控制权私有收益对企业双元创新平衡影响研究:公司治理的调节作用

作为公司治理研究主题之一的控制权私有收益对企业的双元创新平衡有着重要影响。利用深圳证券交易所2008-2014年民营上市高新技术企业的数据，探讨了控制权私有收益对企业双元创新平衡的影响以及公司治理的调节作用。研究结果显示：控制权私有收益越大，企业的双元创新平衡越差；公司治理将弱化控制权私有收益与双元创新平衡之间的负向作用。

The Effect of Private Benefits of Control on the Balance of Ambidextrous Innovation: the Adjustment of the behavior Corporate Governance

As one of the subjects of corporate governance, The private benefits of control have important influence on the balance of ambidextrous innovation. Taking private listed high-tech enterprises in Shenzhen Stock Exchange from 2008 to 2014 as samples, this paper analyzes the impact of private benefits of control on the balance of ambidextrous innovation. The corporate governance plays a significant moderating role. This study finds out that private benefits of control has a negative significant effect on balance of ambidextrous innovation. female executives participation has a stronger impact on R&D investment. Corporate governance will weaken the negative effect of private benefits of control and the balance of ambidextrous innovation.