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创新是企业在市场环境下生存与发展的最重要源泉,其本质是企业在组织化学习基础上创造新价值的过程,具有累积性、集体性和不确定性。鉴于公司治理是企业的基本制度框架,因此探讨公司治理与企业创新的关系将是一个富于理论价值与实践意义的课题。本文以此为问题意识,在对公司治理内涵的发展进行梳理的基础上,指出公司治理中监督与激励的悖论,并通过对创新导向的公司治理特征与主流公司治理理论强调重点的对比分析,揭示公司治理目前面临的困境,进而提出积极治理与消极治理的概念,以此说明要想推动企业持续创新,需要实现公司治理理念从消极治理向积极治理的转变。最后,根据创新活动的特征探讨了有利于创新的公司治理结构与机制,并以157家信息技术行业上市公司为样本进行实证研究,得出股权集中度与企业创新绩效成正比,机构投资者持股比例与企业创新绩效成正比,两职合一在机构投资者持股比例较高的情况下有利于创新等结论。
Innovation is the most important source of survival and development of an enterprise in a market environment. Its essence is the process of creating new value based on organizational learning, which is cumulative, collective and uncertain. Since corporate governance is the basic institutional framework of an enterprise, exploring the relationship between corporate governance and business innovation will be a topic of theoretical value and practical significance. On the basis of combing the connotation development of corporate governance, this article points out the paradox of supervision and encouragement in corporate governance. By contrasting and analyzing the innovation-oriented corporate governance characteristics and the mainstream corporate governance theory, , Reveals the current dilemma of corporate governance, and then put forward the concept of positive governance and negative governance, to illustrate the need to promote continuous innovation of enterprises, the need to achieve corporate governance philosophy from negative to positive governance changes. Finally, based on the characteristics of innovation activity, this paper discusses the innovation of corporate governance structure and mechanism. Taking 157 listed companies in the information technology industry as an example, it is concluded that the ownership concentration is proportional to the innovation performance, The proportion of shares is directly proportional to the innovation performance of the enterprise. The combination of the two positions is conducive to innovation in the case of a high proportion of institutional investors holding shares.