高新技术企业治理结构对研发投入的影响研究——以西安市高新技术企业为例

The Impact of High Tech Enterprises' Governance Structure to the Company's R&D Input:High Tech Enterprises in Xi'an As a Sample

文章以西安市高新技术企业为样本,运用OLS回归模型对高新技术企业治理结构与研发投入间的关系进行了实证研究。结果表明,控股股东为私人高新技术企业研发投入多,国有控股企业研发投入少;独立董事比例与研发投入显著正相关;两职合一对研发投入有正的影响;高管人员报酬与研发投入显著正相关;股权集中度与高管人员持股比例未通过显著性检验。这说明西安市高新技术企业治理结构有待改善,以提高研发投入水平。

The paper uses the OLS regression model to carry on the empirical research on relation between high-tech enterprise governance structure and R＆D input based. The empirical analysis shows that, stateowned holding enterprises input less R＆D when controlling shareholders input more a private high-tech enterprise R＆D, the proportion of independent directors relates to R＆D input significantly positive correlation, two hats-one factor and R＆D input with a significantly positive correlation, executive remuneration relates to R＆D input with a significantly positive correlation, ownership concentration and executives shareholding fails the test of significance testing. These results illustrate that Xi＇an high-tech enterprise governance structure needs to be improved to enhances the level of R＆D input.