中小板上市公司技术创新对企业绩效影响的实证研究——基于公司治理调节效应的视角  

An Empirical Study on the Impact of SMEs' Technological Innovation to Firm Performance Based on the Perspective of Moderating Effect of Corporate Governance

作　　者：李伟[1] 冒乔玲[1] 

机构地区：[1]南京工业大学经济与管理学院,江苏南京211800

出　　处：《科技管理研究》2016年第6期159-162,175,共5页Science and Technology Management Research

摘　　要：基于委托代理理论,选取2011—2013年深交所中小板块上市公司制造业企业为研究样本,并测算R&D资本存量,利用回归分析来检验公司治理结构对技术创新与企业绩效关系的调节作用。研究结果表明:股权集中对技术创新与企业绩效关系起到负向调节作用;独立董事对二者关系没有调节作用;管理层股权激励对二者关系存在正向调节作用;资产负债率对二者关系有负向调节作用。Based on the principal - agent theory, the paper calculated R＆D capital stock, used yearly reports of manufac- turing firms which were listed in Shenzhen Stock Exchange from 2011 to 2013, and tested the moderating effects of owner- ship concentration, board of directors, managerial ownership on the relationship between technological innovation input and firm performance by regression analysis. The result showed that： the largest shareholder has negative moderating effect on the relationship; independent directors have no moderating effect; managerial ownership has positive moderating effect; debt to assets ratio has negative moderating effect.

关 键 词：技术创新 企业绩效 公司治理 调节效应 R&D存量 

分 类 号：F273.1[经济管理—企业管理]