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企业自主创新能力的形成要以良好的公司治理机制为基础,以支撑其研发活动。基于动态面板系统GMM模型分析深交所A股上市的94家公司2011-2014年的公开数据,研究公司治理对企业自主创新能力的影响,结果发现:独立董事比例、两职合一与董事会行动强度正向影响而股权结构变动、国有持股比例负向影响企业研发支出总量与研发强度;股权集中度与研发支出总量和研发强度呈“倒U型”关系。为准确衡量企业对自主创新的支持力度,创新性地引入研发支出增长率指标,发现:独立董事比例与董事会行动强度均正向影响研发支出增长率,股权集中度与研发支出增长率为显著正向而非“倒U型”关系,两职合一负向影响研发支出增长率,相对而言,股本结构变动会对研发支出增长率造成更强的负面影响。
The formation of independent innovation capability of enterprises should be based on a sound corporate governance mechanism to support its R & D activities. Based on the dynamic panel system GMM model, this paper analyzes the public data of 94 companies listed on the A-share of Shenzhen Stock Exchange from 2011 to 2014 to study the impact of corporate governance on the capability of independent innovation. The results show that the ratio of independent directors, Positive changes in ownership structure and ownership structure of state-owned shares negatively affect the total amount of R & D expenditures and R & D intensity. The relationship between ownership concentration and R & D expenditures and R & D intensity is inverted U-shaped. In order to accurately measure the support for independent innovation, the Bank innovatively introduced R & D expenditure growth rate indicators and found that: the proportion of independent directors and the strength of the board of directors positively affect the R & D expenditure growth rate, ownership concentration ratio and R & D expenditure growth rate significantly positive In contrast to the “inverted U-shaped” relationship, the combination of the two positions negatively affects the growth rate of R & D expenditures. Relatively speaking, changes in the share structure will have a more negative impact on R & D expenditure growth rate.