大股东参与度、战略共识与企业突破式创新的实证研究

摘要

From the perspective of shareholders activism and behavior-based governance,this paper explores how large stockholders involvement affects enterprises' radical innovation.The moderating effect of trust between large shareholder and manager is examined on the relationship between large stockholders involvement and radical innovation.The empirical results from a sample of 150 Chinese manufacturing enterprises reveal that:(1) large stockholders involvement has a significant positive effect on enterprises' radical innovation; (2) large stockholders involvement promote strategic consensus between large shareholder and manager and then indirectly positive affect radical innovation; (3) trust between large shareholder and manager has a positive moderating effect on the above relationships.Theoretical contribution and managerial implication are discussed finally.%基于股东能动主义观点和行为视角的治理理论,研究大股东参与行为影响企业突破式创新的作用路径；比较分析在不同股东与经理人之间信任水平下,大股东参与度影响企业突破式创新绩效的差异.运用150家企业的调研数据进行研究,发现大股东参与度正向影响企业突破式创新绩效；大股东参与度通过促进股东与经理人之间的战略共识间接作用于企业突破式创新绩效；大股东与经理人之间信任关系正向调节大股东参与度与战略共识之间的关系.