公司治理对技术创新投入及其效率的影响研究

发布时间：2018-04-14 03:30

本文选题：公司内外治理 + 技术创新　；参考：《山东大学》2016年硕士论文

【摘要】：进入21世纪,随着以信息技术为核心的知识经济时代的来临,创新活动在社会经济发展过程中的推动作用愈发明显。技术创新有助于提升企业生产效率,并能满足顾客更加个性化的需求,进而获得竞争优势。随着科教兴国理念的逐渐深入,中国不断加大技术创新投入,其规模增长显著。据统计,2014年我国RD经费规模达1926亿美元,2010-2014年平均增长速度达15.59%,是全球增长速度最快的国家。但技术创新行为不仅包括创新投入,还包括创新产出,即技术创新效率,一味的增加技术创新投入而忽视创新效率不符合企业持续稳定发展的要求。在现代企业制度下,技术创新活动作为企业最重要的投资行为,必将受到公司治理结构的影响,更有学者认为技术创新机制的匮乏和公司治理的不完善是阻碍企业进行创新活动的根本原因。研究公司治理对企业技术创新及其效率的重要影响,有助于了解公司内部治理结构和外部治理机制是如何以及在多大程度上对企业技术创新及创新效率产生影响,这对于我国企业构建与提升技术创新诉求相适应的公司治理机制,从而促进企业技术创新行为、提升技术创新效率、优化创新结构具有重大的现实意义。基于以上研究背景,本文以公司治理对技术创新的影响为切入点,首先梳理了国内外相关领域的研究,通过相关研究成果回顾,本文认为公司治理结构是否科学合理主要取决于其是否能够形成激励机制、监督与制衡、外部压力等三个方面,其中激励机制能够有效约束董事会和经理层的道德风险行为,建立监督与制衡机制使得公司经营者与利益相关者间相互监督、相互约束,进而实现公司价值最大化,外部压力的存在则能够约束公司经营者的机会主义行为。在此基础上理论分析了公司内外部治理整体环境对企业技术创新投入及创新效率的影响机制,并为实证研究提出了理论假设。然后本文通过选取2011-2014年创业板289家上市公司面板数据作为样本,采用多元线性回归模型对上市公司内外部治理因素对技术创新及其效率的影响进行了实证分析。通过回归分析,本文发现公司内外部治理环境对企业技术创新活动及创新效率有着很重要的影响,其中股权集中度、监事会成员持股比例与企业技术创新投入、技术创新效率存在显著的正相关性；国有股权性质、企业资产负债率与企业技术创新、创新效率存在负相关关系;领导权结构与企业技术创新存在显著的负相关关系,与企业技术创新效率存在显著的正相关关系。针对实证分析结果,本文提出了建立完善的技术创新体系、降低股权集中度、弱化国有资本控股地位、继续完善独立董事制度、适当降低企业资产负债率等措施优化公司治理环境,进而促进企业技术创新的持续发展的相关政策建议。
[Abstract]:In the 21st century, with the advent of the era of knowledge economy with information technology as the core, the role of innovation in the process of social and economic development is becoming more and more obvious.Technological innovation is helpful to improve the production efficiency of enterprises, and to meet the needs of customers more individualized, and then to gain competitive advantage.With the deepening of the concept of rejuvenating the country through science and education, China has continuously increased its investment in technological innovation and its scale has increased significantly.According to statistics, China's R D funding scale reached $192.6 billion in 2014. The average growth rate in 2010-2014 was 15.599.It is the fastest growing country in the world.But the behavior of technological innovation not only includes innovation input, but also includes innovation output, that is, technological innovation efficiency. Blindly increasing technological innovation input while ignoring innovation efficiency does not meet the requirements of sustainable and stable development of enterprises.Under the modern enterprise system, technological innovation, as the most important investment behavior of enterprises, is bound to be influenced by the corporate governance structure.Some scholars believe that the lack of technological innovation mechanism and the imperfection of corporate governance are the fundamental reasons that hinder enterprises from carrying out innovation activities.It is helpful to understand how and to what extent the internal corporate governance structure and the external governance mechanism have an impact on the technological innovation and innovation efficiency of enterprises.It is of great practical significance for Chinese enterprises to construct the corporate governance mechanism suitable to the demands of technological innovation, thus promoting the technological innovation behavior, improving the efficiency of technological innovation and optimizing the innovation structure.Based on the above research background, this paper starts with the impact of corporate governance on technological innovation, firstly combing the domestic and foreign related research, through the review of relevant research results.This paper holds that whether the corporate governance structure is scientific and reasonable mainly depends on whether it can form incentive mechanism, supervision and balance, and external pressure, among which the incentive mechanism can effectively restrain the moral hazard behavior of the board of directors and managers.The establishment of supervision and checks and balances mechanism makes the company managers and stakeholders to supervise and restrain each other, thus maximizing the value of the company, and the existence of external pressure can constrain the opportunistic behavior of the company operators.On this basis, the paper theoretically analyzes the influence mechanism of the whole environment of corporate internal and external governance on the investment and efficiency of enterprise technological innovation, and puts forward the theoretical hypothesis for the empirical research.Then, through selecting 289 listed companies' panel data from the gem in 2011-2014 as a sample, this paper makes an empirical analysis on the influence of internal and external governance factors of listed companies on technological innovation and its efficiency by using multiple linear regression model.Through regression analysis, this paper finds that the internal and external governance environment of the company has a very important impact on the technological innovation activities and innovation efficiency of enterprises, including the degree of ownership concentration, the proportion of shares held by members of the supervisory board and the investment in technological innovation of enterprises.There is a significant positive correlation between the efficiency of technological innovation, a negative correlation between the nature of state-owned equity, the ratio of assets and liabilities and technological innovation and innovation efficiency, and a significant negative correlation between leadership structure and technological innovation.There is a significant positive correlation with the efficiency of technological innovation.Based on the results of empirical analysis, this paper proposes to establish a perfect system of technological innovation, reduce the degree of ownership concentration, weaken the holding position of state-owned capital, and continue to improve the system of independent directors.Appropriate measures to reduce the corporate asset-liability ratio and optimize the corporate governance environment, and then promote the sustainable development of technological innovation of enterprises related to policy recommendations.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F273.1

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