集权式股权结构会影响信息技术企业创新吗——非执行董事的中介效应

中国企业普遍具有高股权集中度。基于双重委托代理理论，以Osiris和CSMAR数据库中国信息技术类全球上市公司为样本，研究不同集权式股权结构对企业创新的差异化影响，以及非执行董事在二者关系中的作用机制。结果显示，绝对集权式股权结构更易形成控股股东的“支持效应”和大股东间“同舟共济”，体现为保守的创新投入和较高的创新产出；相对集权式股权结构更易形成控股股东的“掏空效应”和大股东间“同床异梦”，体现为较高的创新投入和较低的产出。基于中介效应机制的研究表明，非执行董事对创新投入的决策效应不显著，但对创新产出的“监督效应”显著，且非执行董事具有显著中介效应。进一步分析表明，两职分离能够抑制相对集权式企业控股股东的“掏空”行为；家族企业在相对集权式股权结构下的“掏空效应”和“同床异梦”更明显。     

增强非公有制企业的技术创新能力

湖南非公有制企业技术创新能力较弱。主要成因是技术创新动力不足、资金缺乏、人才匮乏、环境欠优等。要从拓宽融资渠道、完善财税政策、创新用人机制、加大对知识产权保护力度等方面来提高非公有制企业技术创新能力。     

Insider ownership, ownership concentration and investment performance: An international comparison

This article makes two important contributions to the literature on the incentive effects of insider ownership. First, it presents a clean method for separating the positive wealth effect of insider ownership from the negative entrenchment effect, which can be applied to samples of companies from the US and any other country. Second, it measures the effects of insider ownership using a measure of firm performance, namely a marginal q, which ensures that the causal relationship estimated runs from ownership to performance. The article applies this method to a large sample of publicly listed firms from the Anglo-Saxon and Civil law traditions and confirms that managerial entrenchment has an unambiguous negative effect on firm performance as measured by both Tobin's (average) q and our marginal q, and that the wealth effect of insider ownership is unambiguously positive for both measures. We also test for the effects of ownership concentration for other categories of owners and find that while institutional ownership improves the performance in the USA, financial institutions have a negative impact in other Anglo-Saxon countries and in Europe.     

环境支持还是企业迎合:高管持股、企业研发投入与省际创新强度

在转轨经济国家中,制度环境究竟会对高管持股与企业研发投入的关系产生何种影响一直存在争议。从环境支持和企业迎合两个视角出发,分析企业所处的外在环境及其开展研发活动的动机等对上述关系的影响。研究发现,外在环境的创新氛围对高管持股与企业研发投入之间的关系具有显著正向调节作用,企业为满足政府政策导向而采取的迎合行为也强化了上述关系,这两者同时作用于高管持股与企业研发投入的关系,但两者相比,创新氛围的影响更为重要。进一步揭示了高管持股与企业研发投入之间的逻辑黑箱,为今后的理论研究与政策设计提供了必要支持。     

技术创新对股权结构与企业绩效的中介效应

基于2013-2017年我国277家创业板上市制造业企业数据,采用中介效应检验方法分析股权结构、技术创新与企业绩效三者间的相互关系。结果表明：①第一大股东持股比例与技术创新、企业绩效间均呈显著正相关关系;②股权集中度与技术创新、企业绩效间均呈显著正相关关系;③在股权适度集中的基础上,股权制衡度与技术创新和企业绩效均呈显著正相关关系;④技术创新部分中介了股权结构对企业绩效的影响。研究结果有助于厘清股权结构、技术创新与企业绩效三者间的相互关系,对于我国企业自主创新能力提升及企业绩效可持续增长具有重要意义。     

科技人才组织领地行为如何影响其离职意向

基于资源保存理论视角,以科技人才为研究对象,关注其组织领地行为对离职意向的影响机制,并探究心理所有权的中介作用、婚姻的调节作用以及婚姻与心理所有权共同产生的被调节的中介作用。建立基于科技人才婚姻情况与心理所有权的被调节的中介作用模型,运用问卷调查方法收集全国各地高新技术企业、高等院校、科研院所等科技人才共411份有效问卷,展开实证分析。结果表明：不考虑婚姻的调节作用时,科技人才组织领地行为对离职意向的直接影响不显著,心理所有权对这种直接影响也无中介作用;考虑到婚姻的调节作用,未婚群体的组织领地行为越强,离职意向越强烈;在被调节的中介作用模型中,婚姻状况在心理所有权对组织领地行为与离职意向间的中介作用起到了调节作用,具体表现为未婚群体组织领地行为通过组织心理所有权的部分中介作用负向影响离职意向,通过直接影响机制正向影响离职意向。     

健康物联网技术应用伦理难题研究

健康物联网（H-IoT）技术进步带来医疗健康等领域的革命性变化,并为医疗、保健、护理和科学研究带来新机遇。由于互联网设备的固有风险、健康数据的敏感性以及医疗保健服务形式的转变,H-IoT技术应用将带来一系列伦理难题,具体包括：加剧个人信息泄露风险、H-IoT数据所有权与有效性的冲突、数据主体自主权与数据共享的冲突,以及由H-IoT介导护理产生的用户社会孤立化、医疗去情景化以及护理非专业化等。以国际代表性研究成果的理论框架为参考,从设备、数据协议、实践等层面分析未来需重点解决的H-IoT技术进步与应用伦理难题。     

权力平等分配是否有利于家族代理效率提升——家族控制、内部股权集中度与代理效率研究

家族企业的两类代理问题是家族企业区别于其他类型企业的特色之一。文章以深市上市家族企业为研究对象,对家族控制权与代理效率之间的关系,以及股权在家族成员之间的配置中的调节作用进行了实证研究。结果表明,控制性家族对企业控制权的增强有助于提高代理效率。内部股权集中度对家族控制权与代理效率之间的关系起到了显著正向调节作用,这表明家族控制权在内部权力分配集中的阶段对代理效率的贡献更强;另一方面也说明家族内部权力分配的不平等性并不一定会损害家族企业的治理效率,对于家族控制权更高的企业,适度的权力集中分配会对家族企业的发展提供有效的支持。     

The relationship between ownership and possession: observations from the context of digital virtual goods

This theoretical article highlights limitations in the current trend towards dichotomising full ownership and access-based consumption by recognising a broader, more complex array of ‘fragmented’ ownership configurations in the context of digital virtual goods (DVGs). In challenging this dichotomy, we recognise that the relationship between ownership and possession becomes particularly significant. We therefore consider how prominent DVG ownership configurations may shape the way in which possession is assembled, potentially reducing consumers’ scope of action relative to DVGs and leaving possession susceptible to disruption. Conversely, we acknowledge ways in which consumers’ continued attempts at possession may impinge upon the agency of ownership mechanisms within the market. Our analysis ultimately builds upon existing understandings of both ownership and possession, theorising their often overlooked relation in consumption.     

Entrenched management,capital structure changes and firm value

The relationship between managerial share ownership and the firm’s change in leverage around a security issuance is examined. We find that entrenched managers are not more likely to issue equity, however they do affect lower leverage by choosing debt issuances which are smaller and equity issuances that are larger than those chosen by managers that are not entrenched. The magnitude of the decline in leverage that occurs from before the issuance to after the issuance is positively related to managerial share ownership. In addition, this relationship is confined to only the “entrenchment” range of managerial share ownership. The market reacts negatively to an issuance announcement when managerial share ownership is high.