Effect of agency conflicts on the innovation of listed companies in China

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Science Research Management ›› 2014, Vol. 35 ›› Issue (11) : 60-67.

Lv Xinjun

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Abstract

This paper estimates innovation efficiency of China's listed companies by constructing the heteroscedastic stochastic frontier model, and analyzes the impact of agency conflict on efficiency. The results show that: (1) the innovation efficiency of China's listed companies declines by 25%-45% due to agency conflicts; (2) Improvement of equity concentration and balance degree and implementation of executive incentive policy will significantly reduce the level of agency conflicts, and enhance investment in innovation; institutional ownership is not a key factor of technological innovation;(3) Innovation efficiency of state-controlled companies shows a steadily increasing trend and gradually higher than the non-state-owned listed companies during the sample period.

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innovation efficiency / innovation constraints / agency conflicts / stochastic frontier model

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Lv Xinjun. Effect of agency conflicts on the innovation of listed companies in China[J]. Science Research Management. 2014, 35(11): 60-67

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