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过低的股权集中度会使企业所有者与管理者之间出现监督真空,而过高的股权集中度可能导致小股东利益受到大股东的侵害。通过对351家中国企业考察研究后发现,中等程度的股权集中水平最有利于促进企业的产品创新和学习导向。
Too low a concentration of ownership will cause a supervisory vacuum between the owners and managers of the enterprise, and too high a degree of ownership concentration may lead to the minority shareholders’ interests being infringed upon by the major shareholders. After studying and researching 351 Chinese enterprises, it is found that the medium level of ownership concentration is most conducive to promoting enterprise product innovation and learning orientation.