技术创新、公司治理与企业绩效的关系研究：分行业比较

发布时间：2018-05-24 18:39

本文选题：技术创新 + 公司治理　；参考：《山东大学》2017年硕士论文

【摘要】：随着互联网+时代的到来,创新对企业生存和发展的重要性与日俱增。中小板上市公司作为我国中小企业的代表,在践行国家自主创新政策方面一直发挥着积极的作用。一方面,技术创新活动是企业获得竞争优势的主要途径;另一方面,企业的创新之路是否顺利,将直接关系到我国产业转型升级能否顺利完成。因此,如何从根本上提高中小企业的创新能力便进入了学者的研究视线。作为一种企业制度框架,公司治理结构的变化直接影响着创新研发投入向企业绩效的转化。只有公司治理与企业的技术创新活动保持一致时,才不会成为企业创新研发的阻碍。此外,作为社会活动的基本单元,企业的各项活动都离不开市场环境,处于不同的竞争行业,公司治理对企业创新与绩效间关系的影响也会有所差异。因此,在不同的行业竞争环境下,研究公司治理对技术创新投入与绩效间关系的不同影响就有了理论和现实意义。本文的创新点在于通过区分产品市场竞争度,将样本划分为高竞争行业样本和低竞争行业样本,有利于企业依据所在的行业环境和自身的实际情况,有针对性地选择适当的公司治理结构,从而改善创新投入对绩效的促进作用。本文从公司治理理论、行业竞争环境、技术创新理论的视角出发,构建了公司治理对企业技术创新活动与绩效间关系影响的理论模型。并在此基础上,整理出2012-2015年共565家中小板上市公司的面板数据,通过理论分析、比较分析和归纳演绎的方法,借助软件STATA10.0和SPSS 22.0对模型进行实证研究,主要分析了以下问题:在高、低竞争行业下,技术创新活动与企业绩效的关系;在高、低竞争行业下,股权性质、股权集中度及两职合一这三个公司治理维度各自对创新与绩效关系的调节作用。通过对上述问题的研究,本文得出了以下结论:(1)无论在高竞争行业还是低竞争行业,技术创新与绩效之间表现出显著的正相关关系。(2)在高竞争行业,国有控股对企业创新向绩效的转化效果起到了显著的负向调节作用;而在低竞争行业,国有控股的调节作用并不显著。(3)在高、低竞争行业中,股权集中度在技术创新与企业绩效间均未表现为显著的负调节效应。(4)在高竞争行业,两职合一正向调节了技术创新活动与绩效之间的关系;在低竞争行业,两职合一在两者间的调节作用并不显著。最后,基于对实证结果的分析,本文提出了以下建议:(1)对处于高竞争行业的企业而言,企业应加大创新研发投入力度,形成企业独有的竞争优势;全面深化我国的国有企业改革,降低国有企业的行政色彩;促进企业股权的多元化,构建适度集中的股权结构;最大限度地发挥两职合一带来的协调成本优势,凝结集体智慧,促进企业的长远发展。(2)对处于低竞争行业的企业而言,企业同样不能忽视创新研发投入;适当调整企业的股权结构,通过增加流通股的持股比例来分散股权结构,避免一股独大现象,强化企业内部的监督机制,降低过度集中的股权对绩效造成的负向影响;正确定位股权性质和两职合一在创新活动与企业绩效间的关系。总之,面对不同竞争度的行业环境,企业在主动加大研发投入的同时,还应结合所处的市场环境,构建符合自身发展特点的公司治理结构,最大程度地发挥公司治理对创新绩效的促进作用。
[Abstract]:With the Internet plus era, grow with each passing day importance of innovation to the survival and development of enterprises. The SME board listed companies as a representative of small and medium-sized enterprises in China, has been playing a positive role in the practice of national independent innovation policy. On the one hand, technological innovation is the main way for enterprises to gain competitive advantage; on the other hand, enterprises Whether the road of innovation is smooth is directly related to the smooth completion of China's industrial transformation and upgrading. Therefore, how to fundamentally improve the innovation ability of small and medium-sized enterprises has entered the attention of the scholars. As a kind of enterprise system framework, the change of corporate governance structure directly affects the transformation of innovative R & D input to enterprise performance. In addition, as the basic unit of social activities, the activities of the enterprise can not be separated from the market environment, in the different competitive industries, and the influence of corporate governance on the relationship between enterprise innovation and performance will also vary. Therefore, it is of theoretical and practical significance to study the different effects of corporate governance on the relationship between technological innovation investment and performance in different industries. The innovation point of this paper is to divide the sample into high competitive industry sample and low competition industry sample by distinguishing the product market competition degree, which is beneficial to the enterprise based on the industry. The environment and its own actual situation, select the appropriate corporate governance structure, so as to improve the effect of innovation investment on performance. From the perspective of corporate governance theory, industry competition environment, and technology innovation theory, this paper constructs the theoretical model of the relationship between corporate governance and performance of enterprise technology innovation activities and performance. On this basis, the panel data of 565 small and medium board listed companies in 2012-2015 years have been collected. Through theoretical analysis, comparative analysis and inductive deduction, the model is empirically studied with the help of software STATA10.0 and SPSS 22. The following problems are mainly analyzed: the relationship between technological innovation activities and enterprise performance under high and low competitive industries In the high and low competitive industries, the ownership nature, the ownership concentration and the two level of the corporate governance of the three corporate governance dimensions regulate the relationship between innovation and performance. Through the study of the above problems, the following conclusions are drawn: (1) both in the high competitive industry and in the low competitive industry, the technological innovation and performance are significantly positive. (2) in the high competition industry, state holding has played a significant negative regulation effect on the transformation effect of enterprise innovation to performance; while in low competition industry, the regulation effect of state holding is not significant. (3) in high and low competitive industries, ownership concentration has not shown significant negative regulatory effect between technological innovation and enterprise performance. (4) in the high competition industry, the relationship between the technical innovation activity and the performance is adjusted positively by the two job cooperation; in the low competition industry, the adjustment function between the two and the one is not significant. Finally, based on the analysis of the empirical results, the following suggestions are put forward: (1) the enterprise should increase the innovation for the enterprises in the high competition industry. R & D investment to form the unique competitive advantage of the enterprise, deepen the reform of the state-owned enterprises in our country, reduce the administrative color of the state-owned enterprises, promote the diversification of the ownership of the enterprises, build a moderately concentrated ownership structure, maximize the coordination of the two positions, and condense the collective wisdom and promote the long-term development of the enterprise. (2) for enterprises in low competitive industry, enterprises can not ignore the investment of innovative R & D, adjust the ownership structure of the enterprises properly, disperse the ownership structure by increasing the share ratio of the circulation stock, avoid a single big phenomenon, strengthen the internal supervision mechanism of the enterprise, and reduce the negative impact on the performance caused by the excessive concentration of equity; To determine the relationship between the nature of the position and the performance of the innovation activities and the performance of the enterprise. In a word, in the face of the industry environment with different degree of competition, the enterprise should build up the corporate governance structure conforming to its own development characteristics, and maximize the performance of the corporate governance to the innovation performance, while actively increasing the R & D investment and combining the market environment. The effect of promoting effect.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F271;F275

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