工业4.0驱动:基于制造企业智能化的股权结构实证研究

从投资者结构角度研究企业层面工业智能化的驱动力,用委托代理理论分析股权结构对企业智能化投资的影响。以中国制造业上市公司为研究样本,实证检验股权结构对企业智能化投资的关系。研究结果表明,从股权集中角度看,一定的股权制衡很有必要,一股独大不利于企业智能化投资;从企业性质看,公有企业更愿意进行智能化投资,个人私有的第一大股东不太愿意进行智能化投资;从激励角度看,高管薪酬与智能化投资之间的关系不明确,说明目前的薪酬激励制度不够合理;从地区文化角度看,越是发达的地区企业越容易接受智能化投资。

Industry 4.0 Drive:Empirical Research on Ownership Structure in manufacturing enterprise Intellectualized

We research driving force of industrial intellectualized in an enterprise level from an investor point of view the structure, and analyze the impact of ownership structure on corporate investments on industrial intellectualized with the principal-agent theory. It researches empirically the relationship of ownership structure on business intelligence investment with the samples of Listed Companies in China. According to the empirical results, certain Shareholders perspective is necessary because the dominance is not conducive to business intelligence investment from ownership concentration; public companies are more willing to invest intelligently, the largest shareholder of a private individual is not willing to invest intelligently from the nature of enterprises; the relationship between executive compensation and intelligent investment is not clear, indicating that the current incentive compensation system is not reasonable from the perspective of executives' incentives; the more developed areas more receptive to business intelligence investment from a regional cultural perspective.