行业周期视角下企业创新能力影响因素综合研究——来自中国制造业上市公司的经验证据
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- 英文论文题名：A Comprehensive Study on Influencing Factors of the Enterprise Innovation Ability from the Perspective of the Industry Life Cycle——Empirical Evidence from Listed Corporations in China's Manufacturing Industry
- 论文作者：夏晖 ; 王梦楠 ; 曾勇
- 英文论文作者：XIA Hui ; WANG Meng-nan ; ZENG Yong ; School of Management and Economics ; University of Electronic Science and Technology of China
- 年：2016
- 作者机构：电子科技大学经济与管理学院;
- 论文关键词：行业周期 ; 企业创新能力 ; 结构方程模型
- 英文论文关键词：industry life cycle ; enterprise innovation ability ; structural equation model
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F273.1;F424;F832.51
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：7
- 文件大小：521k
- 原文格式：O
- 会议级别：全国
摘要
本文以中国制造业上市公司为研究对象,运用结构方程模型综合分析了不同行业周期下企业内部因素,即企业负债、高管激励、企业规模和股权结构对企业创新能力的影响和作用机制。研究结果表明:(1)对于成长型和衰退型行业的企业而言,高管激励和企业规模对企业创新能力有显著的正向影响,企业负债和股权结构对企业创新能力有显著的负向影响。(2)高管激励和企业规模对企业创新能力有显著的直接效应和间接效应,企业负债对企业创新能力只有显著的直接效应,股权结构对企业创新能力只有显著的间接效应。(3)对于成长型行业的企业,高管激励比股权结构对企业创新能力的影响程度更大,对于衰退型行业的企业,股权结构比高管激励对企业创新能力的影响程度更大。本文结论对于更好地理解企业创新行为以及提升企业创新能力有重要的参考价值。
This paper studies listed companies in manufacturing industry under the industry life cycle using the structural equation model.The effect of the industry life cycle and firms' internal factors including debt,executive incentives,firm size and ownership structure on enterprise innovation ability and the mechanism are analyzed comprehensively.Results show that:(1)For enterprises in growing and declining industries,executive incentives and firm size have significantly positive effects on enterprise innovation ability,while the corporate debt and ownership structure have significantly negative effects.(2)Executive incentives and firm size have significantly direct and indirect effects,while debt only has significantly direct effects and the ownership structure only has significant indirect effects.(3)Executive incentives are more crucial to the innovation ability than the ownership structure for firms in growing industries;However in declining ones,the situation is the opposite.Conclusions have important reference value for a better understanding of innovation behavior and promotion of the enterprise innovation ability.
This paper studies listed companies in manufacturing industry under the industry life cycle using the structural equation model.The effect of the industry life cycle and firms' internal factors including debt,executive incentives,firm size and ownership structure on enterprise innovation ability and the mechanism are analyzed comprehensively.Results show that:(1)For enterprises in growing and declining industries,executive incentives and firm size have significantly positive effects on enterprise innovation ability,while the corporate debt and ownership structure have significantly negative effects.(2)Executive incentives and firm size have significantly direct and indirect effects,while debt only has significantly direct effects and the ownership structure only has significant indirect effects.(3)Executive incentives are more crucial to the innovation ability than the ownership structure for firms in growing industries;However in declining ones,the situation is the opposite.Conclusions have important reference value for a better understanding of innovation behavior and promotion of the enterprise innovation ability.
引文
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[4]周艳菊,邹飞,王宗润.盈利能力、技术创新能力与企业负债——基于高新技术企业的实证分析[J].科研管理,2014,35(1):48-57.
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[10]赵洪江,陈学华,夏晖.公司自主创新投人与治理结构特征实证研究[J].中国软科学,2008,(7):145-149.
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[12]周方召,符建华,仲深.外部融资、企业规模与上市公司技术创新[J].科研管理,2014,35(3):116-122.
[13]杨慧军,杨建君.股权集中度、经理人激励与技术创新选择[J].科研管理,2015,36,(4):48-55.
[14]Ortega-Argiles R,Moreno R,Caralt J S.Ownership structure and innovation:Is there a real link[J].Annals of Regional Science,2004,39(4):637-662.
[15]Volpin P F.Governancewith poor investor protection:Evidence from top executive turnover in Italy[J].Journal of Financial Economics,2002,65(1):61-90.
[16]杨建君,王婷,刘林波.股权集中度与企业自主创新行为:基于行为动机视角[J].管理科学,2015,(2):1-1I.
[17]Tavassoli S.Innovation determinants over industry life cycle[J].Technological Forecasting and Social Change,2015,91(2):18-32.
[18]袁媛.管理层激励对资本结构的影响的探讨[D].南昌:江西财经大学,2015.
[19]刘志彪,姜付秀,卢二坡.企业负债与产品市场竞争强度[J].经济研究,2003,(7):60-67.
[20]何炜,王孟怡.上市公司管理层股权激励的决定因素研究[J].财务与金融,2011,(2):46-49.
