CAJ | 학술논문

通过治理结构变革来推动技术创新，是增进企业活力、改善绩效的重要途径。以公司治理结构对企业技术创新的影响为研究主题，运用结构方程模型，通过从股权结构、董事会结构、管理层激励以及资本结构等方面进行实证研究，得出结论：国有持股比例越高越不利于企业技术创新活动的进行；独立董事以及董事会规模对企业技术创新投资的影响不显著；股权集中度越高，技术创新的投资越高；管理层激励与技术创新的投资有明显的正相关关系；企业负债率与技术创新则有明显的负相关关系。相比回归分析的统计方法，结构方程模型可以同时处理多个因变量，同时容许自变量和因变量含测量误差，还可以估计整个模型的拟合程度，因而对结构方程模型的运用增加了研究结果的精准性和说服力。
통과치리결구변혁래추동기술창신，시증진기업활력、개선적효적중요도경。이공사치리결구대기업기술창신적영향위연구주제，운용결구방정모형，통과종고권결구、동사회결구、관리층격려이급자본결구등방면진행실증연구，득출결론：국유지고비례월고월불리우기업기술창신활동적진행；독립동사이급동사회규모대기업기술창신투자적영향불현저；고권집중도월고，기술창신적투자월고；관리층격려여기술창신적투자유명현적정상관관계；기업부채솔여기술창신칙유명현적부상관관계。상비회귀분석적통계방법，결구방정모형가이동시처리다개인변량，동시용허자변량화인변량함측량오차，환가이고계정개모형적의합정도，인이대결구방정모형적운용증가료연구결과적정준성화설복력。
It is an important way to increase enterprise vitality and improve the performance by changing the corporate governance structure to promote technical innovation. This paper focuses on the influence of corporate governance on the technical innovation. U-sing the structural equation model, it conducts the empirical study, from the ownership structure, board structure, management incen-tives and capital structure aspects. The conclusions are as follows:higher proportion of state-owned share is more detrimental to the en-terprise technical innovation;the impact of independent director and the board size on enterprise technical innovation investment is not significant;The higher the degree of ownership concentration, the higher the investment of technical innovation; There was a positive correlation between the management incentives and technical innovation; Enterprise debt rate and technical innovation have a signifi-cantly negative correlation. Compared with the statistical method of the regression analysis, structural equation model can not only han-dle multiple dependent variables, estimate the fitting degree of the model, but also allow measurement errors of variable and dependent variables, thus there are more accuracy and persuasion of research results to the application of structural equation model.