基于促进效应的公司治理与技术创新影响的实证研究

Empirical Research on the Influence of Corporate Governance and Technological Innovation on the Promotion Effect

选用2012—2015年中国专利密集型A股上市公司对公司治理的激励效应、监督效应和资源依赖效应与企业技术创新的关系进行实证研究。结果显示:高管的薪酬激励方式、监事会成员的持股数量和独立董事规模与企业技术创新正相关,国有企业的专利申请量明显高于非国有企业,股权集中度越高的企业对应的技术创新投入越低。进一步研究发现,两种激励方式在对技术创新的影响过程中表现出一定程度的互补关系。

In this paper, we examine the relationship between corporate governance＇s incentive effect, super- vision effect, resource dependence effect and technological innovation based on the sample of Chinese patent-intensive listed companies from 2010 to 2015. The results show that executive compensation incentive, supervisory board shareholding number and independent director size are relevant to enterprise technological innovation. The stateowned enterprises have obviously applied more patents than the non state-owning enterprises. Equity concentration is negatively correlated with R＆D investment. Further research has found that compensation incentive and equity incentive have complementary relationship.