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论文编号：	3794
作者编号：	2120092704
上传时间：	2011/11/26 22:11:58
中文题目：	公司治理结构对技术创新影响的研究
英文题目：	The research on the effection of the corporate governance structure to the technological innovation
指导老师：	张国萍
中文关键字：	公司治理结构、技术创新、经理人激励
英文关键字：	corporate governance structure, technological innovation, managers incentive
中文摘要：	21 世纪是竞争的时代，面对如此激励的竞争环境，企业取得优势的主要依靠核心竞争力。而加强企业的技术创新是企业获得核心竞争力的主要途径。目前，我国企业的技术主要为引进，自主创新能力不强，对外部的依赖较大。分析造成我国企业技术创新能力不强的原因有外在的，也有内在的。外部，国有企业创新体系还没有真正建立起来，区域创新体系也正在建立之中；内部，企业研发投入较低，技术创新的人力、物力支持不足。但是，造成这种情况最根本的原因是企业缺乏技术创新的积极性。随着技术创新的重要性日益凸现，许多学者从企业组织、研究与开发、核心能力、能力匹配、人力资源开发等角度对影响企业技术创新的因素进行了大量研究。但是，从公司治理角度对企业技术创新所产生的根本影响却很少进行研究。本文通过对所有权结构、董事会结构、经营者的激励三方面对技术创新的动力、能力、决策等方面影响的分析，得出了公司治理结构影响技术创新行为作用机理的分析框架。公司治理结构在降低交易成本，增加决策的科学性和提高效率方面起到重要作用。例如可以通过设计特定的监控机制和激励机制，减少组织中人的行为的不确定性。公司治理结构是一种规范人的行为准则，企业技术创新活动是在已经存在的公司治理结构框架下进行的。具体来说公司治理结构对技术创新的有以下四个方面的影响：首先公司治理结构不同，企业对技术创新资源的供给方式获取途径不同，因此公司治理结构对技术创新的能力进行影响；其次不同的公司治理结构导致利益相关者在企业内部有不同的合作机制，因此影响企业技术创新动力以及技术创新策略的选择；再次治理机制不同，对重大问题决策的科学性和有效性不同，因此公司治理结构影响企业的技术创新决策效率；最后技术创新绩效也要受到公司治理结构的影响而形成不同的评价。因此，公司治理是技术创新的原动力。在企业进行技术创新时，公司治理结构的完善必须要共同进行。技术创新成功需要以下四个方面的条件：第一是减少创新决策的不确定性，增强其科学性；第二要发挥利益相关者的作用，同时注意大环境条件，以此来满足创新系统性的要求；第三要充分必须发挥经理人的作用，因为经理人才是技术创新的决策者和实施者，改善激励机制调动企业家的创新积极性；第四为技术创新准备尽量多的资金来源，用来克制创新收益之滞后的问题。通过公司治理结构可以为以上四个措施提供有效的途径。由于不同的股东投资目标不相同，因此对技术创新的态度也不相同。董事是公司治理的核心，通过其人员构成和数量等多方面因素在多个角度对技术创新带来影响。而经理人作为企业的运营者和技术创新活动的决策人、实施人对技术创新更是影响巨大，因此必须调动经理人的积极性，使其有足够的动力和能力来考虑企业的长期利益，促进技术创新。本文正是通过分析企业治理结构影响技术创新的机理，得出第四章实证分析变量。通过第四章的实证分析结果印证第三章的结论。通过实证分析可以证实企业技术创新受到公司治理结构、财务因素、体制因素等多个方面的影响，但公司治理结构是影响技术创新的一个主要因素。其中经理人的年薪与研发费用程较高的正相关，表明通过增大对经理人的激励会提高经理人对技术创新的重视，从而有利于企业的技术创新。提高经理人的薪酬也会减少道德风险的发生，有利于调动经理人技术创新的积极性，提高企业绩效。但技术创新与独立董事的相关性在实证分析的结果中不能得到印证，这是由于我国国有企业的独立董事一方面独立性不强，另一方面企业对独立董事的重视程度不高，因此独立董事对公司的决策影响有限。另外我国的独立董事激励不足，却要承担较大的责任风险甚至一个专家学者可能兼任家企业，这样也不能保证董事会的出席率，使独立董事机制流于形式，不能完全的履行职责。然而增大董事会的持股比例，有利于激励董事对企业的长期战略如技术创新活动更加的积极，从而有利于技术创新的开展。国有大股东持股比例的增加对技术创新存在不利影响，这是由于国有股东目标多元化，如需要关注就业、税收、社会稳定等多个方面的因素，而不是企业利润最大化。但是国有企业中存在同等行业的技术创新标兵，例如海信集团虽然是国有企业，但其技术创新能力在电器行业中居于首位，因此本文第五章将海信集团的公司治理结果和技术创新概况进行介绍，分析其技术创新体系及保障措施，分享成功经验。虽然海信集团的公司治理结构存在值得借鉴之处，但作为国有企业，其具有其他国有企业共有的问题，第五章的最后一节介绍了海信集团及我国其他国有企业共同存在的问题，如国有企业研发结构不健全、对经理人和技术人员的激励不足、政府行政任命经理人造成经理人的创新动力不足以及我国企业现存的董事会结构不合理等。根据以上存在的问题在第六章做了分析总结，分析国有企业共同存在问题的原因和相应的建议。建议对于我国国有企业，应适当降低第一大股东持股比例，增加法人股比例，加强经营者的激励与约束，提高其技术创新的积极性，完善董事会功能与结构，提高技术创新决策的效率与科学性”这三方面完善公司治理结构推进技术创新的发展。 关键词：公司治理结构、技术创新、经理人激励
英文摘要：	The 21st century is the era of competition in the face of such incentives competitive environment, companies rely mainly on the advantage of core competencies. And strengthen technological innovation is the core competitiveness of enterprises the main way. At present, China mainly for the introduction of technology companies, independent innovation ability, greater dependence on external. Analysis resulting in China's technological innovation ability of external reasons, there are inherent. External, state-owned enterprise innovation system has not really been established, the regional innovation system is also being established; internal, low R & D investment, technological innovation and human, material lack of support. However, this situation is the most fundamental reason for the lack of business enthusiasm for technological innovation. As technological innovation has become increasingly important, many scholars from business organizations, research and development, core competencies, capabilities matching, human resources development point of view of the factors that affect technological innovation carried out extensive research. However, from the perspective of corporate governance arising from technological innovation is rarely fundamental studied.Based on the ownership structure, board structure, the operator of the three aspects of technological innovation incentive motivation, ability, decision-making implications of the analysis, the impact of corporate governance structure of the mechanism of technological innovation behavior analysis framework. Corporate governance structure in the lower transaction costs and increase scientific decision-making and efficiency play an important role. For example, by designing specific monitoring and incentive mechanisms, the organization of human behavior can reduce the uncertainty. Corporate governance structure is a standard of conduct of people, technological innovation activities in the existing corporate governance framework .Specifically, the corporate governance structure of technological innovation are the following four effects: First, the different corporate governance structure, technological innovation and business methods to obtain the supply of resources in different ways, so the corporate governance structure affect the ability of technological innovation; followed by different corporate governance structure led to stakeholders within the enterprise have different mechanisms of cooperation, thus affecting the dynamics of technological innovation and technology innovation strategy choice; again different governance mechanisms, scientific decision-making on major issues and effectiveness of different corporate governance so structure affect the efficiency of decision making in technological innovation; final technical innovation performance but also by the impact of corporate governance structure and the formation of different evaluation. Therefore, corporate governance is the driving force behind technological