公司治理对企业技术创新投资影响的实证研究

An Empirical Study of the Impact of Corporate Governance on Investment Expenditure in Technological innovation

基于江苏省具有省级以上技术中心的上市公司的数据,通过建立计量经济模型研究了公司治理对企业创新投资的影响。实证研究表明,股权集中度和高层管理者的激励对企业技术创新投资具有显著的正向影响,企业负债率对企业技术创新投资具有显著的负影响,样本公司的董事会规模对企业技术创新投资的影响不显著。

Using data from Jiangsu public list companies which have country or province level technological innovation centers, this paper explores the impact of corporate governance on technological innovation investment expenditure. The result indicates that concentration degree of equity and the incentive of top management capital make positive and significant contribution to investment expenditure in technological innovation Debt rate and investment expenditure in technological innovation has negative relationship. We find that the board size of sample companies has no significant impact on investment expenditure in technological innovation.