摘要
随着科技进步，经济成长方式的变革，市场竞争愈演愈烈，技术创新成为企业发展
的源动力。IT 行业作为战略性新兴产业，肩负着我国民族产业振兴及经济结构转型的重
任，推动着我国科技与国际接轨，关系着国家的安全与未来的发展。然而，中国对技术
创新的重视远低于世界上的发达地区，因此，加大 IT 行业的创新投入，增强尖端技术
的研发，掌握技术的核心，强化该产业乃至各行业的技术创新能力已经刻不容缓

大量实践证明，现代公司制企业中存在较为严重的代理冲突，创新投入与企业绩效
之间不是简单的正向相关关系。企业创新是高风险活动，加上信息不对称以及收益滞后
的特点，使得委托代理问题带来的冲突加剧。良好的公司治理结构能够缓解此代理冲突，
不仅可以促进研发的投入力度，同时可以保证研发投入的执行效果，增加企业绩效。因
此，站在公司治理结构的角度，研究 IT 行业的研发投入与企业绩效的制约关系，具有
深远的理论意义与现实意义

文章致力于研究公司治理结构、创新投入和企业绩效三者间的关系，主要创新在于
以公司治理结构为调节变量，构建公司治理结构影响创新投入与企业绩效之间关系的模
型，研究公司治理结构对创新投入与企业绩效之间关系的调节作用。笔者首先整理现有
有关公司治理结构对创新投入的影响、创新投入对企业绩效的影响以及公司治理结构对
创新投入与企业绩效关系的影响的研究。在梳理文献的基础上，借鉴委托代理理论和技
术创新理论，从股权、董事会、激励机制、监事会和资本结构五个方面来论述公司治理
结构对创新投入与企业绩效关系的调节作用，并提出研究假设，建立实证模型。接着，
以沪深两市年 IT 行业的数据为研究样本进行相关的规范处理，利用描述性
统计分析、调节变量分层回归和分组回归的方法进行实证分析，并按照实证结果得出研
究结论提出相关建议，且指出了文章的局限和展望

本文的实证研究结果，可帮助我国 IT 行业的企业根据其自身发展的特点加强完善
公司治理结构，提高企业的创新投入并保证投入高效转化为绩效，促使创新活动的良性
循环，增强企业的创新能力，最终提升企业绩效提供强有力的理论指导和实践经验

