中小企業(yè)的技術(shù)創(chuàng)新選擇-資料下載頁
2025-07-30 04:12本頁面
【正文】 創(chuàng)新的嘗試性研究，我們發(fā)現(xiàn)目前大股東治理機(jī)制中的控股股東的性質(zhì)與技術(shù)創(chuàng)新的關(guān)系與我們的研究假設(shè)相反，由民營股東控制的公司相比于國有股東控制的公司的技術(shù)創(chuàng)新程度弱，這一方面與兩種性質(zhì)公司的股東背景有關(guān)，同時更說明民營中小企業(yè)還需要進(jìn)一步在競爭性領(lǐng)域發(fā)揮股東機(jī)制優(yōu)勢，提升企業(yè)技術(shù)創(chuàng)新力，而控股股東持股比例對中小企業(yè)技術(shù)創(chuàng)新有正面作用但是影響甚微。我們的分析表明，在管理層治理機(jī)制的各因素中，核心技術(shù)人員占高管比例對企業(yè)的技術(shù)創(chuàng)新活動有正面積極的影響，因此，我們的企業(yè)需要進(jìn)一步充分發(fā)揮此類核心技術(shù)人員的決策作用，引入更多優(yōu)秀的核心技術(shù)參與到企業(yè)的決策中將有利于企業(yè)技術(shù)創(chuàng)新能力的培育。值得注意的是此類核心技術(shù)人員的持股比例和薪酬與技術(shù)創(chuàng)新活動沒有顯著關(guān)系，由此可見中小企業(yè)尚需在管理層持股結(jié)構(gòu)和薪酬體系方面做出努力，以期對參與企業(yè)決策的核心技術(shù)人員發(fā)揮更有效的激勵作用，這樣有助于推動企業(yè)技術(shù)創(chuàng)新。對于債權(quán)人治理機(jī)制作用的實證檢驗沒能有效支持我們的研究假設(shè)，雖然國外經(jīng)典文獻(xiàn)認(rèn)為債權(quán)人治理一般趨于保守，但是可能由于我國目前獨特的銀行管理體制，實際中的債權(quán)人治理對技術(shù)創(chuàng)新的作用不顯著，但是銀行的市場化、避險化管理是大的趨勢，我們需要加強(qiáng)中小企業(yè)板對中小科技創(chuàng)新型企業(yè)的直接融資支持，在合理限度內(nèi)減少債權(quán)人治理對技術(shù)創(chuàng)新的保守作用?？傮w上，一方面，中小企業(yè)應(yīng)當(dāng)繼續(xù)改善本身的治理機(jī)制來推動企業(yè)的技術(shù)創(chuàng)新，同時作為發(fā)揮有效配置資源功能的中小企業(yè)板亦應(yīng)著力發(fā)掘那些治理機(jī)制好，技術(shù)創(chuàng)新激勵和能力強(qiáng)的中小企業(yè)，這樣才能使那些真正具有持續(xù)成長性的創(chuàng)新型企業(yè)更有效地獲得必要的資金支持。關(guān)于企業(yè)治理和技術(shù)創(chuàng)新的研究，我們可以在企業(yè)外部治理方面繼續(xù)展開分析，從外部治理因素進(jìn)行分析，這需要我們掌握其他企業(yè)外部聯(lián)盟、戰(zhàn)略合作研究方面的數(shù)據(jù)，而本文主要是從企業(yè)內(nèi)部治理因素角度進(jìn)行分析；同時我們將在今后的研究中可以擴(kuò)大樣本范圍并與大型企業(yè)樣本做比較研究。參考文獻(xiàn)： Battaggion and Tajoli (2000) “Ownership structure, innovation process and petitive performance: the case of italy”Working paper CESPRI,.Carpenter，Lazonick，O’Sullivan(2002) “The Stock Market, Corporate Strategy, and Innovative Capability in the ‘New Economy’: The Optical Networking Industry”EUDG Research/INTECH Conference on Financial Systems, Corporate Investment in Innovation, and Venture Capital, Brussels, November 7, 2002. . (1990) “Finance, Innovation and Industrial Change”, Journal of Economic Behavior and Organization ,.Grabowski,H and Vernon, J. (1994)“Innovation and Structure Change in Pharmaceuticals and Biotechnology”, Industrial and Corporate Change, , pp 435449.Grossman, S. and Hart, O. (1986): The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy, 94: 691719.Harris and Raviv (1990)“Financial Contracting Theory” , Working Paper 82 , Kellogg School , Northwestern University.Hart,O (1995) “Corporate Governance：Some Theory and Implication” Economic Journal, , .Hart, O. (1995): Firms, Contracts, and Financial Structure, Oxford, Clarendon Press.Hart, O. and Moore, B. (1990): Property Rights and the Nature of the Firm, Journal of Political Economy, 98: 11191158Hart, O. and Moore, B. (1999): Foundations of Inplete Contracts, Review of Economic Studies, 66:11538.Hauknes and Smith (2002) “Corporate Governance and Innovation in Mobile Telemunications: How did the Nordic Area Bee a World Leader?” STEP Report 2002.Hobbs. R. (2000) “Stakeholding and Corporate Governance: Theory and Evidence on Economic Performance” ESRC Centre for Business Research, University of Cambridge.Jensen , M. C. , and Meckling ( 1976) “Theory of the Firm: Managerial Behavior ,Agency Costs and Ownership Structure”, Journal of Financial Economics , 3 , 305360 .Lacetera, Nicola (2000) “Corporate governance and the governance of innovation: the case of pharmaceutical industry” CESPRE ,Working Paper .Lazonick, W. and M. O39。Sullivan(1997) “Finance and Industrial Development, Part I: the United States and the United Kingdom.” Financial History Review, 4, 1: 729. Lazonick, W. and M. O39。Sullivan(2000a) “Maximizing Shareholder Value: A New Ideology for Corporate Governance.” Economy and Society, 29, 1: 1335.Lazonick and O39。Sullivan (2000) “ Perspective on Corporate Governance, Innovation, and Economic Performance” INSEAD.Lazonick .W(2004) “The Innovative Firm” The Oxford Handbook of Innovation, Oxford University Press.Stulz (1990) “Managerial Discretion and Optimal Financing Policies” , Journal of Financial Economics , 26 , 3 —27.Williamson,. (1988)“Corporate Finance and Corporate Governance”, The Journal of Finance, , .Zingales(1998) “Corporate Governance”, The New Palgrave Dictionary of Economic and the Law, Volum 199815 / 15
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