategic Emerging Enterprises

This paper evaluates the innovation efficiency of strategic emerging enterprises based on the stochastic frontier analysis and then makes path analysis to identify the innovative driving factors of strategic emerging enterprises from the perspective of innovation incentives of internal corporate governance and external environment. According to the research of 389 listed strategic emerging enterprises from 2011 to 2016, it is found that the enterprise innovation efficiency is quite different, and has the technological progress effect, which is decreasing with time. Specifically, the factors of government subsidies, market competition, equity ratio, salary of directors, and proportion of independent directors show innovation driven effect; while the stock hold of senior manager shows innovation inhibitory effect.In addition, the state-owned property strengthens the innovation driven effect of stock hold of senior manager in the same direction, but strengthens the innovation driven effect of stock circulation in the opposite direction.