CAJ | 학술논문

本文选取2009～2010年在创业板上市的51家公司作为样本实证研究了创新型企业公司治理结构对公司绩效的影响。研究发现，中国创新型企业存在着实际控制人权力过大的问题，其治理结构表现出较明显的内部人控制现象，而独立董事的引入在一定程度上缓解了这一问题，并在公司绩效中得以体现。高管薪酬与公司绩效正相关，较高的薪酬水平能够有效激励高管团队创造良好的业绩。由于风险投资机构追求短期收益以及成为公司股东的时间较短，风险投资的引入并没有为创新型企业带来更高绩效。
본문선취2009～2010년재창업판상시적51가공사작위양본실증연구료창신형기업공사치리결구대공사적효적영향。연구발현，중국창신형기업존재착실제공제인권력과대적문제，기치리결구표현출교명현적내부인공제현상，이독립동사적인입재일정정도상완해료저일문제，병재공사적효중득이체현。고관신수여공사적효정상관，교고적신수수평능구유효격려고관단대창조량호적업적。유우풍험투자궤구추구단기수익이급성위공사고동적시간교단，풍험투자적인입병몰유위창신형기업대래경고적효。
Based on the sample of 51 GEM -listed companies of the year 2009 -2010, the impact of corporate governance structure of innovative enterprises on their performance is explored in the paper. As can be seen through the empirical analysis, there is a problem in China＇s innovative enterprise that actual controller has excessive power, and the introduction of independent directors alleviates this problem to some extent, which is reflected in company performance. We also find that executive compensation is positively related with corporate performance, which explains that the high level of salary incentive contributes to a good performance. The introduction of venture capitals does not result in higher performance for the innovative enterprises, which is related with the institutions＇ pursuit of short - term gains and the short term of their becoming the company＇s shareholders.