公司诉讼风险、司法地方保护主义与企业创新
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| Title | Litigation Risk, Judicial Local Protectionism and Innovation
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| 作者 | 潘越 潘健平 戴亦一 |
| Author | Pan Yue,Pan Jianping and Dai Yiyi |
| 作者单位 | 厦门大学经济学院 |
| Organization | Xiamen University |
| 作者Email | panyue@xmu.edu.cn；yydai@xmu.edu.cn |
| 中文关键词 | 公司诉讼 司法地方保护主义 企业创新 |
| Key Words | Litigation Risk; Judicial Local Protectionism; Innovation |
| 内容提要 | 本文以2006-2012年沪深A股高新技术行业的上市公司为样本，选取公司诉讼风险这一外部不确定性因素，并采用被告涉诉次数和涉诉金额作为该因素的两个衡量指标，分别考查了资金类诉讼和产品类诉讼对被诉企业创新活动的不同影响，并在此基础上研究了司法地方保护主义对于这一影响的不同效应。研究发现：（1）资金类诉讼对企业创新活动具有负向的抑制作用，而与之相反，产品类诉讼对企业创新活动具有正向的激励作用；（2）总体来说，司法地方保护主义扭曲了公司诉讼的结果，从而对企业创新活动产生不利影响，即司法地方保护主义不仅会大大加剧资金类诉讼对被诉企业创新活动的抑制作用，而且会显著削弱产品类诉讼对被诉企业创新的激励作用。本文不仅揭示了外部环境不确定性对企业创新的影响机制，为企业经营者和决策者制定创新投资的平滑机制提供了理论支持，同时也为推进我国的司法“去地方化”改革，实现司法公正，进而推动“创新型国家”战略提供了经验证据。 |
| Abstract | In this paper, we use high-tech industry companies which listed in Shanghai and Shenzhen Stock Exchange from 2006-2012 as our research sample, selecting one important external uncertainty factor which is corporate litigation risk and we use litigation times and litigation amount to measure it, then we compare the different effects on innovation input which is caused by capital litigation and product litigation. What’s more, we further examine the effects of judicial local protectionism between corporate litigation risk and enterprise innovation input. This study finds: (1) Capital litigation has negative inhibitory effect on enterprise innovation input. In contrast, product litigation has a positive incentive effect on firm innovation input; (2) Overall, the judicial local protectionism distorted outcomes of the corporate litigations and further restrain the innovation input. Specifically, judicial local protectionism will not only greatly intensify the inhibitory effect which caused by capital litigation on respondent enterprise, but also significantly weaken the incentive effect which caused by product litigation on respondent enterprises innovation input. As a conclusion, this paper not only reveals the uncertainty of external environment influence mechanism on enterprise innovation, but also provides a theoretical support to develop innovation investment smoothing mechanism for enterprise managers and decision makers. From the national perspective, we provide empirical evidences for promoting China’s nationalization judicial reform and realize judicial justice. Last but not least, it gives support for driving an innovation oriented country. |
| 文章编号 | WP801 |
| 登载时间 | 2015-01-13 |
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