治理结构、研发投入与公司绩效——基于中小板信息业上市公司的实证分析

Governance Structure, R&D Investment and Corporate Performance:the Empirical Analysis of Listed Companies in Small and Medium-sized Board of Information Industry

采用2012—2016年中小板信息技术行业上市公司面板数据,实证分析公司治理结构、研发投入对企业绩效的影响,重点讨论股权集中度、董事规模与研发投入的交互影响。研究表明,研发投入与股权集中度、独立董事比、董事规模、董事大会会议次数对绩效的影响显著为正;股权制衡、两职合一以及股权激励指标没有通过显著性检验;股权集中度与研发投入的交互项为负但显著性不明显;董事规模与研发投入的交互项显著为负。股权集中度应适当优化;防止董事会规模的过度扩大;规范独立董事制度,发挥董事的监督和激励职能。

Using panel data of listed companies in small and medium-sized boards of information technology industry from 2012 to 2016, it empirically analyses the impact of corporate governance structure and R&D investment on corporate performance, focusing on the interaction between ownership concentration, directors’size and R&D investment. The results show that R&D investment and ownership concentration, the ratio of independent directors, the size of directors and the number of meetings of the board of directors have a significant positive impact on performance;equity checks and balances, integration of two positions and equity incentive indicators have not passed the significance test;the interaction between ownership concentration and R&D investment is negative but not significant;the interaction between director size and R&D investment is significantly negative. Equity concentration should be properly optimized;the board of directors should be prevented from over-expanding;the system of independent directors should be standardized to give full play to the supervisory and incentive functions of directors.