CAJ | 학술논문

以公司治理困境为切入点，讨论如何配置公司股权结构既能发挥股东的支持行为，又能增强经理人的主动性，最终促进企业自主创新行为。整合代理理论与行为动机理论，引入经理人创新动力作为中介变量，并将市场竞争程度和创新空间作为调节变量加入模型，探讨股权集中度对自主创新行为的作用路径，利用182家企业的调研数据进行模型检验。研究结果表明，股权集中度与经理人创新动力、自主创新行为之间都存在倒U形关系，股权集中度通过经理人创新动力间接影响自主创新行为，创新空间正向调节经理人创新动力与自主创新行为间的关系，且这一调节效应不影响经理人创新动力中介作用的发挥，市场竞争程度的调节作用并不显著。
이공사치리곤경위절입점，토론여하배치공사고권결구기능발휘고동적지지행위，우능증강경리인적주동성，최종촉진기업자주창신행위。정합대리이론여행위동궤이론，인입경리인창신동력작위중개변량，병장시장경쟁정도화창신공간작위조절변량가입모형，탐토고권집중도대자주창신행위적작용로경，이용182가기업적조연수거진행모형검험。연구결과표명，고권집중도여경리인창신동력、자주창신행위지간도존재도U형관계，고권집중도통과경리인창신동력간접영향자주창신행위，창신공간정향조절경리인창신동력여자주창신행위간적관계，차저일조절효응불영향경리인창신동력중개작용적발휘，시장경쟁정도적조절작용병불현저。
Extant study exploring how corporate governance influences innovation mainly focuses on the perspective of owners ormanagers in an agent relationship, which may yield governance dilemma paid inadequate attention to previously .Thus, there existsa necessity to explore how to configure corporate ownership structure to stimulate owner ′s incentive effect as well as enhancemanager′s initiative so as to further facilitate corporation indigenous innovation behavior .Accordingly, it is deserved in-depth analysisof the internal influence mechanism of ownership concentration regarding managers as the breakthrough point .Inspired bythe aforementioned discussions, integrating agency theory, behavior-motivation theory, and innovation theory, this paper introducesmanager′s innovation motivation as mediating variable to link ownership concentration and corporation indigenous innova -tion behavior.Meanwhile, as it is held better to match inside enterprise environmental factors with the outside ones , this studyfurther introduces market competition and innovation space to analyze the moderated effect in the relationship of manager ′s innovationmotivation and corporation indigenous innovation behavior .Subsequently, using the data from 182 samples of companies in China, we adopt hierarchical regression analysis to examinethese relationships.Our findings indicate that： ①there is an inverted-U shape relationship between ownership concentration andmanager′s innovation motivation, corporation indigenous innovation behavior .②manager′s innovation motivation mediates theeffect of ownership concentration on corporation indigenous innovation behavior .③innovation space strengthens the positive effectof manager′s innovation motivation on corporation indigenous innovation behavior , while the moderation effect of market competi -tion is insignificant.Specifically, the mediation effect of manager′s innovation motivation has its robustness against the modera -tion effect of innovation space.Our study contributes to prior literature as follows .Firstly, we add to agency literature by integrating behavior -motivationtheory and innovation theory and shed some light on the issue of corporate governance dilemma .Our research attempts to providefurther insights into how to configure ownership structure to align corporation indigenous innovation behavior of owners with man -agers.Secondly, we also advance theoretical and empirical knowledge of corporate governance by focusing on both owners andmanagers in the agent relationship.We explain that managers align with owners via the mediating function to facilitate corporationindigenous innovation behavior.Thirdly, we also add to the innovation literature by investigating that the impact of manager ′s innovationmotivation on corporation indigenous innovation behavior differs according to innovation space context .Specifically, weidentify that the mediation effect of manager ′s innovation motivation is not influenced by the moderation effect of innovationspace, which offers a new understanding on how manager ′s innovation motivation encourages corporation indigenous innovationbehavior.It is concluded that we provide new insights and contribute to how to develop indigenous innovation behavior under thecontext of the strategy of innovation-driven development at national level .And manager′s innovation motivation acts as a bridgebetween corporate governance and corporation indigenous innovation .