工业4.0驱动:基于制造企业智能化的股权结构实证研究

›› 2017 ›› Issue (05): 90-99.

工业4.0驱动:基于制造企业智能化的股权结构实证研究

庄雷¹, 赵成国¹, 张驰²

1. 南京工业大学经济与管理学院, 南京 211800;
2. 东南大学经济管理学院, 南京 211189

收稿日期:2017-01-17 出版日期:2017-09-15 发布日期:2017-10-13
作者简介:庄雷(1988-),男,江苏溧阳人,经济学博士,南京工业大学经济与管理学院讲师,研究方向为网络经济学;赵成国(1970-),男,安徽繁昌人,南京工业大学经济与管理学院教授,研究方向为科技金融;张驰(1990-),男,安徽合肥人,东南大学经济管理学院博士研究生,研究方向为产业组织和社会网络。
基金资助:
国家社会科学基金一般项目"互联网P2P借贷支持小微企业融资的协同机制与风险监管研究"（15BJY160）；江苏省社科应用研究精品工程课题"基于互联网+普惠金融的实体企业成本降低对策研究"（17SYC-029）。

Industry 4.0 Drive:Empirical Research on Ownership Structure in manufacturing enterprise Intellectualized

ZHUANG Lei¹, ZHAO Cheng-guo¹, ZHANG Chi²

1. School of Economics & Management, Nanjing Tech University, Nanjing 211800, China;
2. School of Economics & Management, Southeast University, Nanjing 211189, China

Received:2017-01-17 Online:2017-09-15 Published:2017-10-13

摘要/Abstract

摘要： 从投资者结构角度研究企业层面工业智能化的驱动力，用委托代理理论分析股权结构对企业智能化投资的影响。以中国制造业上市公司为研究样本，实证检验股权结构对企业智能化投资的关系。研究结果表明，从股权集中角度看，一定的股权制衡很有必要，一股独大不利于企业智能化投资；从企业性质看，公有企业更愿意进行智能化投资，个人私有的第一大股东不太愿意进行智能化投资；从激励角度看，高管薪酬与智能化投资之间的关系不明确，说明目前的薪酬激励制度不够合理；从地区文化角度看，越是发达的地区企业越容易接受智能化投资。

关键词: 工业智能化, 股权结构, 委托代理

Abstract: We research driving force of industrial intellectualized in an enterprise level from an investor point of view the structure, and analyze the impact of ownership structure on corporate investments on industrial intellectualized with the principal-agent theory. It researches empirically the relationship of ownership structure on business intelligence investment with the samples of Listed Companies in China. According to the empirical results, certain Shareholders perspective is necessary because the dominance is not conducive to business intelligence investment from ownership concentration; public companies are more willing to invest intelligently, the largest shareholder of a private individual is not willing to invest intelligently from the nature of enterprises; the relationship between executive compensation and intelligent investment is not clear, indicating that the current incentive compensation system is not reasonable from the perspective of executives' incentives; the more developed areas more receptive to business intelligence investment from a regional cultural perspective.

Key words: industrial intellectualized, ownership structure, principal-agent theory

中图分类号:

F420

庄雷, 赵成国, 张驰. 工业4.0驱动:基于制造企业智能化的股权结构实证研究[J]. , 2017(05): 90-99.

ZHUANG Lei, ZHAO Cheng-guo, ZHANG Chi. Industry 4.0 Drive:Empirical Research on Ownership Structure in manufacturing enterprise Intellectualized[J]. , 2017(05): 90-99.

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