企业的领导权结构对技术创新的影响——基于上市公司的实证研究

The Impact of Leadership Structure on Technological Innovation——An Empirical Study Based on the Chinese Listed Companies

企业治理结构中领导权结构的不同安排会改变经理人决策自由和创新意愿，进而导致企业创新活动的效率差异。但相对于股权激励、资本结构等其他机制而言，领导权结构与技术创新的关系是隐性和间接的。文章构建了一个有调节的中介作用模型来研究企业领导权结构对技术创新绩效影响。基于上海证券交易所2009～2011年上市公司的数据．发现对于中国上市公司而言，领导权结构的不同安排确实会对技术创新绩效产生显著影响：私营企业的CE0两职合一会比国有企业带来更好的创新绩效，并且这一关系主要是通过经营者时技术创新决策的支持而实现的。

The different arrangements of the leadership structure in corporate governance structure tend to change the manager＇s decision-making freedom and willingness to innovate, leading to the efficiency differences of entrepreneurial activity. However, compared with other mechanisms in terms of equity incentives, capital structure, the relationship between the structure of the leadership and technological innovation is inexplicit and indirect. This paper constructs a moderated mediator model to study on the impact leadership structure on technological innovation performance based on the 2009-2011 Shanghai Stock Exchange listed company data, finding that the different arrangements of leadership structure indeed have a significant impact on technological innovation performance; private sector CEO duality leads to better innovation performance than state-owned enterprises, which is achieved mainly through the manager＇s support for the decision making of technological innovation.