| In the global adjustment,Chinese must speed up the upgrading of technology innovation to grasp the initiative of great change,from the introduction of imitation innovation transition to independent innovation,integrated innovation,and transformation from follower to leader,to seize the commanding heights of technology innovation.China's economy has entered a transition period,economic growth is changing from the traditional growth point to a new growth point,the urgent need to rely on technological innovation to alleviate energy resources and ecological environment constraints,the prominent contradictions focus on long-term economic growth by the accumulation and main problems.At present,China's technological innovation capability and technological innovation efficiency is still at a low level,how to further enhance China's technological innovation capability and technological innovation efficiency has important practical significance and theoretical significance.The reason of our country enterprise technology innovation ability is not high is more due to the corporate governance,the listed companies in China,how to use corporate governance to solve our country enterprise technology innovation ability is not high,the eukaryotic and coordination incentive mechanism,stimulate enterprise innovation potential,thereby significantly enhancing enterprise technology innovation ability is an urgent and realistic problem.This article from the demand for innovation of different industry,based on the investigation of the effect of corporate governance on technology innovation from the aspect of theory,system analysis of shareholder structure,incentive mechanism,board of directors and board of supervisors and other factors on the influence of the scale of the enterprise technology innovation capacity and technology innovation efficiency;secondly,using Chinese Shanghai and Shenzhen A shares of 1964 listed companies according to the data of 2006-2015,R & D expenditure proportion,the proportion of investment in fixed assets of two indicators and cluster analysis method of all the sample enterprises are divided into technology intensive and labor-intensive,capital intensive industry,further comparative study of the impact of corporate governance structure of different factor intensive industries on the technological innovation of the enterprise,further enrich the research results the field.Overall,the number of directors can positively affect the company R & D investment,chairman andgeneral manager of the two post establishment has a negative influence on R & D investment,the proportion of independent directors can positively affect the development of innovative business investment;shareholder level,regression coefficient shareholding ratio,the proportion of the fund's holdings were significantly positive.Suggest that moderate equity balance degree is conducive to the development of enterprise technology innovation,to solve the principal-agent problem,help enterprises to increase R & D investment.The proportion of the first largest shareholder and the square of the regression coefficient is not stable;the level of incentive mechanism,incentive indicators such as Dong Jiangao Dong Jiangao,the total annual salary of the shareholding ratio of the sum,the core technical staff can positively affect the technological innovation ability of enterprises,the implementation of good incentive measures that help to achieve business goals and personal goals,can be effective reduce principal-agent problems,help enterprises to increase investment in research and development,improve the efficiency of enterprise's technological innovation ability and technical innovation.With the full sample regression results are similar,different industries,the proportion of the top shareholders,the proportion of the fund's holdings,Dong Jian high salary incentive three variables can significantly affect the technological innovation investment decisions.There are some differences in the incentive mechanism of different industries.Technology intensive industries and capital intensive industries,as well as the proportion of shareholding can significantly enhance the company's R & D investment intensity,but the regression coefficient of labor-intensive industries,although positive,but not significant.That ownership and compensation incentive can play an important role in the technology intensive industry and capital intensive industry,listed companies in the pursuit of long-term goals,especially related to the long-term development of the company's technology innovation investment decision-making,incentive effect is better than the other way.Similar with the regression results of the full sample,the board structure and the regression results of two jobs of chairman and general manager of the establishment in the capital intensive industries and technology intensive industries and labor-intensive industries are similar,the chairman and general manager of the two post establishment are negative,adverse to the listed company to make correct decisions.However,the return of the board size in the capital intensive industry is negative but not significant,while the regression results of the labor-intensive industries and technology intensive industries are positive.Finally,according to the results of empirical analysis and the control measures related to the company,namely how to effectively put forward relevant measures of corporate governance,as China's economic transformation and industrial upgrading and provide a useful reference,based on this research,from the visual angle of corporate governance structure how to effectively enhance the efficiency of enterprise's technological innovation ability and technical innovation.To improve China's construction enterprises,has an important theoretical and practical significance to improve the overall technical level of enterprises in our country. |
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