公司治理与技术创新：分行业比较

Corporate Governance and Innovation:Differences among Industry Categories

本文以2006—2010年1344家沪深A、B股公司为样本,采用聚类分析的方法,按要素密集度将样本公司划分为劳动密集型、资本密集型和技术密集型三个行业,对比考察不同行业公司治理对技术创新的影响关系。研究发现,三个行业中公司治理对企业技术创新的影响既有相同点,也存在差异。相同点是三个行业中第二至第十大股东持股比例、基金持股比例和董监高持股比例对研发投入均有正向影响。差异在于,在资本密集型和技术密集型行业中,董监高的薪酬激励有利于创新活动的开展;对于前者,国有第一大股东持股比例与研发投入正相关;对于后者,核心技术人员的期权激励对创新有显著的正向影响。进一步分析发现,良好的市场化环境是企业技术创新的外部推动力量。本文提出公司治理应与行业特点相匹配,以发挥其对创新的促进作用,是对新结构经济学在微观层面的应用和拓展,也为中国产业升级和经济转型提供了一些政策参考。

This paper examines the relationship between corporate governance and innovation by the categories of industry. Using 1344 firms listed on Shanghai and Shenzhen stock exchange from 2006 to 2010, we cluster them into labor, capital and technology-intensive. Empirical results show that ownership by largest 2 to 10, fund and executives have positive impact on R＆D investment. In capital and technology intensive industries, salary incentive for executives is beneficial for R＆D investment. For capital-intensive industries, the proportion of shares hold by the largest shareholder which has national background is positively related to R＆D investment. For technology-intensive industries, option incentives to core technical staff have positive impact on innovation activities. Furthermore, better external market environment is beneficial for firm innovation. This paper develops new structural economics at micro-level by proposing the match between corporate governance and industries. The empirical results provide some policy implications for China＇s economic transition.