【作者】 张子峰；

【导师】 薛有志；

【作者基本信息】 南开大学 ， 公司治理， 2010， 博士

【摘要】 企业是技术创新的主体,我国企业R&D投入的严重不足决定了其技术创新能力的不足,并最终导致我国国家整体竞争力的低下。针对我国企业的这一现状,国内学者为探索制约我国企业R&D投入水平的影响因素而进行了的大量研究工作,也取得了许多颇具理论价值与现实意义的研究成果,这些成果也正是本文研究得以进行的重要保障。而随着公司治理理论的发展及其研究领域的延伸和扩展,越来越多的学者开始关注公司治理要素对企业R&D投入的影响作用,进一步为本文的研究奠定了坚实的基础。本文在首先对有关技术创新影响因素的研究文献进行了回顾,进而对公司治理影响企业技术创新或技术创新投入的相关研究成果进行了梳理。结果发现,影响企业R&D投入的因素很多,有宏观政策层面的因素,也有企业微观层面的因素,而公司治理的各个要素对企业的R&D投入水平也存在显著的影响,只是由于各种主客观因素的制约,以及研究视角和研究方法的局限,学者们的研究结论既没有达成一致,从而导致其理论价值的不足,也在一定程度上缺乏说服力,更不具有现实意义。因此,本研究正是基于上述认识和分析,选择从公司治理的角度研究其对企业R&D投入的影响作用,并从研究维度和变量度量上进行了一定程度的改进或创新,以保证研究的系统性、全面性和科学性,为企业的技术创新决策提供有价值和值得信赖的依据。其次,本文通过对公司治理的内涵和相关理论的分析,识别出公司治理的核心职能,进而通过分析技术创新的内涵和基本理论,归纳总结出技术创新的基本特征,并在上述基础上,发现企业技术创新决策过程中存在的利益冲突,而公司治理正是解决此种冲突的有效机制。循此逻辑,本文构建了公司治理影响企业技术创新的基本理论框架。第三,本文对公司内部治理结构影响企业R&D投入的作用机理进行深入分析,并提出了公司内部治理结构与企业R&D投入水平之间相关关系的研究假设。从股权结构的角度,分别分析了控股股东性质、股权集中度和机构投资者持股对企业R&D投入的影响作用；从董事会结构的角度,分别分析了董事会规模、董事会的独立性、董事会中战略规划委员会的设置状况和领导权结构对企业R&D投入的影响作用；从监事会结构角度,分别分析了监事会规模和监事会的独立性对企业R&D投入的影响作用；而从股权激励角度,则分别分析了董事会股权激励、高层管理者股权激励和监事会股权激励对企业R&D投入的影响作用。第四,本文进一步深入分析公司外部治理机制对企业R&D投入水平的作用机理,也相应提出了公司外部治理机制与企业R&D投入水平之间相关关系的研究假设。从债权人治理机制看,由于企业不倾向于以负债的方式进行技术创新投资,而债权人也不倾向于对企业技术创新项目进行投资,因而债权人治理机制与企业的R&D投入水平负相关；从经理人市场竞争看,由于该隐性激励机制会使企业经理人倾向于做出有利于企业长期价值最大化的技术创新决策,因而经理人市场竞争与企业R&D投入水平正相关；从控制权市场竞争看,由于所有者的利益关注倾向局限和管理层的“短视”决策,并购会对其技术创新造成消极的影响,因而控制权市场竞争与企业的R&D投入水平负相关；而从产品市场竞争看,随着产品市场竞争程度的加强,企业既缺乏技术创新的动力和意愿,又没有技术创新能力,最终导致企业的整体技术创新不足,其R&D投入明显偏低,因而产品市场竞争与企业的R&D投入负相关。第五,上述理论分析和研究假设之后,本文利用我国沪深制造业上市公司作为研究样本,并选择2005-2008年的相关数据,对其进行实证检验。在实证研究设计上,本文选择多元线性回归分析工具,构建了相应的实证模型,以R&D投入强度为被解释变量,而解释变量则是结合本研究的实际需要,并遵循本文的理论分析思路进行的选取,并对部分变量的度量方法进行了创新或重新定义。控制变量的选取主要是结合国内外学者的现有研究成果,选择了那些被证实对企业的R&D投入影响最显著的变量,主要包括公司规模、公司绩效、行业类型、企业成长性、公司年龄、高管团队特征、创新环境、现金持有水平等。在实证研究检验上,本文首先对样本数据进行描述性统计,进一步证实了我国上市公司整体R&D投入虽有一定程度的增长,但依然严重不足的现状,而对公司治理变量的描述性统计结果,基本与我国上市公司治理结构特征相吻合,例如,由股权结构变量看,我国上市公司的股权虽然经历了股权分置改革和国有股减持,但依然存在国有股比例过高、股权过于集中、而机构投资者持股比例过低的问题。其次,对影响企业R&D投入的基本驱动因素进行分析,在所选用的九个控制变量(除年度变量外)中,公司规模、行业类型、公司年龄、创新环境、现金持有水平的回归结果都通过了1%水平的显著性检验,公司绩效、高管性别的回归结果均通过了5%水平的显著性检验,但企业成长性和高管平均年龄的回归结果没有通过显著性检验。最后,将公司治理的各个变量依次导入上述实证模型分别检验其对企业R&D投入的影响关系。从实证检验结果看,与本文理论分析部分所提出的研究假设基本一致,或者部分得到验证,而对不一致的检验结果,本文也给出了合理的解释。最后,本文在上述理论分析和实证检验结果的基础上,对研究结论进行了归纳总结,对研究的局限性进行了简要阐述,并基于上述结论从从公司治理机制的完善层面提出提高我国企业R&D投入水平的政策建议。更多还原

