公司治理对技术创新和公司绩效调节效应研究

Research on the Moderating Effect of Corporate Governance on the Technology Innovation and Corporate Performance

收集2010~2013年我国A股5 536家上市公司数据,采取层次面板回归和分组面板回归方法,实证检验公司治理对技术创新与公司绩效的调节关系。结果发现,国有股比例、股权集中度、股权制衡和高管持股比例是半调节变量,且它们与技术创新是互补关系;独立董事比例、董事会、股东大会、监事会年内召开次数和高管货币薪酬不是调节变量。

It is found in the empirical test,in the collection of data about 5,536A-share listed companies from 2012to2013 and by use of the hierarchical panel regression and grouping panel regression,on the moderating effect of corporate governance on the technology innovation and corporate performance that the ratio of state-owned share,ownership concentration,check-and-balance ownership structure,and the ratio of managerial ownership are all demonstrated as the half moderator variables,four of which are in the complementary relationship with the technology innovation,and the ratio of independent directors,the number of meetings in a year respectively held by the board of directors and the board of supervisors as well as by shareholders,and the managerial cash pay are all not as moderator variables.