独特公司治理机制对企业创新的影响——来自互联网公司双层股权制的全球证据
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| Title | The Impact of Unique Corporate Governance Mechanisms on Corporate Innovation
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| 作者 | 石晓军 王骜然 |
| Author | Shi Xiaojun and Wang Aoran |
| 作者单位 | 中国人民大学财政金融学院 |
| Organization | School of Finance, Renmin University of China, Beijing |
| 作者Email | sxjstein@126.com |
| 中文关键词 | 双层股权结构 创新 互联网企业 公司治理 |
| Key Words | Dual-class Structure; Innovation; Internet Firm; Corporate Governance |
| 内容提要 | 双层股权制度在现代新兴高科技企业中的使用率持续上升。对这种新兴公司治理机制的研究，以往主要集中在它引发的委托代理问题上，而关于它对创新的影响的研究尚是一个缺口。本文通过引入短期业绩敏感性拓展了Chemmanur-Jiao模型，对此问题做出了理论分析，并以BvD-Osiris全球上市公司数据库中2004-2013年全球互联网上市公司为样本对模型分析的结果进行了实证检验。研究发现，在全球意义上，双股制对企业创新有显著的促进作用，这一作用在使用倾向得分匹配法及Heckman两阶段模型对样本选择问题进行处理后更为显著且影响更大。同时，双股制的创新促进作用还取决于外部投资者的短期业绩敏感性，这在新兴国家与发达国家有显著差异。在外部制衡机制不完善的新兴市场中，采用双股制而且创始人任CEO或董事长反而会减少创新投入。进一步的实验设计的证据表明，中国目前采用双层股权制度的条件还不成熟。 |
| Abstract | Dual-class Structure is increasingly used in emerging high-tech firms. Existing literature on this emerging corporate governance mechanism mainly focuses on principal-agent problems caused by it. While, its impact on innovation is rarely studied. This paper theoretically analyses this impact by introducing short-term performance sensitivity into Chemmanur-Jiao model and empirically tests the theoretical findings using the data of global public-listed Internet firms. This paper finds that, in the global picture, dual-class structure can significantly spur corporate innovation. This impact is more economically and statistically significant after solving the selection problems through Prospensity Score Method and Heckman Selection Model. This paper also finds that dual-class structure’s impact on innovation depends on the short-term performance sensitivity of outside investors, which is significantly different in emerging countries and developed countries. In emerging markets where external governance mechanisms are still underdeveloped, dual-class structure combined with founder CEO or chairman would impede innovation investment. Further evidence suggests that China has not prepared enough for introducing dual-class structure yet. |
| 文章编号 | WP1169 |
| 登载时间 | 2017-03-17 |
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