摘要
本文在代理理论的框架内考察了公司治理之董事会治理与企业技术创新投入的关系,并基于2004-2008年501家中国上市公司的数据对此进行了实证研究。结果表明:1)董事会规模与企业技术创新投入存在不显著的负相关关系;2)独立董事占比与企业技术创新投入存在显著的正相关关系,独立董事占比较高的企业其技术创新投入要显著高于独立董事占比较低的企业;3)董事长与总经理两职分离的制度安排对企业技术创新投入有显著的积极影响,两职分离的企业其技术创新投入要显著高于两职合一的企业;4)董事会股权激励对企业技术创新存在积极影响,董事会股权激励水平越高,企业技术创新投入越多,但这种发现仅具有较低的统计显著性。
Based on agency theory,the paper investigates the relationship between Board of Directors governance and technological innovation,followed by empirical tests based on data from 501 Chinese listed companies through 2004-2008.The results are as follow: there is insignificantly negative correlation between the size of the Board of Directors and input of technological innovation;there exists a positive correlation between the appropriate proportion of independent directors and technological innovation input,the enterprises with a higher proportion of independent directors will invest in technological innovation significantly higher than those with a lower proportion of independent directors;the corporate leadership configuration of separation between CEO and the chairman of board of directors has positive impact on technological innovation;and there is a marginally significant impact of equity incentive of board of directors on technological innovation,the input of technological innovation increases with the magnitude of equity incentive of board of directors.
出处
《当代经济科学》
CSSCI
北大核心
2011年第3期110-116,128,共7页
Modern Economic Science
关键词
董事会治理
技术创新
独立董事
Board of directors governance
Technological innovation
Independent directors
