The Impact Of Corporate Governance Structure On Entrepreneurial Orientation:

In recent years, entrepreneurial orientation has been widely concerned by scholars.In the highly competitive economic conditions, more and more companies realized that it is important to gain and maintain competitive advantage in a competitive marketplace by continually innovating technology and investing in unknown new markets. The positive role of entrepreneurial orientation in enterprise performance and enterprise market value has been confirmed by many scholars, at the same time, the influential factors of entrepreneurial orientation have become a research focus.The existing studies indicate that corporate governance structure have an impact on entrepreneurial orientation. We summarize the results of previous studies and find some defects. First of all, most of the studies focus on a certain aspect of entrepreneurial orientation such as R&D, however, the scholars did not have a conclusive conclusion.Secondly, the studies which design a corporate governance index to research the impact of corporate governance structure on entrepreneurial orientation are few. In addition,the capital structure,corporate governance structure and entrepreneurial orientation between the three there are linked. However, the studies of the relationship between the three is few. The lack of existing studies provide us a chance for further exploration. How does the corporate governance structure affect entrepreneurial orientation and whether the capital structure has an impact on the relationship between the two is the problem to be solved.In this paper, we take the corporate governance structure and entrepreneurial orientation as the research object. First of all, we summarize and analyze the theory of entrepreneurial orientation, corporate governance structure and capital structure, then we put forward 14 hypothesis of this paper and constructs the empirical test model. Secondly,we select 1745 listed companies from shanghai and shenzhen stock markets as the research samples. We make the empirical analysis and related statistical test of the influence of the corporate governance structure on the entrepreneurial orientation and discusses the effect of the capital structure on the two. Finally, we discuss the empirical analysis results and point out the shortcomings of this paper and prospects for future research. The results show that: First, the corporate governance structure has a significant impact on the entrepreneurial orientation, including the equity restriction ratio, the combination of director and general manager, senior manager's stockholding level and senior executive compensation to have a positive effect on entrepreneurial orientation. In addition, the top executive prefecture have a negative effect on the entrepreneurial orientation. Secondly, the corporate governance index has a positive effect on the entrepreneurial orientation. Thirdly, when the asset-liability ratio is lower, the effect of the equity restriction ratio on entrepreneurial orientation is more significant an, the effect of senior executive compensation on entrepreneurial orientation is more significant ,the combination of director and general manager on entrepreneurial orientation is more significant and the corporate governance index on entrepreneurial orientation is more significant.This paper has certain theoretical and practical significance. On the theoretical side,the paper studies the influence of the corporate governance index on the entrepreneurial orientation. It is richness of the entrepreneurial orientation factors. By exploring the regulatory effect of capital structure on the relationship between corporate governance structure and entrepreneurial orientation, it provides a way to expand the relationship between the three. In practice, the conclusion of the study has a positive reference for the corporate governance structure and capital structure design, which encourages enterprises to adopt positive entrepreneurial orientation.