股权制衡度对企业创新投入的影响

The Influence of Equity Checks and Balances on Enterprise Innovation Investment

摘要: 本文以2013~2018年的A股上司公司为研究样本，采用面板数据固定效应模型研究了股权制衡度与企业创新投入之间的关系及在不同产权性质下这种关系的差异。实证结果表明：1) 股权制衡度与企业创新投入呈正相关关系，股权制衡度越高，企业创新投入越多；2) 在产权性质为非国有企业时，其实证结果与全样本结果一致，即股权制衡度越高，企业创新投入越多。

Abstract: This paper takes A-share superior companies from 2013 to 2018 as research samples and uses panel data fixed effect model to study the relationship between equity balance degree and innovation input of enterprises and the differences of this relationship under different property rights. The empirical results show that: 1) there is a positive correlation between equity balance degree and innovation input. The higher equity balance degree, the more innovation input; 2) for non- state-owned enterprises with property rights, the empirical results are consistent with the results of the whole sample, that is, the higher the degree of equity checks and balances, the more enterprises invest in innovation.