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
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摘要
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.
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.
引文
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[16] 赵旭峰,温军.董事会治理与企业技术创新:理论与实证[J].当代经济科学,2011,33(3):110-116,128.
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[19] David P.,Hitt M.A.,Gimeno J.The Influence of Activism by Institutional Investors on R&D[J].Academy of Management Journal,2001,44(1):144-157.
[20] 樊杰,刘汉初.“十三五”时期科技创新驱动对我国区域发展格局变化的影响与适应[J].经济地理,2016,36(1):1-9.
[2] 陈继勇,盛杨怿.外商直接投资的知识溢出与中国区域经济增长[J].经济研究,2008,43(12):39-49.
[3] 夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007,(7):82-95.
[4] Francis J.,Smith A.Agency Costs and Innovation:Some Empirical Evidence[J].Journal of Accounting and Economics,1995,19(2):383-409.
[5] O' Neill L.H.M.Ownership Structures and R&D Investments of U.S.and Japanese Firms:Agency and Stewardship Perspectives[J].The Academy of Management Journal,2003,46(2):212-225.
[6] 鲁桐,党印.公司治理与技术创新:分行业研究[J].经济研究,2014,49(6):115-128.
[7] 杨建君,盛锁.股权结构对企业技术创新投入影响的实证研究[J].科学研究,2007,(8):787-792.
[8] Vito J.D.,Claude L.,Bozec Y.R&D Activity in Canada:Does Corporate Ownership Structure Matter?[J].Canadian Journal of Administrative Sciences,2010,27(2):107-121.
[9] Porta R.L.,Lopez-De-Silanes F.,Shleifer A.Corporate Ownership Around the World[J].The Journal of Finance,1999,54(2):471-517.
[10] 吕新军.股权结构、高管激励与上市公司治理效率——基于异质性随机边界模型的研究[J].管理评论,2015,27(6):128-139.
[11] 冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济,2008,(7):91-101.
[12] 秦兴俊,王柏杰.股权结构、公司治理与企业技术创新能力[J].财经问题研究,2018,(7):86-93.
[13] 任海云.股权结构与企业R&D投入关系的实证研究——基于A股制造业上市公司的数据分析[J].中国软科学,2010,(5):126-135.
[14] 黄苹,徐彬.外资企业和国有企业创新绩效评价[J].科技管理研究,2009,29(7):493-494,508.
[15] 解维敏,唐清泉,陆姗姗.政府R&D资助,企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009,(6):86-99.
[16] 赵旭峰,温军.董事会治理与企业技术创新:理论与实证[J].当代经济科学,2011,33(3):110-116,128.
[17] Zahra S.A.,Neubaum D.O.,Huse M.Entrepreneurship in Medium-size Companies:Exploring the Effects of Ownership and Governance Systems[J].Journal of Management,2000,26(5):947-976.
[18] 解维敏.业绩薪酬对企业创新影响的实证研究[J].财贸经济,2018,39(9):141-156.
[19] David P.,Hitt M.A.,Gimeno J.The Influence of Activism by Institutional Investors on R&D[J].Academy of Management Journal,2001,44(1):144-157.
[20] 樊杰,刘汉初.“十三五”时期科技创新驱动对我国区域发展格局变化的影响与适应[J].经济地理,2016,36(1):1-9.