我国企业创新模式的选择——基于公司治理的视角  

Enterprise Selections of Innovation Patterns in China——Perspective of Corporate Governance

作　　者：唐清泉[1] 李海威[1] 周熠蒙[1] 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《当代经济管理》2011年第12期23-31,共9页Contemporary Economic Management

基　　金：国家自然科学基金项目<我国企业R&D创新投入的风险与有效性研究>(70772084);广东省软科学研究计划项目<企业创新模式与转型升级的机理研究>(2011A070200009)的阶段性研究成果

摘　　要：本文将企业创新模式分为探索式创新和利用式创新,通过风险偏好与创新模式选择的研究,探讨了公司治理结构与创新模式选择的关系。得到的结果是:国有企业相比非国有企业,更倾向于选择风险小,见效快的利用式创新模式;大股东持股比例与探索式创新模式选择显著负相关,这与发达国家的情形正好相反;高管持股的股权激励机制可以在一定程度上激励企业进行探索式创新,但需要一个持股临界值。这些结果反映出非国有控股和高管持股的企业更有动机进行探索式创新,政府政策应为其搭建出必要的制度基础。This paper considers the two main types of innovations-the exploratory innovation and the exploitative innovation.It examines the relationship between corporate governance structure and selection of technology innovation pattern in the terms of risk preference and technology innovation pattern choices.The conclusions are： State-owned enterprises prefer exploitation innovation with low risks and quick returns than nonstate-owned ones.Holding proportion of large shareholders is negative correlated with the favor of exploration innovations significantly which is contrary to the cases in developed countries.To some extent,stock-based incentive mechanism of executive ownership can boost the business exploration innovation within the threshold 0.1%.All the above indicate that non-state holding enterprises and those with executive ownership are more prone to be the exploration innovation.Therefore,the government should create corresponding institutions for them.

关 键 词：创新模式 探索式创新 利用式创新 风险偏好 股权特征 

分 类 号：F270[经济管理—企业管理]