融资结构与企业创新行为外文翻译资料

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Ownership structure, governance, and innovation 所有权结构，治理和创新

Raoul Minetti a 拉乌尔Minetti 一 , n , Pierluigi Murro b ， n ，Pierluigi Murro b , Monica Paiella c ，Monica Paiella c

aa Department of Economics, 486 W. Circle Drive, 110 Marshall-Adams Hall, Michigan State University, East Lansing, MI 48824-1038, United 密歇根州立大学经济学 一 处，486 W.圈径，110马歇尔亚当斯堂，东兰辛，MI 48824-1038，美国

Sta

b Lumsa University, Itb 意大利Lumsa大学

c University of Naples Parthenope, Italy c 意大利那不勒斯帕台农大学

articleinfo articleinfo

Article history: 文章历史：

Received 19 April 2014 2014年4月19日收到

Accepted 24 September 2015 2015年9月24日接受

Available online 9 October 2015 2015年10月9日在线提供

JEL classi fi cation: JEL分类 ：

G32 G32

G34 G34

O3 O3

Keywords: 关键词：

Ownership 所有权

Corporate governance 公司治理

Agency problems 代理问题

Technological change 技术变革

abstract 抽象

This paper tests the impact of firms ownership structure on innovation in a context 本文测试了企业所有权结构对创新的影响

featuring pronounced ownership concentration and conflicts between large and minority 具有明显的所有权集中和大国与少数民族之间的冲突

shareholders. 股东。 Using data for 20,000 Italian manufacturers, and accounting for the possible 使用20,000名意大利制造商的数据，并考虑可能的

endogeneity of ownership levels, we find that ownership concentration negatively affects 所有权水平的内生性，我们发现所有权集中度会产生负面影响

innovation, especially by reducing Ramp;D effort. 创新，特别是通过减少研发工作。 Conflicts between large and minority 大民族与少数民族之间的冲突

shareholders appear to be a determinant of this effect. 股东似乎是这种影响的决定因素。 Moreover, risk aversion induced by 而且，风险厌恶引起的

lack of diversification exacerbates large shareholders reluctance to innovate. 缺乏多元化加剧了大股东不愿创新。 Family 家庭

owners support innovation more than financial institutions, but the benefits of financial 业主支持创新超过金融机构，但财务的好处

institutions increase with their equity stakes. 机构随着股权的增加而增加。

amp; 2015 Elsevier BV All rights reserved. ＆2015 Elsevier BV保留所有权利。

1. Introduction 1.简介

Technological innovation is a key determinant of firms performance ( OECD, 2010 技术创新是企业绩效的关键决定因素（ 经合组织，2010年） ). ）。 Innovation allows firms to enhance创新使企业得以提升

their productivity, break into domestic and foreign markets, and retain their leadership as market incumbents ( 他们的生产力，打入国内和国外市场，并保持其作为市场现有者的领导地位（ Tellis et al., Tellis等人，

2009 ). 2009 ）。 There is a growing consensus among scholars and policymakers that, in turn, firms ability to advance their tech- 学者和政策制定者越来越多地认为，反过来，企业有能力推进他们的技术 -

nological frontier is influenced by their governance. 生态边界受其治理的影响。 Yet, there is little agreement on the way corporate governance exerts 然而，对公司治理的方式几乎没有一致意见

this influence. 这种影响。 On the one hand, it is sometimes argued that firms with dispersed ownership (relatively common in the 一方面，有时人们认为所有权分散的公司（在公司中相对普遍）

United States) have more incentives to engage in innovation because they diversify its risk across a large number of 美国）有更多的激励机制参与创新，因为它们将风险分散到很多国家

investors (see, eg, Aghion et al., 2013 投资者（参见，例如， Aghion等，2013 , for a discussion). ，讨论）。 Furthermore, in recent years some policymakers have voiced the此外，近年来一些政策制定者表达了这一观点

concern that firms with ownership concentrated in the hands of families (common in continental Europe and East Asia) may 担心拥有所有权的公司集中在家庭手中（在欧洲大陆和东亚地区很常见）

be reluctant to reallocate resources from their traditional business to risky new technologies ( 不愿将资源从传统业务重新分配到有风险的新技术（ Onida, 2004 Onida，2004 ). ）。 On the other在另一

hand, it is also claimed that firms with concentrated, stable ownership can better keep tight control of their activities, 另外，据称拥有集中，稳定所有权的公司可以更好地严格控制其活动，

monitor their management, and take long-term views, which is essential for investing in new technologies that need time to 监督他们的管理，并采取长期观点，这对于投资需要时间的新技术至关重要

yield results ( The Economist, 2012 收益率结果（ The Economist，2012 ). ）。

These conflicting arguments are often based on anecdotes and case studies while the microeconomic evidence on the 这些相互矛盾的论点通常是基于轶事和案例研究，而微观经济学证据则是基于

link between ownership and innovation remains scant. 所有权与创新之间的联系仍然很少。 As we elaborate below, a broad body of studies document that 正如我们在下面详述的那样，大量的研究证明了这一点

ownership structure affects firms growth and profitability but do not ascertain the role of innovation in this link. 所有权结构影响公司的增长和盈利能力，但不确定创新在这一环节中的作用。 The 该

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