高新技术企业公司治理机制对技术创新的影响研究

发布时间：2018-04-17 00:38

本文选题：高新技术企业 + 技术创新　；参考：《广东工业大学》2017年硕士论文

【摘要】：随着技术进步的不断加快,科技创新对于高新技术企业来说至关重要。高新技术企业作为科技创新的代表,其核心竞争力在于研发实力的强弱,完善而有效的企业技术创新机制能够使企业在市场中获得竞争优势。我国制定并实施了一系列以促进高新技术企业发展为目的的优惠政策和发展规划,已经初见成效。但与发达国家的高科技企业相比,我国高新技术企业自主创新能力不强,研发投入不足。企业技术创新机制的建立依赖于公司治理机制,公司治理机制影响着企业技术创新决策和投入。我国正处于经济转型时期,企业的公司治理机制尚不健全,这是导致目前高新技术企业技术创新能力不足的主要原因。企业科技创新受公司内外部治理机制两方面因素的影响。内部治理机制是影响科技创新的主要因素,具体包括股权结构、董事会结构、管理层激励等。外部治理机制可以对公司的内部治理产生积极影响,从而促进企业技术创新,具体包括控制权市场、债务约束和产品市场竞争等机制。本文首先回顾了公司内外部治理机制与技术创新相关性的文献,以及公司治理和技术创新相关的理论。在此基础上提出本文的研究假设,接着以高新技术上市公司为研究对象,通过实证分析公司治理机制对技术创新的影响。实证分析分为两部分:第一部分首先检验高新技术企业内外部治理机制各要素对企业技术创新投入的影响。并将样本公司分为国有企业组和非国有企业组,进一步探讨不同股权性质的企业公司治理各要素对技术创新投入的影响是否存在差异。实证结果表明,高新技术企业内外部治理机制各要素对技术创新的影响程度不同。内部治理机制中,实际控制人的性质对于技术创新投入没有影响;在非国有企业中前五大股东持股比例与企业技术创新投入显著负相关,而在国有企业中两者不相关;董事会规模、董事长和总经理两职合一对企业技术创新投入没有影响;在非国有企业中独立董事比例与技术创新投入显著正相关,但是在国有企业中两者显著负相关;高管持股比例、高管人员平均年薪与技术创新投入显著正相关;外部治理机制中,无限售流通股比例与企业技术创新投入显著正相关;资产负债率与企业技术创新投入显著负相关;国有企业中产品市场竞争程度与企业技术创新投入显著正相关,但在非国有企业中两者关系不显著;第二部分的实证分析旨在构建公司治理机制的综合指标——公司治理指数,并对公司治理指数与技术创新投入的关系进行检验,进一步论证了良好的公司治理机制能显著促进企业技术创新的投入。最后,在理论研究和实证分析的基础上,本文就当前我国经济转型时期高新技术企业公司治理机制存在的问题提出了相应对策,并提出了本文的不足之处以及未来研究方向。
[Abstract]:With the continuous acceleration of technological progress, scientific and technological innovation is of great importance to high-tech enterprises.As the representative of scientific and technological innovation, the core competitiveness of high-tech enterprises lies in the strength of R & D. The perfect and effective technological innovation mechanism of enterprises can enable enterprises to obtain competitive advantages in the market.China has formulated and implemented a series of preferential policies and development plans aimed at promoting the development of high-tech enterprises.However, compared with the high-tech enterprises in developed countries, the independent innovation ability and R & D investment of high-tech enterprises in our country are not strong enough.The establishment of enterprise technological innovation mechanism depends on the corporate governance mechanism, which affects the decision and input of enterprise technology innovation.Our country is in the period of economic transformation, the corporate governance mechanism of enterprises is not perfect, which is the main reason leading to the lack of technological innovation ability of high-tech enterprises at present.The innovation of enterprise science and technology is influenced by two factors: internal and external governance mechanism.The internal governance mechanism is the main factor which affects the innovation of science and technology, including the ownership structure, board structure, management incentive and so on.The external governance mechanism can have a positive impact on the internal governance of the company, thus promoting the technological innovation of the enterprise, including the control market, debt constraint and product market competition mechanism.This paper first reviews the literature on the correlation between internal and external corporate governance and technological innovation, as well as the theory of corporate governance and technological innovation.On this basis, this paper puts forward the research hypothesis, and then takes the high-tech listed companies as the research object, and analyzes the influence of the corporate governance mechanism on the technological innovation through empirical analysis.The empirical analysis is divided into two parts: the first part examines the influence of internal and external governance mechanism of high-tech enterprises on technological innovation investment.The sample company is divided into state-owned enterprise group and non-state-owned enterprise group to further explore the influence of different corporate governance factors on technological innovation input.The empirical results show that the factors of internal and external governance mechanism of high-tech enterprises have different influence on technological innovation.In the internal governance mechanism, the nature of the actual controller has no effect on the investment in technological innovation, the proportion of the top five shareholders in the non-state-owned enterprises is negatively correlated with the investment in technological innovation of the enterprises, but the two are not related in the state-owned enterprises.The size of the board of directors, the combination of chairman and general manager have no effect on the investment in technological innovation, the proportion of independent directors in non-state-owned enterprises is positively correlated with the investment in technological innovation, but in state-owned enterprises there is a significant negative correlation between them.The proportion of executive stock ownership, the average annual salary of senior managers and the investment in technological innovation are significantly positive correlation, and in the external governance mechanism, the proportion of unlimited selling and circulating shares is significantly positively correlated with the investment in technological innovation of enterprises.The ratio of assets and liabilities is negatively correlated with the investment of technological innovation of enterprises, the degree of product market competition in state-owned enterprises is positively correlated with the investment of technological innovation of enterprises, but the relationship between them is not significant in non-state-owned enterprises.The second part of the empirical analysis aims to build a comprehensive index of corporate governance mechanism-corporate governance index, and to test the relationship between corporate governance index and technological innovation input.Further demonstrated that a good corporate governance mechanism can significantly promote the input of enterprise technology innovation.Finally, on the basis of theoretical research and empirical analysis, this paper puts forward corresponding countermeasures to the problems existing in the corporate governance mechanism of high-tech enterprises in the period of economic transformation in our country, and puts forward the deficiencies and future research directions of this paper.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.44;F273.1;F271

【参考文献】