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《Journal of Finance and Economics》 2013-04
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Type Ⅱ Agency Problem,Blockholders Counterbalance and Corporate Innovation Investment

ZUO Jingjing1,TANG Yue-jun2,SUI Yue2(1.Business School,University of Shanghai for Science and Technology, Shanghai 200093,China;2.School of Management,Fudan University, Shanghai 200433,China)  
Based on the theory of ultimate control right and empirical evidence from listed companies in China,it reaches conclusions as follows:firstly,controlling shareholders involved in type Ⅱ agency problem are deficient in the motivation for consistent high-level innovation investment;secondly,the increase in the shareholding of other large shareholders is beneficial to the promotion of RD and innovation investment in listed companies;thirdly,other large shareholders counterbalance in private listed companies is contributive to the increase in RD and innovation input and other large shareholders in state-owned listed companies can not play their due supervision and counterbalance roles.
【Fund】: 国家自然科学基金项目(70802015);; 上海市教育委员会科研创新重点项目(13ZS009)
【CateGory Index】: F832.48;F224;F273.1
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