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异质性风险对企业的自主创新能力有重大影响,并且所有权性质对二者关系有调节作用。本文以经理人风险厌恶为基础,建立了异质性风险对自主创新的影响机制,并使用2003~2012年制造业上市企业的面板数据,率先在企业层面研究异质性风险对国有企业和民营企业自主创新的影响。结果表明,异质性风险对企业的自主创新有不利影响,并且经理人持股越多,影响越大;对国有企业的影响小于民营企业;增加机构持股能够降低异质性风险的影响作用。结论表明,未来的政策设计应该加强机构投资者持股,采用多样化经理人激励方式,并且延长经理人绩效考核周期。
Heterogeneity risks have a significant impact on an enterprise’s ability to innovate independently, and the nature of ownership has a regulatory effect on the relationship between the two. Based on the manager’s risk aversion, this paper establishes the mechanism of heterogeneity risk on independent innovation. Using the panel data of manufacturing listed companies from 2003 to 2012, this dissertation takes the lead in studying the heterogeneity risks to state-owned enterprises and private-owned enterprises Impact of Enterprise Independent Innovation. The results show that the heterogeneous risk has an adverse effect on the independent innovation of enterprises, and the more managers hold the shares, the greater the impact; the less impact on the state-owned enterprises than the private-owned enterprises; and the increase of institutional ownership can reduce the impact of heterogeneous risks . The conclusion shows that the design of policies in the future should strengthen institutional investors ’ownership, adopt diversified manager’s motivation methods, and prolong managers’ performance appraisal period.