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关联交易激励还是抑制了企业的技术创新?
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TitleDo Related Transactions Stimulate or Inhibit the Enterprise Innovation?  
作者李增福 李旭 黄东晓  
AuthorLi Zengfu,LiXu and Huang Dongxiao  
作者单位华南师范大学经济与管理学院 
OrganizationSchool of Economics and Management, South China Normal University 
作者Emaillizengfu@126.com;592134489@qq.com;309406371@qq.com 
中文关键词集团内关联交易 技术创新 知识溢出 研发风险 代理成本 
Key Words Intra group transaction, Enterprise innovation, Knowledge spillover, R&D risk, Agency cost 
内容提要中国企业一方面关联交易盛行;另一方面缺乏核心技术创新。那么这种“窝里转”的交易行为是否也导致了企业核心技术的匮乏?前期文献没有对此进行研究。本文理论分析认为,关联交易从降低交易成本和风险以及知识溢出角度激励了技术创新;从大股东“掏空”的角度提高了资金约束和代理成本,抑制了企业的技术创新。本文的经验分析发现:(1)集团内的关联交易抑制了企业的技术创新;(2)进一步分析表明,市场化定价的关联交易促进了技术创新,非市场化定价的关联交易抑制了技术创新;(3)在非市场化定价关联交易中,利益输入型和利益输出型关联交易均为抑制作用。本文的研究拓展了关联交易和企业技术创新领域的文献,从一个新的角度解释了“中国企业为什么缺乏技术创新?” 这一现实问题,对国家宏观政策的制定和法律监管有一定的借鉴意义。 
AbstractOn the one hand, related transactions are prevailing in Chinese enterprises. On the other hand, lacking of core technology innovation is a vital problem for Chinese enterprises. Consequently, does this phenomenon affects the enterprise's technological innovation? Previous study did not involve this. Analyzing from the theory, we think the related transactions can stimulate the enterprises innovation because of reducing transaction costs and risks and the spillover of knowledge. At the same time, from the angle of management tunneling, the related transactions will inhibit the enterprises innovation by raising the cost of capital and agency costs. Our empirical analysis finds that: (1) the related transactions within the group will inhibit the enterprise technological innovation; (2) further analysis shows that market pricing related transactions can promote technological innovation while the non-market pricing related transactions will inhibit enterprise technological innovation; (3) Both output and input related transactions will inhibit enterprise technological innovation. The research of this paper expands the literature of the related transactions and the enterprise technological innovation. What’s more, this study also explains the reason why Chinese enterprises lack of technological innovation from a new angle. So our study has certain reference value to the national macroscopic policy formulation and the legal supervision.  
文章编号WP1285 
登载时间2018-07-05 
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