公司治理与企业异质研发创新——基于创业板战略性新兴产业上市公司的实证研究  

Corporate Governance and Heterogeneity R&D Innovation: the Empirical Research Based on Listed Companies from Strategic Emerging Industries in ChiNext

作　　者：李云鹤[1] 

机构地区：[1]华东师范大学金融与统计学院,上海200241

出　　处：《证券市场导报》2014年第12期26-31,共6页Securities Market Herald

基　　金：国家社科基金青年项目(13CGL048);上海市哲学社会科学规划基金青年项目(2012EJB003)的资助

摘　　要：本文研究利用创业板战略性新兴产业上市公司样本,考察了公司治理作用于企业异质研发创新的效果。结果发现:战略性新兴产业企业董事长总经理兼任正向促进公司探索式研发创新;风险投资持股对企业常规式创新有显著的促进作用,但是风险投资持股及股权集中度对企业探索式创新有显著的抑制作用;管理层薪酬对企业探索式创新及常规式创新都存在显著的促进作用。这将为从企业内部治理机制着手,促进战略性新兴产业创新提供重要参考与启发。Using the data of strategy emerging industry listed companies from Shenzhen Growth Enterprise Board, this paper investigates the effects of corporate governance on the heterogeneity of corporate R＆D innovation. The findings indicate that the CEO serving as managing director is positive with corporate exploratory research and innovation; and the VC holding stocks has a positive effect on corporate routine innovation, while the ownership concentration and VC holding stocks are all negative with corporate exploratory innovation; the managerial compensation will promote both corporate exploratory innovation and routine innovation. These findings will provide people with reference and inspiration to promote innovation of strategic emerging industries by strengthening internal corporate governance mechanism.

关 键 词：公司治理 异质研发创新 战略性新兴产业 创业板 

分 类 号：F830.9[经济管理—金融学]