控制权与现金流权的分离和RD.docVIP

控制权与现金流权的分离和RD 投入 The Separation of Control and Ownership and RD Investments 陈杨华 指导教师姓名： 陈灯塔 副教授 专 业 名 称 ： 金融学 自La Porta 等人发现控股股东以及控制权与现金流权的分离现象以来，大股东和中小股东之间的代理问题引起了公司治理研究者们的高度重视。本文把研究焦点集中在控制权与现金流权的分离现象对公司战略决策（如RD 投入）的影响上，应用终极产权理论来分析控制权与现金流权的分离对RD 投入强度以及RD 投入有效性的影响，并提出相应的理论预测。文章在应用个体固定效应面板模型和动态面板模型对韩国制造业1995-2007 年的数据进行分析后发现：（1）控制权与现金流权的分离对企业RD 投入强度有负的作用，更进一步地分析表明控制权与现金流权的分离减弱了现金流权的激励作用；（2）控制权与现金流权的分离并没有减弱企业RD 投入水平与投资机会的一致性。此外，文章还验证了以往学者们对RD 投入的假设，即RD 投入强度与企业价值正相关；然而，控制权与现金流权的分离降低了RD 投入对企业价值的提升作用。 本文从一个新的角度证实了控股股东有激励去剥削中小股东，同时也发现控 制权与现金流权的分离会导致企业RD 投入水平的下降，从而减弱公司的创新能 力和核心竞争力。在此基础上，本文得出如下启示：完善新兴发展中国家企业的公司治理结构和改善公司治理环境不仅有利于提高公司的创新能力，而且有利于提升企业自身的价值，从而增强整个国家的创新能力和综合国力。 关键词：控股股东、控制权与现金流权的分离、RD 投入 Abstract Since La Porta et al. (1999) found the ubiquitous phenomenon of controlling owners and the separation of control and ownership around countries in the world except US and UK, researchers in the area of corporate governance started to pay more and more shareholders.This paper focused on the effect of the separation between ownership and control on firm’s strategic decisions such as RD investments. Based on La Porta et al. (1999), this paper investigated the effects of controlling ownership and the separation of control and ownership on firms’ RD investments and the efficiency of RD investments, and comes up with corresponding predictions. Using the data of Korean manufacturing industry from 1995-2007, and exploiting fixed-effect model and Arellano-Bond dynamic panel model, this paper found: (1) the separation of control and ownership has negative effect on RD intensity, further analysis indicates that the separation of control and ownership negatively moderates the relationship between controlling ownership and RD intensity; (2) the separation of control and ownership doesn’t have negative effect on the efficiency of RD investments. What’s more, this paper verified the conventional wisdom about RD investments, namely RD intensity positively associates with firm value; bu