【Abstract】 Technological innovation is the fundamental driving force of economic growth. But in China, enterprises’being lack of the competence of tech-innovation is determined by the severe shortage of their R&D expenditure, and ultimately leads their low competitiveness. Aiming at this situation of China’s enterprises, many Chinese scholars have carried out a large number of researches to explore the constraints to the level of Chinese enterprises’R&D expenditure, and also have got a number of research results with the considerable theoretical value and practical significance, which is an important guarantee for this research to be completed. With the development of corporate governance theory and academic research sector’s extension and expansion, more and more scholars start to pay attention to the influence of the basic elements of corporate governance on the enterprises’R&D expenditure, which has laid a solid foundation for the furthering of this research.Firstly, this dissertation reviewed the literatures about the research on the influencing effect factors to technological innovation, and then, the relevant research results about the impact of corporate governance on technological innovation or enterprises’R&D expenditure were sorted analyzed and summarized. The results showed that there were a number of factors affecting the enterprises’ R&D expenditure, not only including the macro-policy factors and the micro-factors in enterprises level, but also the various dimensions of corporate governance. But due to various subjective and objective factors, as well as research perspectives and limitations of research methods, different scholars got the different conclusions, which led to their being lack of theoretical value, convincing capacity and practical significance. Therefore, based on the understanding and analysis above, this dissertation focused on the influence mechanism of corporate governance on their R&D expenditure, with certain improvement or innovation of research dimensions and variables measurement in order to ensure this research’s systematic, comprehensive and scientific.Secondly, based on the analysis of the concept and theories of corporate governance, this dissertation identified the core function of corporate governance, and then summarized the basic characteristics of technological innovation through the analysis of the basic theory of innovation. After above, this dissertation found the main conflicts of interest during the process of decision-making. Corporate governance is an effective mechanism to resolve such conflicts. Through this logic, we constructed the basic theoretical framework of the influence of corporate governance on technological innovation.Thirdly, this dissertation analyzed deeply the influence mechanism of the internal corporate governance structure on enterprises’R&D expenditure and put forward the hypothesis about the relationship between them. The dimensions were the characteristics of the controlling shareholder, equity ownership concentration, institutional investors, board size, board independence, Strategic Planning Commission in board, leadership structure, the size and independence of the board of supervisors, the equity incentive on board of directors, senior managers and the board of supervisors.Fourthly, this dissertation analyzed deeply the influence of the alternative governance mechanism on enterprises’R&D expenditure and put forward the hypothesis about the relationship between them. Seeing from the influence of creditors’governance mechanism on enterprises’R&D expenditure, there is a negative correlation between them because the enterprises do not tend to invest in technological innovation through debt and the creditors are not inclined to invest in technological innovation projects. Seeing from the influence of the manager’s market competition on enterprises’R&D expenditure, there is a positive correlation between them because the implicit incentives to enterprise managers will tend to help the enterprises to make long-term decisions, such as technological innovation to maximize the corporate value. Seeing from the influence of the market for corporate control on enterprises’R&D expenditure, there is a negative correlation between them because of the owners’limitation on interests and the managers’short-sighted decision. Seeing from the influence of the product market competition on enterprises’ R&D expenditure, there is a negative correlation between them because the enterprises have neither the driving force nor the will of technological innovation and don’t have technological innovation capability with the strengthening of product market competition.Fifthly, after the above theoretical analysis and hypothesis, this dissertation carried on the empirical tests using the data of the listed companies in manufacturing sector in Shanghai and Shenzhen. In the empirical study design, this dissertation selected multiple linear regression method to construct the empirical model. R&D intensity was the dependent variable. Independent variables were selected according to the actual needs of the research and following the process of theoretical analysis. The selection of control variables was mainly based on the domestic and foreign scholars’research results. They were firm size, firm performance, industry type, business growth, firm age, the characteristics of TMT, innovative environment, the level of cash holdings.In the empirical tests, this dissertation presented the descriptive statistics of the sample data first, further proving the situation of the serious shortage of the R&D expenditure. The corporate governance variables were consistent seeing from the results of the descriptive statistics, and basically matched the features of corporate governance in China. Then, it analyzed the influence of the basic driving factors on enterprises’R&D expenditure. Among the selected nine control variables (except the year variable), the regression results of firm size, industry type, firm age, innovative environment and the level of cash holdings passed 1% level of significance test, the regression results of firm performance and executives gender passed 5% level of significance test, but regression results of business growth and average age of executives did not pass the significance test. Finally, this dissertation respectively put the corporate governance variables into the empirical model to test their relationship with enterprises’R&D expenditure. The results showed that theoretical analysis and the corresponding hypotheses in this dissertation were partially verified. As for the inconsistent test results, this dissertation gave the reasonable explanation to them.Finally, based on the above theoretical analysis and empirical test results, this dissertation summarized all the conclusions being drawn from the research and briefly described its limitations. Then, it made some policy recommendations to increase R&D intensity of Chinese enterprises from the improvement of corporate governance.更多还原