An Empirical Study Of The Corporate Governance On The Impact Of Technological Innovation From The Perspective Of Key Stakeholders

If enterprises want to gain advantage in the increasingly fierce competition, it must have the core competitiveness. Enhancing the enterprises'technological innovation, especially the independent innovation is an important way that enterprises gain the competitiveness. At present, Technological innovation of Chinese enterprises mainly relies on technology imports. It is strong dependence of external technology .But the capability of independent innovation is weak. It has hampered China's enterprises to participate in market competition. The reasons creating the weak competitiveness of our country are both in external and internal. In external, independent innovation system of state-owned enterprises has not really set up, the regional innovation system is also under construction; In internal, enterprise investment in R&D is relatively low and technological innovation, human, material is lack of support. However, this situation resulted in the most fundamental reason is lack of technological innovation and enthusiasm.With the importance of technological innovation become increasingly prominent, many scholars studied the factors which impact the enterprise technology innovation from the point of view of business organizations, research and development, core competencies, capabilities matching, human resource development and so on. There are also some scholars studied the factors which impact the enterprise technology innovation in the perspective of corporate governance. However most of them are in the perspective of traditional concept of shareholders corporate, while it ignored the impact that the company's stakeholders-to-business also have influence in technology innovation, the paper that study the relation of the corporate governance and technology innovation in the perspective of stakeholder is seldom.This paper from the perspective of Key stakeholder, in the theme of "corporate governance of enterprises the impact of technological innovation", combined with the basic theory such as stakeholder theory, corporate governance theory and the technological innovation theory and so on, using the econometric methods of empirical analysis, analysis the impact that the ownership structure, executives incentives, key stakeholders, debt structure and others of corporate governance are how to impact the technological innovation. In the empirical study, this paper established two regression equations research model based on cross-sectional data. Empirical research results show that the corporate governance has a significant in technological innovation in the perspective of Key stakeholder. And the proportion of independent directors has specific as well as the rate of long-term assets and the senior executive who has Specific qualifications has significant positive impact in technological innovation. But the proportion of state-owned shares, the Board functions of the establishment, the proportion of institutional investors holding and short-term rate of assets has a negative impact on investment in technological innovation has a negative impact on investment.On the basis of theoretical research and empirical analysis, this paper post the countermeasure for dealing with the problem of corporate governance and technological innovation in the period of china's economic transforming: Reducing the proportion of state-owned shares; perfecting board structure, set up a clear division of Professional Committee of the Board of Directors; strengthening the company's executives and the equity-based incentives rather than to give executives excessive salaries; fully mobilizing the key stakeholders such as institutional investors, employees, etc. involved in the company's enthusiasm for technological innovation; adjusting debt structure and so on. Finally, this article concludes with future research directions.