公司治理与技术创新关系的实证研究——基于中国省级区域面板数据

An Empirical Research on Relations between Corporate Governance and Technological Progress——Based on the Cross-Provincial Panel Data of China

采用中国省级面板数据在区域层面对公司治理水平与技术创新之间的关系进行实证研究的结果表明:在控制了地区资本存量、人力资本存量、经济外向性、外商投资、信贷规模以及技术产出效率的差异之后,省级股东治理指数与省级R&D资本存量之间存在显著的负相关关系,而省级经理层治理指数与省级R&D技术创新资本积累却有显著的正相关关系。此外,随着地区生产要素投入和生产总值的增加、对外开放程度和技术效率的提升,地区经理层治理的影响不断增强,技术创新促进的效果也更加明显。

Research on the relationship between corporate governance and technological innovation at the regional level makes it possible to investigate effectively how regional differences influent the relationship a-bove,when considering factors like technology diffusion,industrial clusters,credit resources and the other re-gional factors of production. Therefore,this research can be helpful in developing regional policies for promo-ting technological innovation. Although there are plenty of researches conducted at the enterprise level,empir-ical researches at the regional level is still rarely studied in China. Based on Chinese provincial panel data, this paper attempts to conduct an empirical research on the relationship between corporate governance and technological innovation at regional level. The empirical results show that after controlling for capital,human capital,economic extraversion,foreign investment,debt level and the technical output efficiency,there is a significant positive correlation between the shareholders governance index and accumulation of R＆D capital at regional level,while a significant negative correlation between the manager governance index and accumulation of R＆D capital at regional level. In addition,with the increase of inputs or regional GDP,as well as improve-ment of openness or technical efficiency,the manager governance can have a better effect on promoting the ac-cumulation of regional R＆D capital.