| In the 18th CPC National Congress,it put forward innovation-driven development strategy,which further specified that innovation was the backbone fore for the development of national economy,while influenced by the low efficiency of enterprise technology innovation in China,it is urgent about how to promote this strategy.China is a special human relationship society,which has interlaced petticoat influences,and these will affect every aspect of life and work.Starting from the alumi relationship between CEO with director of an enterprise,it opens a new perspective to research technology innovation,which can not only make up the vacancy of study on influencing factor of innovation,but also reminds the listed companies to pay attention to the influence of alumi relationship and other personnel connection to technology innovation.In this thesis,on the basis of social contract theory,it analyzes that the CEO and director has ever studied in the same institution of higher learning,and their alumi relationship exacerbated the agency conflict of listed company,induced tendency of egoism of CEO,so that the CEO may have more shortsighted decisions which will restrain technology innovation;at the same time,due to the alumi relationship,board members tend to give much more trust and tolerance,which will reduce independence,and also weaken the function of supervision to CEO,as they may blindly support the decision of CEO which will restrain technology innovation.As to this thesis,it takes Shanghai and Shenzhen A-share listed company during 2013 to 2017 as an example to study the influence of alumi relationship between CEO with board member to enterprise technology innovation.The result shows that their alumi relation does restrain the technology innovation of an enterprise.After a series of group studies,the result shows that compared with enterprises with large-scale assets,the adverse effect of alumi relationship between CEO with director is more obvious to technology innovation than enterprise with small-scale assets;compared with information technology enterprises,the adverse effect of alumi relationship between CEO with director to other enterprises are more obvious;as to state-owned enterprises and non state-owned enterprises,the alumi relationship between CEO with director has obviously adverse effect to both of them,without significant difference.In further study,it selects internal governance factor,internal control quality,external governance factor,and stock-holding of institutional investors as regulated variables to study the regulating effect to regression,while the empirical result shows that with good internal control and higher percentage of stock-holding of institutional investors,they can relief the adverse effect of the alumi relationship between CEO with director to enterprise technology innovation.The empirical conclusion in this thesis can provide new thoughts for the research on the influencing factors to enterprise technology innovation,and also provide theoretical basis for the completion of related institutional norms of listed companies,institutional investors,and supervision department. |
