Abstract:

Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2009 to 2019 as samples, this paper theoretically analyzes and empirically studies the impact of the exit threats of the non-controlling major shareholders on the innovation efficiency of companies. The results of the study are as follows: (1)The exit threats of non-controlling major shareholders improve the innovation efficiency of enterprises; (2)Further research shows that information transparency and financing constraints have significant mediating effects on the innovation efficiency due to the exit threats of non-controlling major shareholders. It is also found that the impact of the exit threats of the non-controlling major shareholders on the innovation efficiency of the enterprise is more significant in private enterprises and industrial enterprises. Besides, the higher the degree of marketization in the location of the enterprise, the greater the price sensitivity of the management and the controlling shareholders, the more significant the impact of the exit threats of the non-controlling major shareholders on the innovation efficiency of the enterprise; (3)The exit threats of the non-controlling major shareholders improve the enterprise value by improving the innovation efficiency.

Key words: Non-controlling Large Shareholders, Exit Threats, Innovation Efficiency

摘要：

以2009—2019年沪深两市A股上市公司为样本,理论分析并实证研究了非控股大股东退出威胁对企业创新效率的影响。研究发现:非控股大股东退出威胁提升了企业创新效率;进一步研究表明,信息透明度和融资约束是非控股大股东退出威胁影响创新效率的中介机制,且当企业为非国企或工业企业、企业所在地市场化程度越高、管理层和控股股东对股价越敏感时,非控股大股东退出威胁对创新效率促进作用越明显;非控股大股东退出威胁通过提升创新效率提高了企业价值。

关键词: 非控股大股东, 退出威胁, 创新效率