促进半导体产业创新发展的混合股权配置研究——基于组态视角

Research on Hybrid Equity Allocation to Promote the Innovation of Semiconductor Industry: Based on Configuration Perspective

摘要:

混合股权结构是影响半导体企业创新决策的基础性因素。本文构建了“控制权-股东结构-管理层持股”的模型,采用fsQCA法,探索了提高半导体企业创新绩效的股权配置的方式。研究发现,存在“国企主导-混合制衡”、“非国企主导-多源股权-股权激励”、“多源股权-混合制衡-战略资本引领”、“多源股权-混合制衡-股权激励”四种产生高创新绩效的混合股权配置组合；高混合股权制衡度是半导体企业获得高创新绩效的重要条件；战略资本与管理层股权激励之间有一定的替代关系。研究结论为推进半导体企业的双向混合所有制改革提供了实证证据。

Abstract:

Equity structure of mixed ownership is the basic issue that affects the innovation decision of technology enterprises. This thesis establishes an equity structure model of "control rights–shareholder structure–management shareholding" and explores the equity allocation method to improve the innovation performance of semiconductor enterprises with fsQCA. The study found that there are four types configurations that produce high innovation performance: "SOE led with balanced equity structure of SOE and non-SOE", "non-SOE led multi-equity with equity incentives ", "inducting strategic capital-mixed multi-equity with balanced equity structure of SOE and non-SOE ", and " mixed multi-equity with balanced equity structure of SOE and non-SOE with equity incentives ". A high degree of mixed equity balance holds the key to preeminent innovation performance. Also, there is a certain substitution relationship between strategic capital and management equity incentives. This thesis provides empirical evidence for promoting the two-way mixed ownership reform of semiconductor enterprises.