产业特征、公司治理与企业研发投入——来自中国战略性新兴产业A股上市公司的经验证据

Industrial Characteristics,Corporate Governance and Firm's R & D Investment——Evidence from A shares of Listing Corporation of Strategic Emerging Industries in China

本文以中国2010—2012年战略性新兴产业A股上市公司为样本,考察了企业治理结构与企业研发投入之间的关系。本文的经验研究发现:(1)在资本、技术高度密集的产业中,企业保持较高的股权集中度,对企业研发投入有显著的正面效应;(2)人力资本在知识和技术密集的企业中扮演着关键角色,股权激励与企业研发投入之间存在着显著的正相关关系;(3)企业董事会规模与企业研发投入负相关,保持一个较小规模的董事会,客观上有利于提高企业研发投入。进一步分析表明,在战略性新兴产业中,国有企业与非国有企业治理结构对企业研发投入的影响存在一定的差异。在国有企业中,股权激励对企业研发投入的促进作用十分明显,经理层的过高薪酬与企业研发投入之间不存在显著关系;在非国有企业中,在职消费对企业研发投入有显著的负面效应,政府补贴则能够有效促进企业研发投入。本文具有深刻的政策含义,良好的公司治理结构应与产业特征相匹配,以达到促进企业创新的目的;在战略性新兴产业中,保持较高的国有经济比重所形成的公司治理客观上有助于企业创新。

There is a close relationship between the innovation activities of enterprises and the corporate gov- ernance. Typically, the participants of enterprise innovation have different individual goals, how to integrate these individual goals into an overall goal that depends on the rapid response to the external technology-market （Policy） change by the enterprise, and forming an effective innovation （R＆D） strategy. In other words, corporate govern- ance structure is an important micro institutional basis for the firm＇s R＆D investment. Just like Belloc （2012） point that good corporate governance is to help enterprises to establish a long-term mechanism of enterprises innovation. The question to be answered in this article is that, whether it is beneficial to the enterprise innovation of the corpo- rate governance intending to present the corresponding difference for different industries？ Modern industrial development history shows that, there are significant differences in the speed, frequency and range of innovation in different industries, and innovation behavior of different enterprises is not the same. That means corporate governance must he adapted to the special requirements of different industries. Specifically, it is very important that good corporate governance is the key factor to form the correct innovation strategy. In this paper, we systematic investigate the effect of corporate governance on the firm＇s R＆D investment, using the strategic emerging industries of China listed firms over the 2010-2012. The main conclusions are ： （ 1 ） in cap- ital and technology intensive industries, maintain a high degree of ownership concentration has a significant positive effect on corporate R＆D investment. （2） Human capital plays a key role in the knowledge and technology intensive enterprises. There is a significant positive correlation between equity incentive and enterprise R＆D investment. （3） The board of directors is negatively related to R＆D investment. Maintain a small scale of the board of directors is objectively conducive to improving the firm＇s R＆D investment. Further analysis showed that, there are some differences in the impact of corporate governance structure on firm＇s R＆D investment because of the property rights. In state-owned corporations, it is very obvious to promote R＆D investment of enterprises by making their equity grants to executives. Meanwhile; there is no significant relationship between the high salary and the enterprise R＆D investment. In non state-owned enterprises, it is a significant negative effect on the R＆D investment of enterprises by on-the-job consumption, and government subsidies can effectively promote enterprise R＆D investment. This pa- per has profound policy implications that, in order to achieve the purpose of promoting enterprise innovation, well corporate governance structure should be matched with industry characteristics. More importantly, it is necessary to maintain a high proportion of state-owned economy to help the enterprise innovation in the strategic emerging indus- tries. Based on the above research, the following suggestions are given in this paper. Firstly, the construction of cor- porate governance, which is matched with the industrial characteristics, is very important for the innovation and de- velopment of strategic emerging industries. Secondly, under the background of the reform of state-owned enterprises mixed, it should be subject to the country＇s strategic objectives, give full play to the advantage and leading role of the state-owned enterprises, focusing on basic, strategic and forward-looking emerging industries, promote the national scientific and technological progress and innovation. At the same time, the establishment of reasonable allocation mechanism is also an important part of promoting innovation. Finally, there are also some suggestions that government subsidies should be given to private enterprises, and should not be based on the size of the enterprise as a subsidy.