中国上市公司治理与企业技术创新关系的实证分析

An Empirical Study on Relationship between Corporate Governance and Technical Innovation of Chinese Listed Companies

本文通过利用中国2005—2007年343家上市公司的相关数据,对公司治理与技术创新的关系进行了实证分析。本文的主要发现和结论是:经营者持股与企业技术创新存在正相关关系,但这种发现并不具有统计上的显著性;股权集中度与企业技术创新存在"倒U型"关系,适度集中的股权结构更有利于企业技术创新;国有持股比例(包括国有股和国有法人持股)与企业技术创新存在反相关关系,国有持股比例越高,技术创新能力越低;以证券投资基金为主的机构投资者对企业技术创新有显著的正效应,机构持股比例越高,技术创新能力越强;独立董事制度与企业技术创新存在正相关关系,董事会中独立董事占比较高的企业技术创新投入明显高于独立董事占比较低的企业。本文还根据上述结论,从公司治理的视角提出了提升中国上市公司技术创新能力的政策建议。

This paper empirically studied the relationship between corporate governance and technical innovation basing on the relevant data of 343 Chinese listed companies from the year 2005 to 2007. Main findings and conclusions of this paper are as follows： there is a positive correlation between managerial stock ownership and technical innovation, but it has no statistical significance; there is an inverted U-shaped relationship between ownership concentration and technical innovation, that is, appropriate concentrated ownership structure is benefical to technical innovation; technical innovation is negatively associated with the stateholding share proportion including the proportions of state-owned share and national legal share, that is to say, the higher proportion of stateholding share, the lower of technical innovation capacity; institutional investors mainly composed of securities investment funds have a significant positive effect on technical innovation, in other words, the higher proporation of institutional investor share, the stronger of technical innovation capacity; there is a positive relationship between independent director system and technical innovation, that is, the input of technical innovation in the company with higher proportion of independent director is significantly larger than that of company with lower proportion of independent director. According to the above conclusions, this paper put forward some policy suggestions on how to enhance technical innovation capacity of Chinese listed companies from the perspective of corporate governance.