An Empirical Study On Corporate Governance And Enterprise Innovation

Since the reform and opening up, China's economic has developed by leaps and bounds, and made a great improvement. But compared with developed countries, the quality of development has a great difference. The rapid development of China's economy relies on the advantages of cheap local labor and abundant resources, however, this labor-intensive and resource-dependent way of economic development is not sustainable. One day, resources will be depleted, the low cost advantage of labor will disappear.Then what do we rely on to achieve sustainable development? The answer is innovation. The Party and government have an insight into the significance of independent innovation for economic development.They have taken an explicit proposal to independent innovation with Chinese characteristics, enhancing the independent innovation capability and building an innovative country in a number of meetings. Since then, the independent innovation up to national strategy, innovation and independent innovation has become a hot topic throughout the community.Enterprise is the main role of innovation, how to promote corporate independent innovation is the key to building an innovative country. Before the 21st century, most enterprises in China developed by the introduction of foreign advanced technology, and successful experiences of foreign enterprise. But in the highly global competitive knowledge economy, without own core technology is unable to gain a foothold in the market. How to stimulate the independent innovation enthusiasm of enterprises, to enhance independent innovation capability is imminent. This paper attempts to analyze how to promote independent innovation in the perspective of corporate governance. Because corporate governance is the internal decision mechanism for business to operate. Corporate governance covers through all stages of the process, such as the business strategy formulation, resource allocation, production and management control and so on. It fundamentally determines the manner in which the enterprise develops and how to develop. Since the independent innovation is the fundamental way of development, corporate governance must determine how the corporate innovates, how to innovate can be more efficient.This thesis is divided into six parts, the first part of the introduction points out the research topic, background and research ideas, summarizing the overall framework. The second part reviews the literature of corporate governance, corporate governance mechanism, innovationand the relationship between the corporate governance mechanism and innovation, as the theoretical basis for the next study. The third part constructs theoretical framework of the corporate governance mechanism impact on corporate innovation, to analyze how the corporate governance affects independent innovation. The fourth part analyzes the current situation and points out the problems of innovation and corporate governance according to the questionnaires'feedback. Part five collects the data of 81 listed companies, using SPSS multivariate statistical analysis and SEM model carries out the empirical analysis of innovation from the decision-making and monitoring mechanism, incentive and restraint mechanisms of corporate governance, then got the conclusion. Decision-making and monitoring mechanisms, incentive mechanism will promote independent innovation, however, restraint mechanism has a negative effect on independent innovation of enterprises.The more degree of restraint, the less conducive to innovation. Finally, the sixth part proposes recommendations of independent innovation based on the theoretical and empirical analysis.