Corporate Governance And Technological Innovation

Technological innovation is an inexhaustible motive force for the survival of a country,and is the key factor for the enterprises to keep a long-term development in the market competition.with the growth of economic aggregate in our country and the steady of the world power status,as a national strategic technology industry,military enterprises are gradually moving towards the world stage.Military enterprises not only undertake the task of national defense scientific and provide all kinds of military products to our country,but also undertake the responsibility of national security,play a significant role in national construction.Therefore,the urgent problem is to improve the ability of technological innovation.Besides,facing the same external environment,the technological innovation ability of different enterprises is different,it shows that the internal factors have great influence on technological innovation.In view of this,this paper studies the impact of corporate governance structure of military enterprises(ten military group affiliated listed companies,besides overseas and Hongkong,the same below)on technological innovation,and then puts forward some suggestions for the successful transformation and long-term development of military enterprises in our country.This paper uses the multiple regression analysis method to make further study about the effects of ownership structure,board structure and incentive mechanism of corporate governance structure of China's military enterprises on the input and output of technological innovation.Using the data of 59 military listed companies over the 2009-2015 period,and makes a regression analysis of the variables of corporate governance the input and output indicators of technological innovation.The empirical results show that the concentration of equity and the input and output of technological innovation are inverted U-type relationship.The appropriate ownership concentration is conducive to carry out the technological innovation of military enterprises.The proportion of managerial ownership and the average annual salary of management and the proportion of independent directors have significantly positive correlation with the input and output technology innovation,and it is proved that ownership concentration has a regulate effect on the relationship between board structure,incentive mechanism and the input and output of technological innovation.On the basis of the above conclusions,this paper analyzes the reasons according to the actual situation of military listed enterprises put forward relevant suggestions to improve the ownership structure,board structure and incentive mechanism,so as to improve the technology innovation ability of military enterprises policy,promote the long-term development of the military industry.