股权集中度、债务约束与技术创新——基于战略性新兴产业上市公司的经验证据

利用回归模型方法,根据275家战略新兴产业上市公司的2011-2014年样本数据,构建面板计量模型,实证检验了股权集中度、债务约束对技术创新的影响,研究发现:股权集中度与企业技术创新能力呈显著的正相关,且债务水平对企业股权集中度与企业技术创新能力的影响具有一定的约束能力,具体表现在高债务水平下的企业股权集中度对企业技术创新能力的影响明显弱于低债务水平下的企业。债务水平与企业技术创新能力呈显著的负相关,且股权集中强度对企业股权集中度与企业技术创新的影响有一定的促进作用,具体表现在高股权集中度的企业债务水平对企业技术创新的约束能力要强于低股权集中度企业。

The Ownership Concentration Degree,Debt Constraints and Technological Innovation:Based on the Empirical Evidence of Strategic Emerging Industry Listing Corporation

Using the regression model method, according to 275 strategic emerging industries listed companies 2011-2014 sample data to construct econometric model to empirically test the ownership concentration degree, the influence of debt constraints on technology innovation, the study found that: ownership concentration degree and the enterprise technological innovation capability was positively correlated and debt level of enterprise ownership concentration degree and the enterprise technological innovation capability influence has certain constraints, specific performance in the high debt levels of enterprise ownership concentration on enterprise technology innovation capability influence significantly weaker in enterprises with low debt levels. Debt levels and enterprises technological innovation capability is significant negative correlation, and ownership concentration strength of enterprise ownership concentration degree and the enterprise technological innovation influence a certain role in promoting, the specific performance in the high ownership concentration degree of corporate debt level of enterprise technology innovation capacity constraints is stronger in lower ownership concentration degree, enterprise.