中小股东网络投票会促进企业创新吗

WILL ONLINE VOTING BY SMALLAND MEDIUM SHAREHOLDERS PROMOTE CORPORATE INNOVATION

曹锐

11930283

硕士

数学

赖舒芳

2021-05-19

2021-06-10

南方科技大学

深圳

随着时代和技术的进步，公司的治理结构也在不断向前发展，但仍存在一个比较突出的问题，就是中小股东作为公司数量最多的所有者，他们发挥的治理作用始终都被忽视，这也使得他们在和控股股东进行权力博弈时往往处于弱势地位，自身的利益得不到保护，因此相比进行高投入高风险的研发活动，大股东更愿意侵占中小股东的利益。而互联网和网络投票制度则改变了当前的现状，因此在新的公司治理环境下，应该重视对中小股东网络投票对企业创新的影响，本文使用多元线性回归和固定效应模型为主的数理统计方法对上述所讨论的关系进行了检验和估计。综上所述，本文选择中国A股上市企业对中小股东参与公司治理与企业创新之间的关系进行探讨，主要运用了数理统计和计量经济学的方法，即多元线性回归、固定效应模型及参数估计对上述关系进行统计学上的检验，经过描述性统计、相关性检验、方差膨胀系数等对两者的关系进行分析，进一步地，本文还添加了几个公司治理的调节变量。通过实证检验发现:中小股东网络投票的水平越高，公司研发投入水平越高；在内部治理环境较差的公司，中小股东网络投票对企业创新的提升作用越强。

With the advancement of the times and technology, the company’s governancestructure is also constantly moving forward, but there is still a moreprominent problem: small and medium shareholders, as the company with thelargest number of owners, have always been ignored in their governance role. Italso makes them often in a weak position in power games with controllingshareholders, and their own interests are not protected. Therefore, largeshareholders are more willing to encroach on the interests of small and mediumshareholders than conducting high-investment and high-risk R&D activities.The Internet and online voting systems have changed the current status quo.Therefore, under the new corporate governance environment, attention should bepaid to the influence of small and medium shareholders online voting oncorporate innovation. This article uses multiple linear regression andfixed-effects model-based mathematical statistical methods. The relationshipdiscussed above was tested and estimated.In summary, this articleselects Chinese A-share listed companies to discuss the relationship betweensmall and medium shareholders’ participation in corporate governance and corporateinnovation. It mainly uses mathematical statistics and econometrics methods,namely multiple linear regression, fixed effects models and parameters estimation.It is estimated that the above relationship will be tested statistically, andthe relationship between the two will be analyzed after descriptive statistics,correlation test, and variance expansion coefficient. Furthermore, this articlealso adds several regulatory variables of corporate governance. Throughempirical testing, it is found that:The higher the level of online voting by small andmedium shareholders, the higher the company's R&D investment; in a companywith a poor internal governance environment, the stronger the effect of onlinevoting by small and medium shareholders on corporate innovation.

企业创新 参数估计 固定效应模型 多元线性回归 中小股东

corporate innovation parameter estimation fixed effects model multiple linear regression small and medium shareholders

中文

独立培养

南方科技大学

曹锐. 中小股东网络投票会促进企业创新吗[D]. 深圳. 南方科技大学,2021.