Research On The Influence Of Corporate Governance Mechanisms On Technological Innovation In The High-Tech Enterprises

With the high-speed technology updating,technological innovation become a key factor for high-tech enterprises.High-tech enterprises' core competitiveness lies in the strength of R&D.For high-tech enterprises,the key to competitive advantage is to establish a sound and effective technological innovation mechanism in the fierce market.A series of deferential policies and development planing were implemented to promote the development of high-tech enterprises have begun to pay off.Technological innovation is based on the corporate governance mechanisms,and the corporate governance mechanisms affects the investment decision-making of technological innovation.However,compared with the high-tech enterprises in developed countries,independent innovation ability of Chinese high-tech enterprises is not strong.Corporate governance mechanism is not sound,which is the main reason for the insufficient technological innovation ability of high-tech enterprises.Technological innovation is effected by internal and external corporate governance mechanism.Internal corporate governance mechanisms are the main factors influencing the technological innovation,including ownership structure,board structure,management incentive.External corporate governance mechanisms have a positive impact to the internal corporate governance mechanisms,which promote technological innovation,including control power market,debt constraints and product market competition.Firstly,This paper review the previous studies and some theory related to corporate governance and technological innovation,and then puts forward the research hypothesis.Lastly,the paper takes the high-tech enterprises as the research object,and have a research on the influence of corporate governance mechanisms on technological innovation through the empirical analysis.Empirical analysis is divided into two parts: In the first part,the paper firstly have research on the influence of some key elements of internal and external governance mechanism on technological innovation investment.And then the paper divide the sample into state-owned enterprises and non-state-owned enterprises,and further discusses the difference about the influence of key elements of internal and external governance mechanism on technological innovation investment between different ownership enterprises.The empirical results show that the influence degree of the key elements of internal and external governance mechanism on technology innovation investment is different.In internal governance mechanism,The nature of the actual controller has no effect for technology innovation investment;Ownership concentration have a significant negative correlation to technology innovation investment in non-state-owned enterprises but the relationship of then is irrelevant in state-owned enterprises;The board size,the chairman and general manager held by the same person have no effect on technology innovation investment;The proportion of independent directors has a significant positive correlation to technological innovation in non-state-owned enterprises,but the relationship of then is significant negative correlation in state-owned enterprises;There is significantly positive correlation between managerial ownership,the compensation of manager and technology innovation investment;In External governance mechanism,the capital market competition and enterprise technology innovation have significant positive correlation;Asset-liability ratio is negatively related to the technology innovation investment significantly;The product market competition and enterprise technology innovation have significant positive correlation in State-owned enterprises,but this relationship was not significant in non-state-owned enterprises;In second part,the paper have research on the influence of corporate governance index on technological innovation investment,and further demonstrates the good corporate governance mechanism can significantly promote the technology innovation investment.Finally,on the basis of theoretical research and empirical analysis,this paper puts forward some countermeasures aiming at existing problems of the current corporate governance mechanism in high-tech enterprises,and puts forward some deficiencies and future research direction of this paper.