股东多样性对衍生企业绩效的影响机制研究———研发投入的中介作用

科学学研究 ›› 2021, Vol. 39 ›› Issue (11): 2005-2012.

股东多样性对衍生企业绩效的影响机制研究———研发投入的中介作用

丁雪辰¹,柳卸林²

1. 中国科学院大学人文学院
2. 中国科学院大学经济与管理学院

收稿日期:2020-08-22 修回日期:2021-02-26 出版日期:2021-11-15 发布日期:2021-11-15
通讯作者: 柳卸林
基金资助:
高新技术产业突破性创新的形成机制与模式研究;中国企业的原始创新：动力、机制与模式

Research on the Influence Mechanism of the Shareholder Diversity on Performance of Spin-offs—the Mediation Role of R&D Investment

Received:2020-08-22 Revised:2021-02-26 Online:2021-11-15 Published:2021-11-15

摘要/Abstract

摘要： 学术创业对于国家的技术进步、创新能力提升和区域经济发展都有着非常重要的影响，大学/科研院所衍生企业是学术创业的重要形式之一，也是促进科技成果转化的重要途径之一。近年来衍生企业相关研究逐渐兴起，成为学术界和产业界关注的热点话题。文章基于中国科学院及其各研究院所358家衍生企业2008-2017年的面板数据，采用固定效应模型，从资源基础理论和代理理论出发，探究了学术衍生企业的股东特征对衍生企业绩效的影响机制。结果发现，衍生企业的股东多样性对企业的专利产出和财务绩效均有显著的促进作用，研发投入在股东多样性与企业绩效中间起中介作用，股东多样性水平越高，对企业研发投入和企业绩效的促进作用越强。

Abstract: Academic entrepreneurship has a very important impact on the country’s technological progress, the improvement of innovation capability and regional economic development. University or research institute spin-offs are one of the important forms of academic entrepreneurship and the key way to promote the transformation of scientific and technological achievements. Related research has been a hot topic in recent years and received attentions from academics and industries. Based on the panel data of 358 spin-off firms from 2008-2017 of the institutes in Chinese Academy of Sciences, this article uses fixed-effect model and explores the mechanism of how shareholder diversity of spin-off enterprises affect spin-offs’ performance from the perspective of knowledge-based view and agency theory. The results found that the shareholder diversity of spin-offs has a significant role in promoting spin-offs’ patent output and financial performance. R&D investment plays a mediating role between shareholder diversity and firm performance. When the shareholder diversity is higher, spin-offs tends to have higher R&D investment and performance.

丁雪辰柳卸林. 股东多样性对衍生企业绩效的影响机制研究———研发投入的中介作用[J]. 科学学研究, 2021, 39(11): 2005-2012.

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