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论文编号：	10838
作者编号：	1120130815
上传时间：	2018/12/20 19:50:28
中文题目：	董事会治理、技术创新与多元化战略关系实证研究
英文题目：	An Empirical Study on The Relationship Between Board Governance, Technological Innovation and Diversification Strategy
指导老师：	薛有志
中文关键字：	技术创新；董事会治理；多元化战略
英文关键字：	Technological innovation; Board governance; Diversification strategy
中文摘要：	全球竞争格局日益加剧以及科学技术迅猛推进的双重背景，一方面使得国际国内市场竞争更加激烈，另一方面也极大地改变了企业的生产方式。从欧美国家的发展和转型历程看，保持创新是企业能够持续发展和拥有竞争力最重要的因素。现代化公司要想在市场中赢得生存空间，实现永续经营，进而在激烈的竞争市场中取得领先，那么公司必须要着力培养自身的创新能力，加大在技术创新方面的相关投入。我国作为新兴市场中发展增速最快的经济体之一，正面对着关键的转型升级与提质增效转折期。经济转型、产业结构调整为我国企业的发展带来了前所未有的机遇和挑战。当前，我国企业的主要任务是从传统的规模扩张向质量提升、效益驱动转型，而实现这一目标的关键和核心是不断增强企业的技术创新能力，改良或升级企业的产品与服务，提高企业产品与服务的附加值，并最终提升公司的竞争力。 但在我国企业的实践过程中，与国家创新驱动发展战略不同步的是对企业基础研究和关键技术研究的投入长期不足的情况仍然普遍存在。很多企业热衷于组织规模的扩张和公司影响力的提升，更多的推行多元化战略，这成为我国大型公司常见的战略选择。多元化战略一方面促进我国大型企业集团的扩张和影响力的提升，但较多的关注于规模的扩张也在一定程度上阻碍和制约经济体由成熟技术优势向前沿和新兴技术优势转型。因此，对有关公司技术创新、公司战略以及制度创新等要素之间的互动与协同的研究逐渐成为当前研究的重点。 鉴于此，本研究首先结合董事会治理理论、技术创新理论与多元化战略等理论，在系统梳理董事会治理影响企业技术创新投入的逻辑机理的基础上，结合多元化战略对董事会治理与企业技术创新关系影响的机理，构建了“董事会治理、技术创新投入与多元化战略”之间的逻辑关系框架，一方面将厘清董事会治理对企业技术创新投入影响的内在逻辑；另一方面将分析公司多元化战略对董事会治理与技术创新投入二者关系影响的作用机制，从而有助于科学辨析三者之间的逻辑关系及作用路径。进一步地，本研究基于上述构建的“董事会治理、技术创新投入与多元化战略”之间的逻辑关系框架，针对性地提出了董事会结构特征、董事会激励特征、董事会行为特征对企业技术创新投入关系影响的假设，以及企业多元化程度影响董事会结构特征、激励特征以及行为特征与技术创新投入间关系的研究假设。同时，本研究利用我国沪深两市A股8645家样本企业经验数据对相关研究假设进行实证分析和检验。 实证研究结果表明，董事会规模、董事会现金报酬总额、董事会现金报酬领取率与企业技术创新投入显著负相关；董事会持股比例、董事会股票持有率与企业技术创新投入显著正相关；而董事长与总经理两职分离程度、独立董事比例以及董事会会议次数与企业技术创新投入存在非显著正向关系。进一步地，从多元化程度对董事会治理变量与技术创新投入关系的调节效果来看，多元化程度对董事会规模、董事会现金报酬总额、董事会持股比例、董事会会议次数与技术创新投入关系具有正向调节作用，而多元化程度对董事会现金报酬领取率与技术创新投入关系有显著负向调节作用，而对董事长与总经理两职分离程度、独立董事比例、董事会持股比例与技术创新关系有非显著的负向调节作用。 因此，本研究认为在董事会结构特征设计中，相比通过扩大董事长与总经理两职分离程度、亦或者是通过增加外部独立董事数量等形式提高董事会的独立性，董事会规模特征所内涵的独立性对于公司的技术创新投入决策更具有重要意义。此外，还应重视董事会长期激励机制建设以及优化薪酬机制设计，以促进企业技术创新投入。而且，重视董事会的勤勉履职有助于公司董事会在技术创新决策的事前战略介入与参与能力，也利于避免董事会的勤勉履职行为沦为事后的问题应对手段和工具。最后，董事会治理能力对于企业技术创新投入的影响应重视多元化战略的调节作用，并随着企业多元化战略进行匹配性调整。 相比较于已有研究，本研究的创新主要有以下三方面：一是从理论与实证研究两方面系统整合了董事会治理、公司技术创新投入与多元化战略三者关系；二是系统探讨董事会结构特征、激励特征、行为特征与公司技术创新投入的关系；三是考察不同多元化战略程度情况下，公司多元化战略对董事会治理与技术创新投入关系的影响。论文的研究结论与创新对于深化理论和指导企业实践具有一定的启发和借鉴作用。
英文摘要：	With the increasing global competition and the rapid advancement of science and technology, on the one hand, the international and domestic market competition becomes more intense, on the other hand, the mode of production of enterprises is greatly changed. From the development and transformation process of European and American countries, maintaining innovation is the most important factor for sustainable development and competitiveness of enterprises. If modern companies want to win survival space in the market, achieve sustainable operation, and then in the fierce competition in the market to lead, then the company must focus on cultivating their own innovation ability, increase investment in technological innovation. As one of the fastest growing economies in emerging markets, China is facing a critical transition period of transformation, upgrading and efficiency enhancement. Economic transformation and industrial restructuring have brought unprecedented opportunities and challenges to the development of Chinese enterprises. At present, the main task of Chinese enterprises is to transform from traditional scale expansion to quality promotion and benefit-driven transformation. The key and core to achieve this goal is to constantly enhance the technological innovation ability of enterprises, improve or upgrade their products and services, increase the added value of their products and services, and ultimately enhance the competitiveness of companies. Struggle. However, in the practice of enterprises in China, the lack of investment in basic research and key technology research is still widespread, which is not synchronized with the national innovation-driven development strategy. Many enterprises are keen on the expansion of organizational scale and the promotion of corporate influence, more diversification strategy, which has become a common strategic choice for large companies in China. On the one hand, diversification strategy promotes the expansion of China's large-scale enterprise groups and the promotion of their influence, but more attention to the expansion of scale also hinders and restricts the transition of the economy from mature technological advantages to frontier and emerging technological advantages to a certain extent. Therefore, the interaction and coordination of technological innovation with corporate strategy and institutional innovation has gradually become an important