基于技术创新战略驱动的董事会治理研究  

Optimization of Board Governance Based on Technology Innovation Strategy

作　　者：张俊丽[1] 

机构地区：[1]河北工业大学经济管理学院,天津300401

出　　处：《河北工业大学学报（社会科学版）》2017年第2期21-26,共6页Journal of Hebei University of Technology：Social Sciences Edition

基　　金：天津市哲学社会科学规划项目(TJGL13-028);中央高校基金项目(ZXH2012N002)

摘　　要：技术创新攸关企业核心竞争优势培育,而技术创新投入的高投资、高风险、高失败率和长周期特征使得技术创新决策陷入两难困境。现代企业制度中,企业所有权与经营权分离制度下,经理层基于个人短期利益倾向于规避高收益与高风险并存的技术创新投入决策。以管理层风险偏好治理为视角,研究利用经验数据实证检验董事会特征对企业技术创新投入的影响。结果表明:董事长与总经理两职分离程度、董事会持股比例与企业技术创新投入负相关;独立董事比例、董事会规模、董事会会议次数、董事会股票持有率与技术创新投入正相关。研究结论对于推动企业技术创新战略决策科学化提供重要参考。Technological innovation is very important for the core competitive advantage of enterprises. However, high investment, high risk, high failure rate and long-cycle in technological innovation have put technological innovation in dilemma. Under the modern enterprise mechanism in which ownership and management split, the manager tends to avoid technological innovation investment where high-yield and high-risk co-exist. Based on management risk preference governance, the study uses the empirical data of Shanghai and Shenzhen Stock Exchange A-share listed companies to test the impact of the characteristics of board of directors on the innovation investment. The results suggest that the degree of separation of board chairman and general manager, the proportion of board shares is negatively correlated with technological innovation investment, while the proportion of independent directors, board size and board meetings number are positively correlated with technological innovation investment. The conclusion can guide enterprises to promote the sound decision-making of technological innovation.

关 键 词：董事会治理 董事会特征 技术创新 

分 类 号：F270[经济管理—企业管理]