公司治理与技术创新:分行业比较

发布时间：2018-03-03 16:34

本文选题：公司治理　切入点：研发投入　出处：《经济研究》2014年06期 　论文类型：期刊论文

【摘要】：本文以2006—2010年1344家沪深A、B股公司为样本,采用聚类分析的方法,按要素密集度将样本公司划分为劳动密集型、资本密集型和技术密集型三个行业,对比考察不同行业公司治理对技术创新的影响关系。研究发现,三个行业中公司治理对企业技术创新的影响既有相同点,也存在差异。相同点是三个行业中第二至第十大股东持股比例、基金持股比例和董监高持股比例对研发投入均有正向影响。差异在于,在资本密集型和技术密集型行业中,董监高的薪酬激励有利于创新活动的开展;对于前者,国有第一大股东持股比例与研发投入正相关;对于后者,核心技术人员的期权激励对创新有显著的正向影响。进一步分析发现,良好的市场化环境是企业技术创新的外部推动力量。本文提出公司治理应与行业特点相匹配,以发挥其对创新的促进作用,是对新结构经济学在微观层面的应用和拓展,也为中国产业升级和经济转型提供了一些政策参考。
[Abstract]:In this paper, 1344 Shanghai and Shenzhen A, B share companies from 2006 to 2010 were selected as samples, and the sample companies were classified into three industries according to factor intensity: labor-intensive, capital-intensive and technology-intensive by cluster analysis. Comparing the influence of corporate governance in different industries on technological innovation, it is found that the influence of corporate governance on technological innovation in the three industries has some similarities. There are also differences. The similarities are the second to the tenth shareholder shareholding ratio in the three industries, and the fund shareholding ratio and Dong Jiangao's shareholding ratio have a positive impact on R & D investment. The difference is that in capital-intensive and technology-intensive industries, the difference is that in both capital-intensive and technology-intensive industries, Dong Jiangao's salary incentive is conducive to the development of innovation activities; for the former, the proportion of state-owned largest shareholders is positively related to R & D investment; for the latter, The option incentive of core technicians has a significant positive impact on innovation. Further analysis shows that a good market-oriented environment is the external driving force of technological innovation. This paper puts forward that corporate governance should be matched with the characteristics of the industry. In order to give full play to its role in promoting innovation, it is the application and expansion of new structural economics at the micro level, and it also provides some policy references for China's industrial upgrading and economic transformation.
【作者单位】：中国社会科学院世界经济与政治研究所;中国劳动关系学院;
【分类号】：F224;F276.6;F273.1

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