topic of current research. In view of this, this study combines the board governance theory, technology innovation theory and diversification strategy theory, combs the logical mechanism of board governance influencing enterprise technological innovation investment, and constructs the "director" based on the mechanism of diversification strategy influencing the relationship between board governance and enterprise technological innovation. On the one hand, the study will clarify the internal logic of the board governance's impact on the investment in technological innovation; on the other hand, it will analyze the mechanism of the influence of the diversification strategy on the relationship between the board governance and the investment in technological innovation. It helps to scientifically analyze the logical relationship and the path of action between the three. Furthermore, based on the logical framework, this study puts forward the hypothesis that the board structure characteristics, board incentive characteristics, board behavior characteristics have an impact on the investment relationship of enterprise technological innovation, and that the degree of diversification affects the board structure characteristics, board incentive characteristics, board behavior characteristics and technology. Hypothesis of the relationship between innovation and input. The empirical analysis and test of relevant research hypotheses are carried out by using the empirical data of 8645 A-share companies in Shanghai and Shenzhen stock markets. Empirical results show that board size, total cash returns and rate of cash returns are negatively correlated with investment in technological innovation. Shareholding ratio of board of directors and stock holdings of board of directors are positively correlated with investment in technological innovation, while the degree of separation between Chairman and general manager, and independent directors are positively correlated. There is a non significant positive relationship between the proportion of events and the number of board meetings and technological innovation input of enterprises. Furthermore, the moderating effect of diversification on the relationship between board governance variables and investment in technological innovation shows that diversification has a positive moderating effect on board size, total cash returns, proportion of board holdings, number of board meetings and investment in technological innovation, while diversification has a positive moderating effect on directors. There is a significant negative moderating effect between the receipt rate of cash returns and investment in technological innovation, but there is no significant negative moderating effect on the degree of separation between Chairman and general manager, the proportion of independent directors, the proportion of board shareholding and technological innovation. Therefore, compared with the separation of chairman and general manager and the increase of external independent directors, the independence of the board of directors, which is embodied in the size of the board of directors, is more important to the decision-making of technological innovation input. In addition, we should attach importance to the long-term incentive mechanism construction of the board of directors, and optimize the design of compensation mechanism to promote technological innovation investment. Moreover, we should give full play to the board meeting's ability of strategic intervention and participation in technological innovation decision-making in advance, so as to avoid the hard working board becoming a means and tool for dealing with problems afterwards. Finally, the board of directors should pay attention to the moderating effect of diversification strategy and adjust it accordingly. Compared with the existing research, this study systematically integrates the relationship among board governance, investment in technological innovation and diversification strategy from theoretical and empirical aspects, and systematically explores the relationship between board structure characteristics, incentive characteristics and behavioral characteristics and investment in technological innovation, and examines different diversification wars. To some extent, the influence of diversification strategy on the relationship between board governance and investment in technological innovation is significant for guiding the deepening of theory and enterprise practice.
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