公司治理结构、股利分配与企业创新绩效三元关系实证研究

An Empirical Research on the Ternary Relationships between Corporate Governance Structure,Dividend Distribution and Corporate Innovative Performance

公司治理是现代企业管理理论的重要组成部分,直接影响公司经营状况、股利政策及创新绩效。采用回归分析法对公司治理、股利支付及企业创新绩效关系进行实证分析。研究发现,董事会结构、第一大股东持股比例与公司创新绩效显著正相关;第一大股东持股比例及前十大股东持股比例平方和越高,企业越倾向高股利支付;高股利支付与企业创新绩效间并无正相关关系,股利支付与企业创新绩效间存在负相关关系,但不显著。最后,从完善公司治理和股利政策方面提出了促进企业技术创新的政策建议。

The Corporate governance is one of the most important part in modern management theories,which directly influence the corporate operating conditions,dividend policy and innovation performance of Chinese listed companies.This paper uses the regression analysis to reveal the interrelationships between corporate governance,dividend policies and innovative performance.The study indicates that the board structure,the proportion of the largest shareholder have a significant positive effect on corporate innovation performance.The higher is the proportion of the largest shareholder,the more is the dividend payment.The listed companies with high proportion of the top ten shareholders prefer to pay more dividends.The dividend payment of listed companies has a non-significant negative impact on innovative performance.Finally from the aspects of perfecting corporate governance and dividend policy,the paper puts forward some policy suggestions to promote the enterprise＇s technology innovation.