医药上市公司治理结构对技术创新的影响

Impact of governance structure in listed pharmaceutical companies on technological innovation

本文旨在探究医药产业中企业治理结构对于技术创新水平的影响。在国内外已有相关理论与实证研究基础上,建立研究假设,以医药上市公司为研究对象,通过建立回归模型分析不同治理结构下,企业技术创新投入情况,探讨二者的相关关系。研究结果表明,医药上市公司的股权集中度与技术创新投入具有正相关关系,董事长与总经理兼任的医药上市公司技术创新投入较多,总经理持股对医药上市公司的技术创新关系有显著的正向影响关系,而国有控股性质、独立董事比例对于医药上市公司技术创新投入的影响不显著,有待进一步研究。

This paper aims to explore the impact of governance structure in pharmaceutical companies on technological innovation. Based on theoretical and empirical researches at home and abroad, listed pharmaceutical companies were chosen as research objects and the relationship between governance structure and innovation invest- ment intensity was analyzed through modeling. The results indicate that a significant positive correlation exists be- tween ownership concentration, general manager with a concurrent post of chief executive as well as the general man- ager with shareholding and the technological innovation investment of listed pharmaeeutical companies. However, the state-owned nature and the proportion of independent directors＇ impact on innovation investment is not significant.