innovation. Technical innovation in the enterprise, the company governance structure must be together. Successful innovation requires the following four conditions: the first is to reduce the uncertainty of innovation and decision-making, enhance its scientific nature; second to play the role of stakeholders, bearing in mind the environment conditions, in order to meet the systemic innovation requirements; the third to give full play to the role of manager, personnel manager of technology innovation as decision-makers and implementers to improve the incentive mechanism to mobilize the enthusiasm of entrepreneurial innovation; fourth as much to prepare for technological innovation, sources of funding, with to restrain innovation and revenue lag issues. Through the company's governance structure for the above four measures can provide an effective way. Because different shareholders investment objectives vary, so the attitude of technological innovation is not the same. Directors are the core of corporate governance, through its composition and number of other factors at various angles of impact of technological innovation. The managers and operators, as business decision makers in technology innovation activities, the implementation of human impact of technological innovation is huge, it is necessary to mobilize the enthusiasm of the manager, it has enough power and ability to consider long-term interests of enterprises and promoting technological innovation. This article is by analyzing the impact of corporate governance structure of the mechanism of technological innovation, come to Chapter empirical analysis variables. By the empirical results of Chapter IV of Chapter III confirms the conclusions. Empirical analysis of technological innovation can be confirmed by the corporate governance structure, financial factors, institutional factors and other aspects, but the impact of corporate governance structure is a major factor in technological innovation. One manager's salary and the higher R & D process is related to that by increasing the incentive for managers of managers will increase the importance of technological innovation, thus contributing to the technological innovation of enterprises. Improve the manager's salary will reduce the incidence of moral hazard, the manager will help mobilize the enthusiasm for technological innovation and improve business performance. However, technological innovation and the relevance of independent directors in the empirical analysis of the results can not be confirmed, which is due to the state-owned enterprises is not strong independence of independent directors on the one hand, the other companies on the importance of independent directors is not high, so independent directors of the company's decision-making was limited. Another independent director of China's incentive enough to bear the risk of even greater responsibility may serve as a home business experts, so the board can not guarantee the attendance rate, the mechanism of independent directors a mere formality, can not fully perform their duties. However, the Board increased its stake, will help motivate directors of the company's long-term strategies, such as technological innovation activities are more active, thus contributing to technological innovation carried out. State-owned shareholders to increase the proportion of the existence of the adverse effects of technological innovation, which is due to target a wide range of state-owned shareholders, such as the need to focus on employment, taxation, social stability and other factors, rather than maximizing profits. However, there are state-owned enterprises in the same industry pacesetter in technological innovation, for example, Hisense Group, although the state-owned enterprises, but its technical innovation in the electrical industry, living in the first place, so this chapter will Hisense Group's corporate governance profile of results and technical innovation introduced , analysis of the technological innovation system and safeguard measures, to share successful experiences. Although Hisense Group's corporate governance structure should learn from, but as a state-owned enterprises, it has other issues common to state-owned enterprises, the last section of Chapter V describes the Hisense Group and our other state-owned enterprises common problems, such as state-owned R & D structure is not perfect, the managers and technical staff lack the incentive, the executive managers appointed manager of innovation caused by lack of motivation as well as the existing board structure of China's enterprises and unfair. According to the above problems were analyzed in the sixth chapter summary analysis of state-owned enterprises co-existence of the problem and the corresponding recommendations. Recommendations for state-owned enterprises, should be appropriately reduced the proportion of the largest shareholder, increased the proportion of legal person shares, strengthening the operator's incentives and constraints, to improve its technical innovation and enthusiasm, improve board function and structure, improve the efficiency of technological innovation and scientific decision-making of these three areas to improve corporate governance structure to promote technological innovation and development. Keywords: corporate governance structure, technological innovation, managers incentive
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