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论文编号：	15409
作者编号：	1120180952
上传时间：	2025/6/10 17:51:36
中文题目：	民营科技企业智力资本所有者剩余收益权对财务 绩效的影响研究 ——基于进入权理论
英文题目：	Research on the Impact of the Residual Income Rights of Intellectual Capital Owners in Private High-techs on Financial Performance: Based on the Theory of Access Rights
指导老师：	李莉教授
中文关键字：	智力资本；剩余收益权；财务绩效；进入权理论；技术创新
英文关键字：	Intellectual capital; Residual income rights; Financial performance; Access theory； Technological Innovation
中文摘要：	大力发展新质生产力，推进创新发展，加速现代化强国建设步伐，已是我国现阶段最根本的国策，是全国上下为之要共同努力完成的任务。党的二十大报告中明确指出，必须坚持科技是第一生产力、人才是第一资源、创新是第一动力，深入实施科教兴国战略、人才强国战略、创新驱动发展战略，开辟发展新领域新赛道，不断塑造发展新动能新优势。这种“科技-人才-创新”三位一体的发展思维，聚焦新质生产力、聚焦人才资源、聚焦创新潜能激发是全社会，特别是广大科技企业正在踔厉前行的核心任务。知识经济时代下，新质生产力的发展同时也预示了生产关系重构的必然性（周文和白佶，2025），科技企业在要想获得持续成长发展、取得竞争优势，必须紧紧依靠最关键的人才资源，即智力资本所有者，积极探索新质生产关系，才是最根本的选择和依仗。 民营科技企业作为科技企业中份额重且发展潜力巨大的群体，如何克服自身各种资源劣势，提高盈利水平、持续创新成为了企业自身、行业甚至整个国家关注的焦点。在2025年2月17日的民营企业座谈会上，习近平总书记的重要讲话进一步肯定了民营经济对国家高质量发展的重要意义。其中，人作为承载智慧、资源、知识、经验、技能和技术的载体，是企业核心关键技术的直接使用者和企业价值的直接创造者，特别是那部分掌握关键资源、技术，助推企业形成核心竞争优势的智力资本所有者。为了更好的生存和长期发展，企业必须充分激励并保持这些智力资本所有者充分发挥价值，有效提升企业的技术创新，为企业创造持续的竞争优势，从而提升整体财务绩效水平。 纵观近些年来新质生产关系的发展，受启发于美国的事业部制和日本的阿米巴制的本土化实践，经营责任制、虚拟合伙人制、创客合伙人制、人单合一等管理实践在我国不断推陈出新，其本质上都是因地制宜的对企业传统收益分配方式的革新与改良。这些管理实践充分证明了，企业逐渐认识到，创造价值的资产不再仅仅是有形的实物资产，还有赋予在员工身上或有形或无形的智力资本。然而企业实践中，这类收益权分配的本土化改良效果却在我国呈现两级分化的状态。同时，学术研究中也出现了矛盾的观点。产权理论下，一方面，智力资本所有者获得剩余收益权可能会由于信息不对称和代理人私利的存在，通过各种方式谋取私利，侵占企业财务资源；另一方面，为了避免智力资本所有者事后“敲竹杠”行为，事前缔约剩余收益权完全掌握在实物资产所有者手中，又会打击代理人的积极性，降低了企业的财务绩效水平。理论与现实的悖论引发了本文的思考：智力资本所有者剩余收益权是否能促进民营科技企业财务绩效的提升呢？又是通过怎样的路径实施的呢？ 传统产权理论下的研究结果大部分局限于使高级管理者获得剩余收益权，从而解决内部交易成本问题，然而在智力资本密集型的科技企业中，其关键性资源和知识技能并非单纯管理者所掌握与独有，而是高度依附于掌握核心技术知识的组织成员，也就是本文研究的智力资本所有者。针对传统产权理论面临的困境，Rajan 和Zingales提出了进入（Access）的概念，即委托人通过赋予代理人接触、使用企业中关键资源的机会，代理人能够对关键资源的专用性投资发挥更好的效能，这时掌握关键资源的人就是代理人。因此，本文认为，相较于传统产权理论下的以实物资产为依据配置权利，以关键资源拥有与否作为剩余收益权分配依据的进入权理论，更加适合解释智力资本密集、实物资产较轻的民营科技企业中，权力分配对财务绩效间的影响。综上，本文以进入权理论、人力资本理论、资源基础理论等相关研究为理论基础，力图回答以下两个关键问题：第一，民营科技企业智力资本所有者剩余收益权对财务绩效是否能够产生影响？第二，如果有影响，中间又是通过怎样的路径影响的呢？ 本文以进入权理论为视角，通过实证研究和案例研究相结合的方法，探讨了智力资本所有者剩余收益权对民营科技企业财务绩效的影响机制。研究发现：其一，智力资本所有者剩余收益权对民营科技企业财务绩效有显著的正向影响。其二，智力资本所有者剩余收益权影响财务绩效的路径是通过提高技术创新活动的效率并且降低代理成本实现的，但不同表现形式的剩余收益权在技术创新活动中的两项具体活动（技术研发和市场化）的促进作用，表现出了一定的差异。 本文的创新之处在于：第一，本文以进入权为理论视角，探讨智力资本所有者剩余收益权对财务绩效的影响过程的内在机制，以实证检验和案例研究的研究方法，从理论上构建完整的模型，对其影响的具体路径进行深入分析，有助于从全新的视角探讨智力资本所有者剩余收益权与企业财务绩效的研究论题。第二，本文根据民营科技企业的内涵及特质，通过聚焦智力资本在人力资本、关系资本和结构资本在民营科技企业特有的集中体现——掌握关键技术知识的组织参与者，探索其在提升企业财务绩效中的作用机制，为企业提升核心竞争力提供新的思路和策略。第三，本文创新性的将企业管理实践中较为常见、却较少在学术研究中出现的资本化和股权化两种形式的剩余收益权相结合。通过进入权理论和人力资本理论的依托，有助于深入阐释智力资本所有者创造价值的途径，解释不同维度剩余收益权分配对于不同层级利益相关者的意义。第四，本文创新性的将“创新价值链”融入技术创新活动，以其中技术研发过程和商业化过程为基础，搭建智力资本所有者剩余收益权是否对民营科技企业财务绩效产生影响的理论模型。最后，本文分别采用实证检验和案例研究的方法，分别考察了静态下智力资本所有者剩余收益权对企业财务绩效的影响和动态下智力资本是如何获得剩余收益权并对财务绩效产生的影响，尤其通过案例研究的方法，深刻挖掘了企业内部活动中获得剩余收益权的规则，从而创新性地以动态静态相结合的视角完整地探讨智力资本所有者剩余收益权影响财务绩效的具体路径，弥合了传统契约理论单一静态视角的约束性。
英文摘要：	The 20th CPC National Congress underscores the pivotal roles of science and technology as the foremost productive force, innovation as the primary impetus, and talent as the chief resource. With the acceleration of the globalization process, the level of science and technology has become a decisive factor in comprehensive national strength. The progress of science and technology cannot be achieved without a large amount of R&D investment in the background, which requires enterprises to constantly think about the path of continuously obtaining cash flow or revenue. Especially for private high-tech enterprises, how to overcome their various resource disadvantages and improve profitability and sustainable innovation has become a focus of attention for the enterprises themselves and even the entire high-tech industry. Among them, people, as the bearer of wisdom, knowledge, skills and technology, are the direct users of the enterprise's core key technologies and the direct creators of enterprise value. They can be said to be the most important core scarce resources of the enterprise, which are highly premium intellectual capital. In order to better survive and develop, enterprises must fully motivate and retain these intellectual capital resources, effectively improve their technological innovation and financial performance, and create sustainable resources and competitive advantages for the enterprise. In recent years, a variety of novel governance models have emerged in China, inspired by the American