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论文编号：	3246
作者编号：	2120092327
上传时间：	2011/6/6 9:21:08
中文题目：	公司治理对企业就是创新影响的实证研究
英文题目：	Empirical Study of the Influence of Corporate Governance on Technological Innovation
指导老师：	程新生
中文关键字：	公司治理; 技术创新; 创新投入; 创新产出
英文关键字：	corporate governance; technological innovation; innovation inputs;innovation outputs
中文摘要：	在竞争激烈的市场经济浪潮中，每个企业都面临着巨大的生存和竞争压力。优胜劣汰同样也是企业的生存法则，那么如何在竞争中取胜，成为企业生存和延续的关键。伴随着信息经济时代的到来，环境瞬息万变，事物日新月异。技术，就成为企业之间竞争的法宝。不创新，企业就无法生存；不持续创新，企业就难以发展。技术创新是企业生命的永动机，是企业获得持续竞争优势的力量源泉。因此，企业要想在市场中占有一席之地，保持其核心竞争优势，从而成就企业的一番长青基业，技术创新是必不可少的重要因素之一。 随着技术创新对企业的重要性日益增强，诸多学者从企业组织、人力资源、公司战略等不同角度对企业技术创新的影响因素进行了深入的研究。但是从公司治理角度对企业技术创新影响的研究却不多。公司治理结构是现代企业制度中最重要的组织架构，其重要性也得到了学者的高度关注和认可。技术创新涉及决策、评估、投入、产出和控制等一系列过程，如果公司治理结构无法满足技术创新活动中各个环节的需要，势必会阻碍企业技术创新的顺利开展，进而影响企业的长远发展。因此，研究公司治理与企业技术创新之间的关系，不仅具有学术价值，更具有重要的实践指导意义。 本文围绕以上主题，结合公司治理理论和技术创新理论，从股权结构、董事会结构、经营者激励机制三个方面对企业技术创新的影响进行理论分析，初步勾勒出公司治理对企业技术创新作用机制的分析框架，并详细阐述了公司治理对技术创新可能产生的影响；实证方面，综合运用创新投入和产出的双重评价指标，构建了公司治理对企业技术创新影响的回归模型，并选取制造业上市公司的相关数据对提出的研究假设进行检验，最后提出研究结论和政策建议。 通过对制造业上市公司的实证研究，得出股权集中对技术创新有显著的积极影响，独立董事未发挥出对技术创新的推动作用，对经营者进行股权激励有利于技术创新。因此，应适当增加股权集中，充分发挥大股东对技术创新的推动作用；建立高效的董事会结构，提高技术创新决策的效率；完善经营者激励机制，提高其技术创新的积极性这三个方面完善公司治理以推进企业技术创新。
英文摘要：	In the wave of intensely competitive market economy, each enterprise faces huge pressure to survive and compete. Survival of the fittest is also the survival rule of enterprises, so how to win in the competition becomes the key factor for enterprises to survive and last longer. With the era of information economy, the environment and things are changing quickly, from time to time. Technology, becomes a magic weapon of enterprises among competition. Without innovation, enterprises can not survive; without continuous innovation,enterprises can not obtain development. Technological innovation is the perpetual engine of business life, and is also the power source of continuous competitive advantage. Therefore, in order to have a solid position in the market and maintain its core competitive advantages, finally achieving its evergreen business, technological innovation is an essential factor for enterprises. With the importance of technological innovation increasing, many scholars carry on in-depth research of factors affecting technological innovation from business organization, human resources, corporate strategy and other points of view. But researches from the perspective of corporate governance are rare. Corporate governance structure is the most important organizational structure among modern enterprise system, and its importance has been growing a great concern of scholars. Technological innovation involves series of processes, such as decision, evaluation, input, output, control and so on, if the corporate governance can not meet the needs in all aspects of technological innovation, it is bound to hinder the smooth progress of technological innovation, thereby affecting the long-term development. Therefore, studying the relationship of corporate governance and technological innovation, not only has high academic value, but also has important practical significance. This paper focuses on these topics. Based on the theory of corporate governance and technological innovation, the author makes theoretical analysis of the impact on technological innovation from three aspects of the ownership structure, board structure and incentive mechanisms for operators. Later the author outlines a mechanism framework of corporate governance affecting technological innovation, and elaborates possible impacts on technological innovation. In the empirical part, the author constructs combined indicators from technological innovation inputs and outputs aspects. Furthermore, the author proves these hypotheses by setting up three multiple linear regression models with the data from the manufacturing industry listed companies. Finally the author proposes main findings and policy suggestions. Through the empirical research on manufacturing industry listed companies in China, the author reaches the conclusions that the ownership concentration has significant positive impact on technological innovation, the independent directors do not play a role in promoting technological innovation, incentive mechanisms for operators benefit for technological innovation. Therefore, it is appropriate to increase the ownership concentration, fully developing the large shareholders' role in promoting technological innovation; establish an efficient board structure, improving the efficiency of innovation policy-making; improve incentive mechanisms for operators, increasing their enthusiasm for technological innovation. The improve -ment of these three aspects on corporate governance can promote technological innovation in our country.
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