CAJ | 학술논문

从股权集中度对企业内外部创新承诺影响的角度出发,探讨了在大股东控制和股权分散的情况下,企业的内外部承诺和创新方式之间的关系.研究得出了股权分散企业在资本市场上获得交易型主导的承诺,大股东控制企业在资本市场上获得关系型主导的承诺,而当外部承诺以交易型为主导时,对企业进行突变创新更有利,以关系型为主导时,对企业进行渐进创新更有利等一些结论,一定程度上揭示了股权集中度与渐进创新和突变创新之间的内在联系.
종고권집중도대기업내외부창신승낙영향적각도출발,탐토료재대고동공제화고권분산적정황하,기업적내외부승낙화창신방식지간적관계.연구득출료고권분산기업재자본시장상획득교역형주도적승낙,대고동공제기업재자본시장상획득관계형주도적승낙,이당외부승낙이교역형위주도시,대기업진행돌변창신경유리,이관계형위주도시,대기업진행점진창신경유리등일사결론,일정정도상게시료고권집중도여점진창신화돌변창신지간적내재련계.
This paper discusses the relation between ownership concentration, internal and external commitment to innovation and innovation. We find in the capital market, dispersed shareholding enterprises gets the transaction-oriented commitment to innovation, while large shareholder control enterprises gets the relations-oriented commitment to innovation. When external commitment is led by transaction-oriented commitment, the radical innovation will be more favorable. And when external commitment is led by relations-oriented commitment, the radical innovation will be more favorable, and so on. To some extent, we revealed the relation between radical innovation and increment innovation.