摘要
基于银行股权关联和高管权力影响创新的理论阐释,我们实证考察了银行股权关联、高管权力对创新的影响以及二者的共同作用。检验结果表明:银行股权关联与高管权力都能促进企业创新,并且促进效应在国企与民企中具有显著差异,在民企中促进效应更强。同时,银行股权关联的促进效应存在被高管权力异化的现象,高管权力越犬,异化现象越明显。
Based on the theory of bank equity connection and manager power influence innovation, this paper investi- gates the effects of bank equity connection and manager power on innovation and the effect of regulation. The result shows that： as a whole, bank equity connection and manager power will both promote enterprise innovation, but there is some significant difference in the state-owned enterprises and private companies, the latter is stronger. In the same time, facilitating effect is existed by manager power. It embodied in the following aspects. On the one hand, the coeffi- cient is not significant of bank equity connection and manager power cross variables. On the other hand, effects of bank equity connection on enterprise innovation are not obvious on the packet inspection of higher manager power.
作者
蒋艳
夏云峰
醋卫华
雷丽彩
Jiang Yan1 Xia Yunfeng2 Chu Weihua3 Lei Licai4
出处
《财经科学》
CSSCI
北大核心
2017年第2期25-37,共13页
Finance & Economics
基金
国家自然科学基金青年科学基金项目"我国大型工程决策的有限理性行为分析和决策管理机制研究"(71401150)
博士后基金项目"管理层股权激励与公司财务政策研究"(2013M542127)
"我国大型工程决策的理性与有限理性行为研究"(2013M540439)
湖南省社科基金项目"媒体报道偏差与股票价格波动研究"(13YBB207)
"CEO权力
政治资源与企业创新研究"(16YBQ061)
关键词
银行股权关联
高管权力
企业创新
Bank Equity Connection
Manager Power
Enterprise Innovation