divisional system and the Japanese Ameba system, such as dual-class shareholding structure, responsibility-based management, Ameba partner system, creator partner system, and people-single integration model. These management practices have become increasingly specific and clear, and their essence is to innovate and improve the traditional property rights incentives in a pragmatic way. These management practices fully prove that enterprises are gradually realizing that the assets that create value are no longer just tangible physical assets, but most of them are intangible assets and knowledge attached to the enterprise participants. Even in some extreme cases, a considerable part of knowledge-intensive enterprises can survive and develop solely on intangible assets in the new economic environment. However, the localization of such property rights incentives has shown a two-tiered distribution state. On the one hand, according to the th In summary, this paper takes the theory of entry rights, human capital theory, and financial performance as its theoretical foundation, and aims to answer the following two key questions: First, does intellectual capital residual benefit right have an impact on the financial performance of private high-tech enterprises? If so, what is the nature of the impact? Second, how does intellectual capital obtain residual benefit right? This paper takes the theory of Access rights as its theoretical perspective. Through both empirical research and case study methods, it explores the impact of intellectual capital residual benefit right on the financial performance of private high-tech enterprises. The study finds that: First, intellectual capital residual benefit right has a significant positive impact on the financial performance of private high-tech enterprises. Second, the impact of intellectual capital residual benefit right on financial performance is achieved through improving the efficiency of technological innovation activities and reducing agency costs. However, different types of residual benefit rights have different promotional effects on the two specific activities (technological research and market operation) of technological innovation. The novelty of this paper lies in the following aspects: First, starting from the essential characteristics of technological innovation activities, this paper takes the theory of entry rights as its perspective to explore the impact of intellectual capital residual benefit rights on financial performance, digging into its inner mechanism, building a complete theoretical model, and empirically verifying its specific impact path, discussing the research topic of the impact of intellectual capital residual benefit rights on financial performance from a new perspective. Second, this paper takes the theory of entry rights as the basis to empirically verify the impact of intellectual capital residual benefit rights on financial performance and its impact path, arguing the core viewpoint of the theory from the perspective of enterprise practice, namely that sharing residual benefits with people who possess specific assets is more beneficial to improving financial performance. Third, this paper starts from the essence of technological innovation activities to build a theoretical model of the impact of intellectual capital residual benefit rights on the financial performance of private high-tech enterprises, and verifies it through empirical testing methods, examining the mediation roles of improving intangible asset turnover rate, input-output ratio, and reducing agency costs. This deepens the depth of related research. Finally, this paper uses empirical testing and case study methods to examine the impact of intellectual capital residual benefit rights on financial performance in a static environment and the impact of intellectual capital on financial performance in a dynamic environment, especially through case study methods, it deeply explores the rules for obtaining residual benefit rights in enterprise internal activities, thus innovatively exploring the specific path of the influence of the residual income right of intellectual capital on financial performance from the perspective of dynamic and static, and closes the constraint of the single static perspective of the traditional contract theory.
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