多元化经营、公司治理与技术创新——基于高新技术企业的实证分析

Diversification, Corporate Governance and Technological Innovation ——Empirical Analysis Based on High Tech Enterprises

摘要:

以2010—2015年421家高新技术企业为样本，考察多元化经营、公司治理对技术创新的影响。结果表明，不同多元化程度的企业，其股权集中度对技术创新的影响不同；基金持股对多元化程度高的企业技术创新具有阻碍作用；多元化程度高的企业董事会规模与技术创新型呈显著正U型关系；不同多元化程度的企业，其股权激励与薪酬激励对技术创新的影响不同。因此，公司治理应该与多元化程度相匹配，只有采取灵活的公司治理，才能促进企业技术创新。

Abstract:

This paper takes 421 high-tech enterprises from 2010 to 2015 as samples to investigate the influence of diversification and corporate governance on technological innovation. The results show that the degree of ownership concentration has a different impact on technological innovation for enterprises with the different degree of diversification. Fund holding has a significant impediment to the technological innovation of enterprises with high degree of diversification.Board size and technological innovation have a significant positive U type relationship for enterprises with high degree of diversification. For enterprises with different degrees of diversification, the impacts of equity incentive and salary incentives on the technological innovation are different. Therefore, corporate governance should be matched with the degree of diversification of enterprises. Enterprises should adopt a flexible corporate governance mechanism in order to promote the technology innovation and to enhance the core competitiveness of enterprises.