公司治理影响企业技术创新吗?——基于中国东部、中部、西部上市公司的比较研究

Does Corporate Governance Affect Technological Innovation?——Comparative Study of Listed Companies in Eastern,Central and Western Areas

本文以2010～2016年1002家沪深A股上市公司作为研究样本,按照公司注册地将样本公司分为东部、中部、西部三大地区,对比检验公司治理对技术创新的影响,并比较其区域差异。研究发现:在不分地区的情况下,第一大股东的持股比例及其性质、第二至第十大股东的持股比例、董事长总经理两职合一、对董监高的激励都能显著促进企业技术创新;区分地区后,各地区企业董监高薪酬总额对技术创新均有显著正向影响,而股东和董事会因素对东部和西部企业技术创新的影响差异较大,且其对于中部地区企业技术创新的影响具有一定的独特性。

Taking 1002 firms listed on Shanghai and Shenzhen stock exchange from 2010 to 2016 as samples,this study first divides them into three differnt groups(eastern,central and western)according to their registration places,and then examines the regional differences in the impact of corporate governance on technological innovation.Empirical results show that the share proportion and the nature of the first major shareholder,the share proportions of the shareholders from the second largest to the tenth largest,chairman and general manager being the same person,and incentives for directors,supervisors and senior managers can significantly promote enterprises technology innovation.Different corporate governance factors have different impacts on technology innovation in different areas.Overall,incentives have a significant positive impact on the technology innovation in different areas.The impact of shareholders and the board of directors on the technology innovation varies greatly in eastern and western areas,but in the central area,the impact has certain uniqueness.