公司治理结构对企业创新绩效的影响——基于研发投入的中介作用
|
摘要
打破传统的"输入-输出"模式,构建"公司治理结构-研发投入-创新绩效"的研究框架,采用2015～2017年创业板高新技术企业的数据,探讨研发投入在公司治理结构与创新绩效的中介作用。实证结果表明:研发投入在股权制衡和创新绩效间起"完全中介效应"、在董事会规模和创新绩效之间起"部分中介效应",在高管持股与创新绩效间也表现为"部分中介效应"。针对上述发现,为企业构建合理的公司治理结构提出了相关建议。
Breaking the traditional "input-output" model, the article builds a research framework of "corporate governance structure-R&D investment-innovation performance", adopts the data of the GEM high-tech enterprises in 2015-2017, based on the intermediary role of R&D investment, exploring the impact mechanism of corporate governance structure on innovation performance. The empirical results show that R&D investment plays fully mediation effect between equity checks and balances and innovation performance, and "partial mediation effect" between board size and innovation performance. It also appears as "partial intermediary effect" between executive shareholding and innovation performance. In view of the above findings, this paper puts forward relevant suggestions for enterprises to construct a reasonable corporate governance structure.
Breaking the traditional "input-output" model, the article builds a research framework of "corporate governance structure-R&D investment-innovation performance", adopts the data of the GEM high-tech enterprises in 2015-2017, based on the intermediary role of R&D investment, exploring the impact mechanism of corporate governance structure on innovation performance. The empirical results show that R&D investment plays fully mediation effect between equity checks and balances and innovation performance, and "partial mediation effect" between board size and innovation performance. It also appears as "partial intermediary effect" between executive shareholding and innovation performance. In view of the above findings, this paper puts forward relevant suggestions for enterprises to construct a reasonable corporate governance structure.
引文
[1]Lee C,Park G.The impact of convergence between science and technology on innovation[J].The Journal of Technology Transfer,2018,43(2):522-544.
[2]Belloc F,Laurenza E,Rossi M A.Corporate Governance and Sectoral Patterns of Innovation:Evidence from Italian Manufacturing Industries[J].Department of Economics University of Siena,2015,(3):15-19.
[3]Helmers C,Patnam M,Rau P R.Do board interlocks increase innovation?Evidence from a corporate governance reform in India[J].Journal of Banking & Finance,2017,80:51-70.
[4]Dong J,Gou Y N.Corporate governance structure,managerial discretion,and the R&D investment in China[J].International Review of Economics & Finance,2010,19(2):180-188.
[5]刘新民,王垒,康旺霖.创业企业IPO董事会结构对研发资源投入的影响研究[J].研究与发展管理,2014,26(04):32-41.
[6]杨林,段牡钰,刘娟.高管团队海外经验、研发投入强度与企业创新绩效[J].科研管理,2018,39(06):9-21.
[2]Belloc F,Laurenza E,Rossi M A.Corporate Governance and Sectoral Patterns of Innovation:Evidence from Italian Manufacturing Industries[J].Department of Economics University of Siena,2015,(3):15-19.
[3]Helmers C,Patnam M,Rau P R.Do board interlocks increase innovation?Evidence from a corporate governance reform in India[J].Journal of Banking & Finance,2017,80:51-70.
[4]Dong J,Gou Y N.Corporate governance structure,managerial discretion,and the R&D investment in China[J].International Review of Economics & Finance,2010,19(2):180-188.
[5]刘新民,王垒,康旺霖.创业企业IPO董事会结构对研发资源投入的影响研究[J].研究与发展管理,2014,26(04):32-41.
[6]杨林,段牡钰,刘娟.高管团队海外经验、研发投入强度与企业创新绩效[J].科研管理,2018,39(06):9-21.