中小板上市公司技术创新对企业绩效影响的实证研究——基于公司治理调节效应的视角

An Empirical Study on the Impact of SMEs’Technological Innovation to Firm Performance-----Based on the Perspective of moderating effect of Corporate Governance

摘要:

基于委托代理理论,选取2011-2013年深交所中小板块上市公司制造业企业为研究样本,并测算R D资本存量,利用回归分析来检验公司治理结构对技术创新与企业绩效关系的调节作用。研究结果表明：股权集中对技术创新与企业绩效关系起到负向调节作用；独立董事对二者关系没有调节作用；管理层股权激励对二者关系存在正向调节作用；资产负债率对二者关系有负向调节作用。

关键词:技术创新;企业绩效;公司治理;调节效应;R D存量

Abstract:

Based on the Principal-agent Theory,the paper calculated R D capital stock and used yearly reports of manufacturing firms which were listed in Shenzhen Stock Exchange from 2011 to 2013,and tested the moderating effects of ownership concentration,board of directors,managerial ownership on the relationship between technological innovation input and firm performance by regression analysis. The result showed that：The largest shareholder has negative moderating effect on the relationship；independent directors have no moderating effect；managerial ownership has positive moderating effect；debt to assets ratio has negative moderating effect.

Key words:Technological Innovation;Firm Performance;Corporate Governance;Moderating Effects;R D capital stock