Research On The Influence Of Growth Enterprise Market Technology Corporate Governance Strusture On Technological Innovation

With the rapid development of the information age,science and technology occupy a pivotal position in promoting the country's economic development.The upgrading of information technology and the continuous upgrading of products make the role of technological innovation in enterprises not to be underestimated.From a macro perspective,technological innovation is the fundamental driving force for national economic growth.From a micro perspective,technological innovation is a necessary condition for enterprises to maintain their vitality in a fierce market competition environment.How to make the technological innovation capability of enterprises further has become one of the topics of academic concern.Under such fierce market competition conditions,enterprises face the same external environment.However,the level of technological innovation of each enterprise is different.The internal factors of each enterprise have a great influence on its technological innovation capability.By reviewing the research foundation of scholars in the past and combining with the current economic development situation in China,this paper selects the sub-sector of science and technology enterprises as the research object,and the science and technology enterprise is an important force to promote China's economic development,and also the main activity of technological innovation activities.Groups,while China's GEM market mainly serves high-tech enterprises with higher growth.In view of this,this paper mainly analyzes the impact on technology innovation capabilities from the technology-based enterprises listed on the GEM.This paper selects the panel data of 127 GEM companies listed before 2011 in 2011-2017.Using STATA and other measurement software,the combination of factor analysis and multiple linear regression analysis,from the internal governance structure of the shareholding structure the board structure and incentive mechanism respectively analyzed its impact on the technological innovation capability of enterprises.And eight conclusions are drawn:(1)the relationship between equity concentration and technological innovation capability is “inverted U-type”;(2)the relationship between equity balance and technological innovation capability is positively correlated;(3)equity nature and technological innovation capability;(4)The relationship between the leadership structure and the technological innovation capability is negatively correlated;(5)the proportion of independent directors has no significant impact on the technological innovation of the enterprise;(6)the size of the board of directors is positively related to the technological innovation capability;There is a positive correlation between salary incentives and technological innovation capabilities;(8)equity incentives and technological innovation capabilities are positively correlated.Finally,based on the theoretical analysis process and empirical test results,this paper puts forward relevant suggestions from three aspects: improving the shareholding structure,optimizing the structure of the board of directors,and improving the incentive mechanism,namely how to effectively improve the corporate governance structure of China's GEM technology-based enterprises.Based on the above,this study deeply analyzes how internal governance affects its technological innovation capability in China's GEM technology-based enterprises,which has certain reference significance for China's GEM listed companies to enhance their technological innovation capabilities.