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论文编号：	10007
作者编号：	2120152509
上传时间：	2018/6/6 17:46:41
中文题目：	股票流动性、公司治理与技术创新
英文题目：	Stock Liquidity, Corporate Governance and Technological Innovation
指导老师：	李建标
中文关键字：	股票流动性；股权集中度；机构投资者；高管薪酬；技术创新
英文关键字：	stock liquidity; ownership concentration; institutional investors; executive compensation; technological innovation
中文摘要：	近年来中国已经到了刘易斯拐点，劳动力不再能成为中国经济发展的主要推动力，应该重视技术创新。资本市场在推动企业创新中起了银行所不能起到的作用，资本市场的主要特征是股票具备流动性。我们需要研究股票流动性到企业创新投入的传导机制。 本文选用2010、2011、2012、2013、2014一共5年的在上深交所交易的企业为样本，基于股权集中度、机构投资者和高管薪酬机制角度来研究股票流动性对技术创新的影响路径。本文的主要发现有：（1）股票流动性通过大股东影响技术创新有正向促进作用，国有企业和家族企业的影响机制是被抑制的；（2）股票流动性通过机构投资者影响技术创新有正向促进作用的，中国的机构投资者以长期投资者居多；（3）股票流动性通过高管薪酬影响技术创新有负向阻碍作用的，国有企业的影响机制被抑制，家族企业的影响机制被增强；（4）股票流动性通过高管持股影响技术创新有负向阻碍作用的，国有企业的影响机制被抑制，家族企业的影响机制被增强。 本文有6个章节：第一章节是绪论，列举了背景、意义、目标、内容、研究方法和创新；第二章节是相关文献综述，对历史文献进行了梳理；第三章节是在相关理论基础上提出了本文的假设；第四章节是研究设计，介绍了数据来源、解释变量、被解释变量、中间变量、调节变量和控制变量的定义、实证模型；第五章节是实证结果，展示了股票流动性对技术创新投入影响机制的实证结果和稳健性检验；第六章节是研究结论，对假设和实证结果进行总结，最后得出研究结论，并提出不足和对未来其他学者在这个领域内的贡献的展望。
英文摘要：	In recent years, China has reached the turning point of Lewis. The labor force can no longer become the main driving force for China's economic development and we should attach importance to technological innovation. Capital markets play a role that banks cannot play in promoting business innovation. The main feature of capital markets is the liquidity of stocks. We need to study the conduction mechanism of stock liquidity into the input of enterprise innovation. This paper selects the A-share listed companies during the period of 2010-2014 as the research sample to study the influence path of stock liquidity on technological innovation based on ownership concentration, institutional investors and executive compensation mechanism. The main findings of this paper are as follows: (1) The liquidity of stock plays a positive role in promoting technological innovation through the influence of major shareholders, and the influence mechanism of state-owned enterprises and family-owned enterprises is inhibited; (2) The liquidity of stock plays a positive role in promoting technological innovation through institutional investors , and institutional investors in China are mostly long-term investors; (3) Stock liquidity has a negative hindrance effect through the impact of executive compensation on technological innovation, and the influence mechanism of state-owned enterprises is suppressed and the influence mechanism of family-owned enterprises is enhanced; (4) ) Stock liquidity has a negative impact on technological innovation through the ownership of senior executives. The influence mechanism of state-owned enterprises is suppressed and the impact mechanism of family-owned enterprises is strengthened. This article has six chapters: The first chapter is the preface, which lists the background, meaning, goals, content, research methods, and innovation; the second chapter is a review of the relevant literature, combing the historical literature; the third chapter is based on relevant theories, the assumptions in this paper are put forward. The fourth chapter is the study design. It introduces the definitions of data sources, explanatory variables, explained variables, intermediate variables and control variables, and empirical models. The fifth chapter is the empirical results. The empirical results and robustness test of the impact mechanism of stock liquidity on technological innovation inputs; The sixth chapter is the conclusion of the study, summarizing the hypotheses and empirical results, and finally drawing conclusions of the research and presenting deficiencies and other scholars in the future in this field.
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