CAJ | 학술논문

文章基于双重代理理论，以2007年中小企业板披露研发数据的86家上市公司为研究样本，对股权结构与企业技术创新动力关系进行实证研究。研究发现，在控制了其他因素的影响后：（1）股权集中度与技术创新动力有显著的正相关关系，而第一大股东持股与技术创新动力有负相关关系；（2）股权制衡与技术创新动力有负相关关系，即第二大股东持股不利于企业技术创新；（3）高管-股东代理削弱了股权结构对企业技术创新动力的影响。
문장기우쌍중대리이론，이2007년중소기업판피로연발수거적86가상시공사위연구양본，대고권결구여기업기술창신동력관계진행실증연구。연구발현，재공제료기타인소적영향후：（1）고권집중도여기술창신동력유현저적정상관관계，이제일대고동지고여기술창신동력유부상관관계；（2）고권제형여기술창신동력유부상관관계，즉제이대고동지고불리우기업기술창신；（3）고관-고동대리삭약료고권결구대기업기술창신동력적영향。
Based on double principal-agent theory, the paper uses a sample of 86 small and medium-sized listed companies that have disclosed R＆D expenditures in annual reports of 2007 and investigates the relation between corporate ownership structure and the dynamic of technical innovation. After controlling other factors＇ effects, we find that （i）concentration ownership has a significant positive effect on the dynamic of technical innovation, while the largest shareholder＇s share proportion has a negative effect on it; （ ii ）check-and-balance ownership＇s effect on the dynamic of technical innovation is negative too, which means the second shareholder＇s share proportion is bad to technical innovation; （ iii ）manager-shareholder＇s principal-agent moderate the relation between corporate ownership structure and the dynamic of technical innovation negatively.