The Impact Research Of Corporate Governance On Technological Innovation Investment And Innovation Efficiency

The 21st century is the era of knowledge economy of the technology core. Technological innovation is becoming the important impetus to social and economic development. It can contribute to improve enterprise capacity, meet the personalized requirements of customers, then gain the competitive advantage. With the further progress of strategy of rejuvenating, the scale of investment in science and technology increases quickly. According to China’s science and technology statistics, the R&D expenditure of China reached to $192.6 billion in 2014, the average growth rate of 2010-2014 was 15.59%, was the fastest-growing country. But the technological innovation behavior not only includes the innovation input, also includes the innovation output, namely the efficiency of technology innovation. It does not accord with the requirement of sustained and stable development of enterprises that increasing the expenditure of innovation blindly and ignoring the efficiency of innovation output. Under the modern enterprise system, Technological innovation as the most important investment behavior, will be affected by the corporate governance structure. Even, more scholars believe that the root cause of the enterprise innovation activities is the lack of technology innovation mechanism and the imperfect corporate governance.The effect study of corporate governance on the enterprise technology innovation and its efficiency can help to understand the mechanism of action and the correlation between the company governance structure and the enterprise technology innovation. It is of great practical significance for building the corporate governance mechanism, then promoting enterprise technological innovation behavior, enhancing innovation efficiency, and optimizing the structure of innovation.Based on the above research background, this paper chose the influence of corporate governance on technology innovation as the breakthrough point. Firstly, this paper made a literal review and argued that the corporate governance structure is scientific and reasonable or not mainly depends on whether it can form the inventive mechanism, supervision and checks and balances, external pressure. The inventive mechanism can effectively restrain moral hazard behaviors of board of directors and managers. The supervision and checks and balances can make the company operators and stakeholders supervise and restrain each other, then maximize the value of the company. The existence of external pressure can bind company operator’s opportunistic behavior. Secondly, this paper analyzed the influence mechanism of the whole governance environment on technological innovation and innovation efficiency and put forward the theoretical assumptions for empirical research.Focusing on the relation of corporate governance and technology innovation, this paper conducted an empirical analysis on the affects of listed companies’ internal and external governance on technology innovation, choosing the sample in 2011-2014 data of 289 listed companies. From the results we can find that, the ownership concentration and the ownership of the board of supervisors have significant positive roles for technology innovation and innovation efficiency; The nature of state-owned equity and the asset-liability ratio have negative roles for technology innovation and its efficiency; The leadership structure has a significant negative role for technology innovation and a positive role for innovation efficiency. According to the result of empirical analysis, the paper puts forward some related policy suggestions to optimize the corporate governance environment such as establishing the perfect technological innovation system, decreasing the equity concentration, improving the independent director system, etc. Thus promote the sustainable development of the enterprise technology innovation.