企业持续创新影响因素研究

使用持续专利时间、持续专利数量、持续发明时间和持续发明数量对企业持续创新进行测度，就公司规模、企业盈利能力、债权融资水平、股权结构和高管激励等对企业持续创新的影响进行理论分析，提出相关假设，并以国泰安“中国上市公司专利研究数据库”1985-2015年涉及的1 921家上市公司为样本进行实证检验。结果发现：公司规模与企业持续创新正相关；盈利能力和债权融资水平对企业持续创新的影响不显著；股权结构中，第一大股东持股比例与持续专利时间、持续发明时间负相关，对持续专利数量和持续发明数量的影响不显著。机构投资者持股比例与企业持续专利时间正相关，对其它持续创新变量的正向影响不显著；在高管激励中，以薪酬测度的高管短期激励与企业持续创新正相关，以持股比例测度的高管长期激励对企业持续创新的积极作用没有得到完全发挥。

Research on the Influencing Factors of Enterprise's Continuous Innovation

Use continuous patent time, continuous patent number, continuous invention time and continuous invention number as the measurement of continuous innovation. Based on the theoretical analysis of the impact of firm size, firm profitability, debt financing, equity structure and executive's incentive on enterprise's continuous innovation, it puts forward relevant assumptions, does empirical test taking "Chinese listed companies patent research database" in CSMAR from 1985 to 2015 as sample. The results show that firm size is positively related with continuous innovation. Firm profitability and debt financing have no significant influence on continuous innovation. As for ownership structure, the proportion of the first shareholder is negatively related with continuous patent time and continuous invention time, while it has no significant influence on continuous patent number or continuous invention number. The proportion of institutional investors is positively related with continuous patent time, but the impact is not significant as to other dependent variables. Executive's short-term incentive is positively related with continuous innovation which is measured by annual compensation, while executive's long-term incentive's positive impact on continuous innovation which is measure by shareholding ratio is not brought into play completely. This study has important theoretical and practical significance on how to guide enterprises to continuous innovation, and explore different paths and patterns which are conducive to continuous innovation.