两权分离度与企业技术创新实证研究——兼论产权性质与业绩偏离的调节效应

基于利益收敛理论及资源依赖理论，以 2010-2015 年中国 A 股制造业上市公司为对象实 证检验两权分离度对技术创新的影响。实证结果表明，企业技术创新随着控股股东两权分离程度 的提高而减少;民营企业属性增强终极股东两权分离和企业技术创新间的负相关关系。此外，历 史业绩偏离对民营企业属性强化两权分离度与企业技术创新之间负相关关系没有显著的影响，行 业业绩偏离度越高，民营企业属性对终极股东两权分离与技术创新关系的负向作用越强。

Empirical Study on the Relationship between Control-Ownership Divergence and Corporate Technological Innovation:Moderating Effect of Property Rights and Deviation of Firm Performance Effect

Based on the theory of benefit convergence and the theory of resource dependence, this paper empirically tests the impact of separation of ownership and control on enterprise innovation with A listed manufacturing companies in China from 2010-2015. The empirical results show that the higher the separation rate is, the less technology innovation is. Further analysis shows that the property of the private enterprise enhances the negative correlation between separation degree and technological innovation. In addition, the context of historical performance deviation has no signi cant impact on the property of private enterprise attributing to strengthen the negative relationship between powers separation and the technological innovation; The higher the deviation of industry performance is, the stronger negative effect of the private attribute on the relationship between the rights separation and the technological innovation is.