CAJ | 학술논문

以管理层是否持股及持股结构差异为切入点，考察了管理层持股结构对企业创新投入、创新产出、创新效率的影响。研究结果表明：(1)与管理层未持股的企业相比，管理层持股的上市企业能够增加研发投入、获得更多创新产出并能显著提高创新效率；(2)管理层持股比例与企业技术创新活动呈现倒U型动态特征，随着管理层持股比例增加到一定范围，影响效应由激励效应转变为堑沟效应，同时企业终极控制人性质的不同与股权集中度的高低，会导致管理层持股与企业技术创新绩效的显著性差异。针对企业创新活动的周期性特质，采用的所有模型均考虑时滞或预期因素，检验结论成立。
이관리층시부지고급지고결구차이위절입점，고찰료관리층지고결구대기업창신투입、창신산출、창신효솔적영향。연구결과표명：(1)여관리층미지고적기업상비，관리층지고적상시기업능구증가연발투입、획득경다창신산출병능현저제고창신효솔；(2)관리층지고비례여기업기술창신활동정현도U형동태특정，수착관리층지고비례증가도일정범위，영향효응유격려효응전변위참구효응，동시기업종겁공제인성질적불동여고권집중도적고저，회도치관리층지고여기업기술창신적효적현저성차이。침대기업창신활동적주기성특질，채용적소유모형균고필시체혹예기인소，검험결론성립。
This paper examines the impact of managerial ownership structure on corporate innovation input, output and the efficiency of innovation from the perspective that whether or not executives hold stocks and the difference of shareholding ra-tio. Result shows that, firstly, compared with companies without managerial ownership, firms with managerial ownership show higher innovation input and output, and have significantly higher innovation efficiency;secondly, being different with previous researches, executive shareholding ratio and corporate innovation activities picture an inverted U-shaped curve. As the executive shareholding ratio increases to a certain range, incentive effects gradually change to entrenchment effects, al-so, the nature of ultimate controlling shareholders and ownership concentration has a significant impact on managerial share-holding and corporate innovation;thirdly, for the periodicity of corporate innovation activities, impacts of time lags and ex-pectational factors have already been taken into account in the models with the support form the test results.