摘要
I
摘要
随着技术进步的不断加快，科技创新对于高新技术企业来说至关重要。高新技术
企业作为科技创新的代表，其核心竞争力在于研发实力的强弱，完善而有效的企业技
术创新机制能够使企业在市场中获得竞争优势。我国制定并实施了一系列以促进高新
技术企业发展为目的的优惠政策和发展规划，已经初见成效。但与发达国家的高科技
企业相比，我国高新技术企业自主创新能力不强，研发投入不足。企业技术创新机制
的建立依赖于公司治理机制，公司治理机制影响着企业技术创新决策和投入。我国正
处于经济转型时期，企业的公司治理机制尚不健全，这是导致目前高新技术企业技术
创新能力不足的主要原因。
企业科技创新受公司内外部治理机制两方面因素的影响。内部治理机制是影响科
技创新的主要因素，具体包括股权结构、董事会结构、管理层激励等。外部治理机制
可以对公司的内部治理产生积极影响，从而促进企业技术创新，具体包括控制权市场、
债务约束和产品市场竞争等机制。本文首先回顾了公司内外部治理机制与技术创新相
关性的文献，以及公司治理和技术创新相关的理论。在此基础上提出本文的研究假设，
接着以高新技术上市公司为研究对象，通过实证分析公司治理机制对技术创新的影响。
实证分析分为两部分：第一部分首先检验高新技术企业内外部治理机制各要素对
企业技术创新投入的影响。并将样本公司分为国有企业组和非国有企业组，进一步探
讨不同股权性质的企业公司治理各要素对技术创新投入的影响是否存在差异。实证结
果表明，高新技术企业内外部治理机制各要素对技术创新的影响程度不同。内部治理
机制中，实际控制人的性质对于技术创新投入没有影响；在非国有企业中前五大股东
持股比例与企业技术创新投入显著负相关，而在国有企业中两者不相关；董事会规模、
董事长和总经理两职合一对企业技术创新投入没有影响；在非国有企业中独立董事比
例与技术创新投入显著正相关，但是在国有企业中两者显著负相关；高管持股比例、
高管人员平均年薪与技术创新投入显著正相关；外部治理机制中，无限售流通股比例
与企业技术创新投入显著正相关；资产负债率与企业技术创新投入显著负相关；国有
企业中产品市场竞争程度与企业技术创新投入显著正相关，但在非国有企业中两者关
系不显著；第二部分的实证分析旨在构建公司治理机制的综合指标——公司治理指数，
并对公司治理指数与技术创新投入的关系进行检验，进一步论证了良好的公司治理机广东工业大学硕士学位论文
II
制能显著促进企业技术创新的投入。
最后，在理论研究和实证分析的基础上，本文就当前我国经济转型时期高新技术
企业公司治理机制存在的问题提出了相应对策，并提出了本文的不足之处以及未来研
究方向。
关键词：高新技术企业；技术创新；公司内外部治理机制；公司治理指数Abstract
III
Abstract
With the high-speed technology updating, technological innovation become a key factor
for high-tech enterprises. High-tech enterprises&39; core competitiveness lies in the strength of
R&D. For high-tech enterprises, the key to competitive advantage is to establish a sound and
effective technological innovation mechanism in the fierce market. A series of deferential
policies and development planing were implemented to promote the development of
high-tech enterprises have begun to pay off. Technological innovation is based on the
corporate governance mechanisms, and the corporate governance mechanisms affects the
investment decision-making of technological innovation. However, compared with the
high-tech enterprises in developed countries, independent innovation ability of Chinese
high-tech enterprises is not strong. Corporate governance mechanism is not sound, which is
the main reason for the insufficient technological innovation ability of high-tech enterprises.
Technological innovation is effected by internal and external corporate governance
mechanism. Internal corporate governance mechanisms are the main factors influencing the
technological innovation, including ownership structure, board structure, management
incentive. External corporate governance mechanisms have a positive impact to the internal
corporate governance mechanisms, which promote technological innovation, including
control power market, debt constraints and product market competition. Firstly, This paper
review the previous studies and some theory related to corporate governance and
technological innovation, and then puts forward the research hypothesis. Lastly, the paper
takes the high-tech enterprises as the research object, and have a research on the influence of
corporate governance mechanisms on technological innovation through the empirical
analysis.
Empirical analysis is divided into two parts: In the first part, the paper firstly have
research on the influence of some key elements of internal and external governance
mechanism on technological innovation investment. And then the paper divide the sample
into state-owned enterprises and non-state-owned enterprises, and further discusses the
difference about the influence of key elements of internal and external governance
mechanism on technological innovation investment between different ownership enterprises.
The empirical results show that the influence degree of the key elements of internal and
external governance mechanism on technology innovation investment is different. In internal
governance mechanism, The nature of the actual controller has no effect for technology
innovation investment; Ownership concentration have a significant negative correlation to广东工业大学硕士学位论文
IV
technology innovation investment in non-state-owned enterprises but the relationship of then
is irrelevant in state-owned enterprises; The board size, the chairman and general manager
held by the same person have no effect on technology innovation investment; The proportion
of independent directors has a significant positive correlation to technological innovation in
non-state-owned enterprises, but the relationship of then is significant negative correlation in
state-owned enterprises; There is significantly positive correlation between managerial
ownership, the compensation of manager and technology innovation investment; In External
governance mechanism, the capital market competition and enterprise technology innovation
have significant positive correlation; Asset-liability ratio is negatively related to the
technology innovation investment significantly; The product market competition and
enterprise technology innovation have significant positive correlation in State-owned
enterprises, but this relationship was not significant in non-state-owned enterprises; In
second part, the paper have research on the influence of corporate governance index on
technological innovation investment, and further demonstrates the good corporate
governance mechanism can significantly promote the technology innovation investment.
Finally, on the basis of theoretical research and empirical analysis, this paper puts
forward some countermeasures aiming at existing problems of the current corporate
governance mechanism in high-tech enterprises, and puts forward some deficiencies and
future research direction of this paper.
Key words:high-tech enterprises; technological innovation; internal and external corporate
governance mechanism;corporate governance index目录
V
目录
摘要.......................................................................................................................................I
Abstract ................................................................................................................................ III
目录.......................................................................................................................................V
Content ............................................................................................................................... VIII
第一章绪论............................................................................................................................1
1.1研究背景与意义.......................................................................................................1
1.1.1研究背景...................................