Study On The Relationship Among Technological Innovation,Corporate Governance And Corporate Performance:Comparison Of Different Industries

With the arrival of the Internet + era,innovation is increasingly important to the survival and development of enterprises.As the representative of small and medium enterprises(SME),small and medium-sized listed companies have positive effects on the practice of national independent innovation policies.On the one hand,technological innovation activities are the main way for enterprises to obtain the competitive advantage.On the other hand,whether enterprise's innovation path is smooth will be directly affect the industrial transformation and upgrading of our country.Therefore,how to fundamentally improve the innovation ability of SMEs comes into the scholars'research line of sight.As an institutional framework of the enterprise,the change of corporate governance structure affects the transformation of R&D investments into enterprise performance directly.Only corporate governance is consistent with corporate technological innovation activities,it will not become an obstacle to innovation and development of enterprises.In addition,as the basic unit of social activities,it's impossible for enterprises to be inseparable from the market environment.And in different competitive industries,corporate governance has different impacts on the relationship between innovation and corporate performance.Therefore,in different industry competitive environment,it's of theoretical and practical significance to study respectively the different effects of corporate governance to the relationship between technological innovation activities and corporate performance.The innovation of this paper is to classify the sample into two parts(the sample of the high competitive industry and the low competitive industry sample)according to the competition of the product market.It is helpful for the enterprises to select the appropriate corporate governance structure according to the industry environment and their own situation,so as to improve the technological innovation and enterprise performance.Based on the theory of corporate governance,industry competition environment and technological innovation theory,this paper constructs the theoretical model of the influence of corporate governance on the relationship between technological innovation activities and performance.Then,according to the panel data of 565 SME from 2012 to 2015,through the theoretical analysis,comparative analysis and induction deductive analysis,the paper carries on the empirical research of the model by the software STATA10.0 and SPSS 22.0,mainly analyzes the following questions:the relationship between technological innovation and corporate performance under the high and low competition industries;the moderating effects of the three dimensions of the corporate governance,such as the nature of ownership,ownership concentration and the unity of the two positions,on the relationship between innovation and performance respectively.Through the study of the above problems,the conclusions are as follows:(1)There is a significant positive correlation between technological innovation and corporate performance both in highly-competitive industries and low-competitive industries.(2)In the highly competitive industry,state-owned holding has played a significant negative role in the transformation of enterprise innovation to performance.However,in the low competitive industry,the moderating effect of state-owned holding is not significant.(3)In the high and low competitive industries,the ownership concentration does not show significant negative moderating effect between technological innovation and corporate performance.(4)In highly competitive industries,the combination of the two positions positively moderates the relationship between technological innovation activities and corporate performance,while in the low-competitive industry,the moderating effect is not significant.In the end,based on the analysis of empirical results,this paper puts forward the following suggestions:(1)In highly competitive industries,enterprises should increase innovation investment to form a unique competitive advantage;deepen the reform of our state-owned enterprises to reduce the administrative color of state-owned enterprises;promote equity diversification to build a moderate concentration of equity structure;maximize the coordination cost advantages of the combination of the two positions,condensation collective wisdom to promote corporate long-term development.(2)In low competitive industries,enterprises can't ignore the technological innovation investments;adjust the ownership structure of the enterprise appropriately,through increasing the proportion of outstanding shares to disperse the ownership structure,avoid a dominant phenomenon,and strengthen the internal supervisory mechanism of the enterprise to reduce the negative impacts of the excessive concentration of stock rights on the performance of the enterprise;position the relationship of the nature of equity and performance,the combination of the two positions and performance correctly.In short,facing with different competitive industry environment,enterprises should improve innovation investments and develop an appropriate corporate governance structure according to the market environment characteristics,which will maximize the moderating effects of corporate governance between innovation and corporate performance.