摘要
近年来,越来越多的国有企业通过出资入股的方式嵌入民营企业的改制与治理,使民营企业拥有了更有效的融资措施与创新方式。本文从管理者情绪的角度,以2010-2020年非ST上市公司为研究样本,讨论了国资介入与企业创新绩效的相互影响,并引入融资约束来解释两者的因果关联,同时采用两阶段最小二乘的实证方法解决模型的内生性问题。实证发现:国资介入与管理者情绪正相关,与企业创新绩效正相关;管理者情绪在国资介入与企业创新绩效之间表现出显著的传导机制;融资约束会负向调节国资介入对企业创新绩效的影响,并在二者间发挥显著的门槛效应。
In recent years,more and more state-owned enterprises have been embedded in the restructuring and governance of private enterprises by means of capital contribution,which has enabled the majority of private enterprises to have more effective financing measures and innovative ways.From the perspective of managers'emotions,this paper takes the relevant data of all non-ST listed companies from 2010 to 2020 as a research sample,discusses the interaction between state-owned capital intervention and corporate innovation performance,and introduces the moderating effect and threshold effect of financing constraints,and introduce financing constraints to explain the causal relationship.At the same time,it adopts the empirical method of two-stage least squares to solve the endogeneity problem of the model.The empirical findings show that:Managerial emotions have a significant transmission mechanism between state-owned capital intervention and corporate innovation performance.Financing constraints will negatively moderate the impact of state-owned capital intervention on corporate innovation performance,and play a more significant threshold effect between them.
作者
左祥太
ZUO Xiangtai(School of Accountancy,Wuhan Textile University,Wuhan,Hubei 430200)
出处
《上海立信会计金融学院学报》
2022年第3期108-119,共12页
Journal of Shanghai Lixin University of Accounting and Finance
基金
武汉纺织大学研究生创新基金项目(2015153010)。
关键词
国资介入
情绪词典
管理者情绪
创新绩效
融资约束
State capital involvement
Emotion lexicon
Managerial sentiment
Innovation performance
Financing constraints