关键词：公司治理结构，创新投入，企业绩效，调节效应III
ABSTRACT
With the changes in technology advancement and the changes of economic development mode, market
competition becomes more and more intense, and technological innovation has become the source for
enterprises’ growth and development. As the strategic emerging industry, information technology industry
shoulders the responsibility about the revitalization of China's national industry and the important task of
economic restructuring. The information technology industry also promotes China's science and technology
to keep up with international. Besides, this industry is related to the safety and development of our country.
However, China pays less attention to technology innovation than developed regions in the world. It is
urgent for our country that increasing the financial input in the innovation of the information technology
industry, enhancing research and development of cutting-edge technology, and strengthening innovation
ability.
A large of practice has proven that there exists a serious agency conflict in the modern company
system, and the practice has noticed the relationship between R&D and innovation is not a simple positive
correlation. Because innovation is a high-risk activity, and R&D has characteristic as high-risky or revenue
lagged, the conflict caused by the principal-agent problem has aggravated. Good corporate governance
structure can not only ease the agency conflict, it can also promote R&D, ensure the implementation effect
of R&D investment and increase business performance. Therefore, on the view of corporate governance
structure,exploring the relationship between information technology industry’s R&D and business
performance has afar-researching theoretical and practical meaning.
This article mainly explores the relationship among corporate governance structure, R&D investment
and business performance. The innovation point of my research is regarding corporate governance structure
as moderating variables, and exploring the moderating effect of corporate governance structure on R&D
investment and firm performance. First of all, we reviewed the documents of effect of corporate
governance structure on R&D, the relationship between R&D input and business performance. Based on
the existing achievements, we fully refer innovation theory and agency theory. Next we discuss
themoderating effect of corporate governance structure on R&D investment and firm performance in theIV
view of stock right, board of directors, excitation mechanism and capital structure. Then according to all
these, we putforward the research hypothesis and establish the empirical model. Following these work, we
examine the hypothesiswith the sample of listed on Shenzhen and Shanghai Stock market. During this
study, we used descriptive analysis, hierarchical regression and subgroup analysis to examine the
hypothesis. Finally, this paper provides suggestions on the basis of conclusions. At the same time, point
outthe shortcoming of this study and future direction.
The empirical results can encourage our country’s information technology industry to improve
corporate governance, to raise R&D investment and turn these inputs into business performance effectively.
In addition, the results provide academic guidance and practical experience to urge innovative activities
into virtuous cycles enhance the innovative ability and promote business performance in the end.
KEY WORDS: corporate governance, R&D, enterprise performance, moderating effectV
目录
摘要.........I
ABSTRACT ..... III
目录.......V
第一章绪论........1
1.1 研究背景与意义 . 1
1.1.1 研究背景....... 1
1.1.2 研究目的和意义....... 2
1.2 研究内容与研究框架 ..... 4
1.3 研究方法 . 5
1.4 研究主要创新点 . 6
第二章国内外文献综述7
2.1 公司治理结构对企业创新投入影响研究现状 . 7
2.2 企业创新投入对企业绩效影响研究现状 ....... 12
2.3 公司治理结构调节企业创新投入与企业绩效关系的研究现状 ....... 13
2.4 文献述评 ........... 14
第三章理论分析与研究假设..17
3.1 公司治理结构相关理论 ........... 17
3.1.1 公司治理结构的概念......... 17
3.1.2 委托代理理论......... 18
3.2 创新投入相关理论 ....... 19
3.2.1 创新研发的概念..... 20
3.2.2 技术创新相关理论. 20
3.3 公司治理结构对创新投入的影响 ....... 20
3.3.1 股权结构对创新投入的影响......... 21
3.3.2 董事会对创新投入的影响. 22
3.3.3 监事会对创新投入的影响. 22VI
3.3.4 激励机制对创新投入的影响......... 23
3.3.5 资本结构对创新投入的影响......... 23
3.4 公司治理结构对创新投入和企业绩效的调节作用的研究假设 ....... 24
3.4.1 股权结构对创新投入与企业绩效的调节作用..... 24
3.4.2 董事会特征对创新投入与企业绩效的调节作用. 25
3.4.3 监事会规模对创新投入与企业绩效的调节作用. 26
3.4.4 激励机制对创新投入与企业绩效的调节作用..... 27
3.4.5 资本结构对创新投入与企业绩效的调节作用..... 28
3.5 本章小结 ........... 29
第四章研究设计及样本选择..31
4.1 研究方法设计 ... 31
4.2 变量设计 ........... 32
4.2.1 被解释变量. 32
4.2.2 解释变量..... 33
4.2.3 调节变量..... 33
4.2.4 控制变量..... 34
4.3 样本数据及来源 ........... 35
4.4 实证模型 ........... 36
4.5 本章小结 ........... 36
第五章实证研究结果及分析..37
5.1 样本描述性分析 ........... 37
5.2 多变量回归分析 ........... 39
第六章结论、管理启示与展望..........49
6.1 研究结论 ........... 49
6.2 管理启示 ........... 51
6.2.1 改善股权结构......... 51
6.2.2 优化董事会结构和监事会制度..... 52
6.2.3 完善激励机制......... 53
6.2.4 有效改良资本结构. 53VII
6.3 研究不足与展望 ........... 54
参考文献..........55
致谢......59
攻读学位期间发表的学术论文目录..61
独创性声明......63
关于论文使用授权的说明......631
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