规模效应还是"硅谷悖论":我国科技衍生企业股权集中对创新的影响

Scale Effect or the “Silicon Valley Paradox”: Effect of Ownership Concentration on Innovation in Academic Spin-offs

摘要:

科技衍生企业从创生起就因与母体科研组织的关联关系而具有先天的创新优势。然而，随着规模壮大，外来资本进入，我国科技衍生企业的创新优势并未凸显，甚至不断爆出标杆企业陷入破产危机的案例。其中，公司治理问题导致创新不足被认为是重要因素。为此，以我国189家上市科技衍生企业为样本，探讨公司治理中股权集中对企业创新的影响。以创新投入和创新带来的竞争优势代表企业创新，用前五大股东持股比例之和代表企业股权集中度，运用Stata 15.0软件工具进行回归分析，结果表明：股权集中与企业创新存在显著正相关关系，且创新投入具有规模效应而非存在“硅谷悖论”现象，表明决策权力相对集中更有利于我国科技衍生企业创新；母体关联关系在其中发挥调节作用，但仍主要停留在创新投入层面。

Abstract:

Academic spin offs （ASOs） always get inherent innovation advantages once they were born due to the ties with their parent universities or scientific research organizations. However, with the expansion of scale and new capital investments, these advantages did not fully show up in Chinese ASOs. More particularly, some ASOs that used to be outstanding in China fall into bankruptcy crisis. In order to find out whether corporate governance is a key factor of insufficient innovation , this paper studies the impact of ownership concentration on innovation, taking samples of ASOs from 189 listed companies in China. Innovation is measured by both R&D input and competitive advantage from innovation, and ownership concentration is represented by the sum of the shareholding ratios of the top five shareholders. Regression analysis is conducted through Stata 15.0 software tool. Data shows that ownership concentration has significant positive effect on enterprise innovation, and innovation input has the scale effect rather than the Silicon Valley paradox, indicating that relatively concentrated decision-making power is more conducive to innovation in Chinese ASOs. Meanwhile, parent tie plays a moderation role between ownership concentration and innovation advantages in ASOs, but it still works in the stage of innovation input.