公司治理结构与创业导向相关性的实证研究  

Empirical Study on Relationship between Corporate Governance Structure and Entrepreneurial Orientation

作　　者：刘洪伟[1] 李骏[1] 

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《技术经济》2015年第2期27-34,共8页Journal of Technology Economics

基　　金：国家自然科学基金项目"基于学习成本的技术学习战略研究:路径;方式与产业选择"(71272224);教育部人文社会科学研究规划基金项目"基于学习成本的技术学习问题研究"(10YJA630097)

摘　　要：利用2013年中国中小板和创业板的456家上市公司的相关数据,对公司治理结构与创业导向的相关关系以及制度环境和企业所有制对该关系的调节效应进行了实证检验。层级多元回归结果表明:高管结构越年轻化,企业越倾向于选择研发积极型创业导向;高管持股比例越高,企业越倾向于选择资产增值型创业导向。分组多元回归结果表明:制度环境对创业型企业的治理结构与创业导向的关系起差异性调节效应,并且该调节效应在相对落后制度环境下的表现强于在相对发达制度环境下的表现;企业所有制对创业型企业治理结构与创业导向的关系起差异性调节效应,且该调节效应在非国有企业中的表现强于在国有企业中的表现。Adopting the sectional data about 456 companies listed in China＇s Small and Medium-sized Enterprises Board and Growth Enterprises Market in 2013,this paper empirically examines the direct impact of corporate governance structure on entrepreneurial orientation and the moderating effects of institutional environment and corporate ownership on this relationship.The empirical results show as follows：the age of top management team is significantly associated with aggressive-RD entrepreneurial orientation,and the tenure of top management team is significantly associated with aggressive-asset growth;the effect of corporate governance structure on entrepreneurial orientation are moderated by two contextual factors,and the moderating effect of backward institutional environment is significantly greater than that of developed institutional environment,and the moderating effect of state ownership is significantly greater than that of non-state ownership.

关 键 词：公司治理 治理结构 创业导向 制度环境 企业所有制 

分 类 号：F832.51[经济管理—金融学] F271F272