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论文编号：	12521
作者编号：	2120192871
上传时间：	2021/6/15 10:27:08
中文题目：	股权集中度、创新持续性与企业绩效 —对中国A股上市企业的研究
英文题目：	Ownership Concentration, Innovation Sustainability and Firm Performance: A Study on Chinese A-Share Listed Companies
指导老师：	柳茂平
中文关键字：	股权集中度；创新持续性；企业绩效；中介效应；交互项
英文关键字：	Ownership concentration; Innovation sustainability; Corporate perf- ormance; Mediation effect; Interaction term
中文摘要：	创新作为提升社会生产力和人民生活发展水平的重要举措，其在国家的长期发展中有着举足轻重的作用。对于企业而言，持续性创新能力是企业长期健康发展的核心竞争力，并在促进企业绩效的发展中扮演着不可替代的角色。考虑到股权结构是企业顶层设计的主要构成部分，且在顶层设计中公司股权结构的核心内容之一是股权集中度，它对企业的经营绩效和长期发展都有着重要的影响，股权结构的差异会影响企业的内控机制，从而进一步影响企业创新行为的选择。因此，股权集中度与创新持续性作为企业管理的核心内容，对企业绩效的提升有着重要的影响。 为了探究三者之间的关联，本文从企业微观角度出发，使用2000-2019年中国沪深A股上市企业的数据，运用无形资产增量来度量企业的创新持续性水平，采用中介效应模型、面板回归模型以及交互效应模型进行实证研究，在探讨股权集中度和创新持续性对企业绩效的作用路径和机制的同时分析其作用效果。 基于本文的全面研究，其结果如下：（1）股权集中度对创新持续性有着正向的影响，这表明股权集中度上升会明显促进企业创新持续性的提高；（2）创新持续性会显著正向地影响企业的经营绩效；（3）股权集中度会显著正向影响企业的绩效水平；（4）股权集中度在直接促进企业绩效的提升的同时还能通过创新持续性间接影响企业绩效的发展，即创新持续性在股权集中度和企业绩效中具有中介效应；（5）在不同股权集中度下，创新持续性对企业绩效的影响会存在差异，即随着股权集中度的提高，创新持续性对企业绩效的正向影响降低，即创新持续性的转化效率会逐渐降低；（6）考虑到估计结果的稳健性，本文采用多种方法对研究结果进行了检验，发现在不同的检验方法下，本文的估计结果均是高度稳健的。最后，基于本文整体的研究结果，从各个方面提出了相应的政策建议。
英文摘要：	Innovation is an important measure to improve social productivity and people's living standards, and it plays a pivotal role in the country's long-term development. For enterprises, the ability of continuous innovation is the core competitiveness of the long-term healthy development of enterprises, and it plays an irreplaceable role in promoting the development of enterprise performance. Considering that the equity structure is the main component of the top-level design of a company, and one of the core content of the company’s equity structure in the top-level design is the concentration of equity, it has an important impact on the business performance and long-term development of the company, and the difference in the equity structure It will affect the internal control mechanism of the enterprise, thereby further affecting the choice of enterprise innovation behavior. Therefore, equity concentration and innovation continuity, as the core content of corporate management, have an important impact on the improvement of corporate performance. In order to explore the relationship between the three, this thesis uses the data of China's Shanghai and Shenzhen A-share listed companies from 2000 to 2019 from a corporate micro-level, and uses intangible asset increments to measure the level of innovation sustainability of companies, using the mediation effect model, Panel regression model and interaction effect model are used for empirical research, while discussing the role path and mechanism of equity concentration and innovation sustainability on corporate performance and analyzing their effects. Based on the comprehensive research in this thesis, the results are as follows: (1) The concentration of equity has a positive impact on the sustainability of innovation, which indicates that the increase in the concentration of equity will obviously promote the improvement of the sustainability of corporate innovation; (2) the sustainability of innovation will be significant Positively affect the company’s operating performance; (3) Equity concentration will significantly positively affect the company’s performance level; (4) Equity concentration will not only directly promote the improvement of corporate performance, but also indirectly affect corporate performance through innovation continuity The development of innovation, that is, the continuity of innovation has an intermediary effect in the concentration of equity and corporate performance; (5) Under different concentration of equity, the impact of continuity of innovation on corporate performance will be different, that is, as the concentration of equity increases, The positive impact of innovation continuity on corporate performance is reduced, that is, the conversion efficiency of innovation continuity will gradually decrease; (6) Considering the robustness of the estimated results, this thesis uses a variety of methods to test the research results and finds that Under the test method, the estimation results in this thesis are highly robust. Finally, based on the overall research results of this thesis, corresponding policy recommendations are put forward from various aspects.
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