Impact Of Corporate Governance On Technological Innovation Based On Industry Difference

The present era, science and technology advances, the listed company want to obtain the advantage in the increasingly fierce market competition, they must improve their technological innovation capacity. Many scholars have done a lot of research in enterprise technology innovation, but also hard to explain Why enterprise exhibit different innovation performance under similar scale enterprises and the external environment. With the deepening of the problem, scholars began to study the factors affecting the technology innovation from the view of microscopic point. Corporate governance is the micro-power source of technological innovation, technological innovation must be coordinated with the evolution of corporate governance reform, good corporate governance system is conducive to establishing a long-term investment in enterprise technology innovation mechanism, whereas it will hinder technological innovation activities. Therefore, enterprises must find its corresponding effective corporate governance mechanisms in order to improve the level of technological innovation capability.This article extensively consulted the relevant literature firstly, to understand the research status of the relationship between corporate governance and technological innovation,then on the basis of elaborate the mainstream corporate governance theory and technological innovation theory, discussed in-depth how they affect technological innovation from all levels of corporate governance, building the basic theoretical framework of how corporate governance affect enterprise technology innovation. Finally, take 2008-2013 733 AB shares in Shanghai and Shenzhen listed companies as samples, set the relevant variables, according to the 2012 Standard Industrial Classification Commission and the research results of industry cluster analysis by Lu Tong and Dang Yin, all industries can be divided into three categories: the labor-intensive, the capital-intensive and technology-intensive industries, through regression analysis ignore the industry difference and sub-sectors of the industry, comparative study the relationship of corporate governance in different industry affect technological innovation.Research results showed that: The impact of corporate governance in different industry affect technological innovation exists differences, the same point is the ratio of the second to the tenth largest shareholders and executive shareholders has a significant positive impact in technological innovation. The difference is that the ratio of the largest shareholder has significant positive correlation in capital-intensive industry, the relationship between technological innovation and technology-intensive industries is not significant; independence of the board only has a significant positive impact on labor-intensive industries, the correlation was not significant on the other two sectors; the Supervisors scale has a significant positive correlation in labor-intensive industries, but it is negatively correlated with the capital-intensive industries; Executive remuneration have a positive impact on capital-intensive and technology-intensive industries, and the impact on the labor-intensive industry is not significant. Finally, according to the empirical results, this paper propose that corporate governance should match the characteristics of the industry can play an effective role in promoting innovation, put forward countermeasures to improve the corporate governance according to the characteristics of the industry, provide some instructive suggestions for china’s economic transformation and industrial upgrading.