[21]阮素梅,杨善林,张莉.公司治理与企业负债对上市公司价值创造能力综合影响的实证研究[J].中国管理科学,2015,23(5):168-176.
[22]魏良益,赵君,肖洪安.企业绩效、股权结构对上市公司规模影响的实证研究——以我国部分制造行业上市公司为例[J].软科学,2005,19(3):37-40.
[23]Kroll M,Le S A.The impact of board composition and top management team ownership structure on post-ipo performance in young entrepreneurial firms[J].Academy of Management Journal,2007,50(5):198-216.
[24]Gort M,Klepper S.Timepaths in the diffusion of product innovations[J].Economic Journal,1982,92(367);630-653.
[25]Acs Z J,Audretsch D B.Innovation,market structure and firm size[J].The Review of Economics and Statistics,1987,69(4):567-574.
[26]吴延兵.创新的决定因素——基于中国制造业的实证研究[J].世界经济文汇,2008,(2):46-58.
[27]Ferreira D.Manso G,Silva A C.Incentives to innovate and the decision to go public or private[J].Review of Financial Studies,2014,27(1):256-300.
[2]张家伟.创新与产业组织演进:产业生命周期理论综述[J].产业经济研究,2007,(5):74-78.
[3]花磊,王文平.产业生命周期不同阶段的最优集体创新网络结构[J].中国管理科学,2013,21(5):129-140.
[4]周艳菊,邹飞,王宗润.盈利能力、技术创新能力与企业负债——基于高新技术企业的实证分析[J].科研管理,2014,35(1):48-57.
[5]Bhagat S.Welch 1.Corporate research and development investments:International comparisons[J].Journal of Accounting and Economics,1995,19(2):443-470.
[6]Aghion P,Bond S,Klemm A,et al.Technology and financial structure:Are innovative firms different[J].Journal of the European Economic Association,2004,2(2-3):277-288.
[7]Wiseman R M,Gomez-Mejia L R.A behavioral agency model of managerial risk taking[J].Academy of Management Review,1998,23(1):133-153.
[8]Baranchuk N.Kieschnick R.Moussawi R.Motivating innovation in newly public firms[J].Journal of Financial Economics,2014,111(3):578-588.
[9]Oerlemans L.Determinants of innovation[J].Research Policy,1998,27(3):155-162.
[10]赵洪江,陈学华,夏晖.公司自主创新投人与治理结构特征实证研究[J].中国软科学,2008,(7):145-149.
[11]Scherer F M.Size of firm,oligopoly,and research:A comment[J].Canadian Journal of Economics and Political Science,1965,31(2),256-266.
[12]周方召,符建华,仲深.外部融资、企业规模与上市公司技术创新[J].科研管理,2014,35(3):116-122.
[13]杨慧军,杨建君.股权集中度、经理人激励与技术创新选择[J].科研管理,2015,36,(4):48-55.
[14]Ortega-Argiles R,Moreno R,Caralt J S.Ownership structure and innovation:Is there a real link[J].Annals of Regional Science,2004,39(4):637-662.
[15]Volpin P F.Governancewith poor investor protection:Evidence from top executive turnover in Italy[J].Journal of Financial Economics,2002,65(1):61-90.
[16]杨建君,王婷,刘林波.股权集中度与企业自主创新行为:基于行为动机视角[J].管理科学,2015,(2):1-1I.
[17]Tavassoli S.Innovation determinants over industry life cycle[J].Technological Forecasting and Social Change,2015,91(2):18-32.
[18]袁媛.管理层激励对资本结构的影响的探讨[D].南昌:江西财经大学,2015.
[19]刘志彪,姜付秀,卢二坡.企业负债与产品市场竞争强度[J].经济研究,2003,(7):60-67.
[20]何炜,王孟怡.上市公司管理层股权激励的决定因素研究[J].财务与金融,2011,(2):46-49.
[21]阮素梅,杨善林,张莉.公司治理与企业负债对上市公司价值创造能力综合影响的实证研究[J].中国管理科学,2015,23(5):168-176.
[22]魏良益,赵君,肖洪安.企业绩效、股权结构对上市公司规模影响的实证研究——以我国部分制造行业上市公司为例[J].软科学,2005,19(3):37-40.
[23]Kroll M,Le S A.The impact of board composition and top management team ownership structure on post-ipo performance in young entrepreneurial firms[J].Academy of Management Journal,2007,50(5):198-216.
[24]Gort M,Klepper S.Timepaths in the diffusion of product innovations[J].Economic Journal,1982,92(367);630-653.
[25]Acs Z J,Audretsch D B.Innovation,market structure and firm size[J].The Review of Economics and Statistics,1987,69(4):567-574.
[26]吴延兵.创新的决定因素——基于中国制造业的实证研究[J].世界经济文汇,2008,(2):46-58.
[27]Ferreira D.Manso G,Silva A C.Incentives to innovate and the decision to go public or private[J].Review of Financial Studies,2014,27(1):256-300.