| 生命周期视角下董监高治理机制与企业技术创新 |
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| 引用本文： | 张子余,袁澍蕾.生命周期视角下董监高治理机制与企业技术创新[J].软科学,2017(6):96-99. |
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| 作者姓名： | 张子余 袁澍蕾 |
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| 作者单位： | 安徽财经大学会计学院,安徽蚌埠,233030 |
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| 基金项目： | 国家社会科学基金项目(15BJY014)，安徽财经大学研究生科研创新基金项目(ACYC2015173) |
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| 摘 要： | 以2006~2015年的沪深上市公司为样本,采用现金流量组合法将样本公司进行生命周期划分,考察成长期与衰退期企业的董监高治理机制对企业技术创新的影响机理.研究发现:董监高治理的激励机制总体上对企业技术创新有积极推动作用;在企业衰退期,董监高薪酬与高管持股对企业技术创新有积极推动作用;在企业成长期,仅有董监高薪酬对企业技术创新有积极作用.无论当企业处于成长期还是衰退期,董监高治理的制衡机制对企业技术创新都没有积极作用,董事长与总经理两职分离设置对企业技术创新投入起阻碍作用;独立董事比例则对技术创新没有影响.
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| 关 键 词： | 生命周期 技术创新 董监高治理机制 |
A Study on Relationship between Governance Mechanism of Directors,Supervisors and Executives and Enterprise Technological Innovation from the Perspective of Enterprise Life Cycle |
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| ZHANG Zi-yu,YUAN Shu-lei.A Study on Relationship between Governance Mechanism of Directors,Supervisors and Executives and Enterprise Technological Innovation from the Perspective of Enterprise Life Cycle[J].Soft Science,2017(6):96-99. |
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| Authors: | ZHANG Zi-yu YUAN Shu-lei |
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| Abstract: | After controlling the variable of enterprise life-cycle, this paper studies the relationship between technological innovations and governance mechanism of directors, supervisors and executives, which is the core of corporate governance mechanism.Using samples from firms listed on Shanghai and Shenzhen stock exchange from 2006 to 2015, this paper divides them into different stages by cash flow method.The results show that the incentive mechanism of directors, supervisors and executives has positive effects on the enterprises` technological innovation whatever the life-cycle stage is.When the enterprise is in the period of growth or recession, the balance mechanism has no positive effect on the technological innovation of enterprises.The CEO duality has negative impact on the technological innovation.And the proportion of independent directors has no effect on the technological innovation. |
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| Keywords: | life cycle technological innovation governance mechanism of directors supervisors and executives |
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