CORPORATEGOVERNANCESTRUCTUREANDR&DINNOVATIONFROM THEPERSPECTIVEOFRISK———AStudyBasedonPrincipal-agentModel

Abstract

Abstract: ThispaperstudiestheimpactofcorporategovernancestructureonR&Dandinnovationcapabilitiesfromtheperspectiveofriskbasedontheprincipal-
agentmodel.Thisarticleconstructsaprincipal-
agentmodelwithinnovativeactivitiesfortheoreticalanalysis,thencalculatestheinnovationefficiency
ofmanufacturinglistedcompaniesin Chinafrom 2015to2018usingthedynamic DEA model,and
conductsthe empiricaltest on therelationship between R&D innovation efficiency and corporate
governancestructure.Theempiricalresultsvalidatestheanalyticalresultsofthetheoreticalmodel:the
principal-agentproblemisnotconducivetotheimprovementofthecompany??sR&Dandinnovationcapabilities,
andobjectiverisksandsubjectiveriskaversionwillexacerbatetheproblem.Basedontheresults,
thisarticleproposesthatcompaniesshouldimprovetheircorporategovernancestructureaccordingtothe
characteristicsoftheirownR&Dactivities,extendagents??tenure,promoteequityincentiveplansandenhancetherisk-
bearingabilityofagents.

Key words: R&, Dcapabilities, corporategovernance, principal-agent, risk, dynamicDEA

摘要： 本文基于委托代理模型,从风险的视角研究企业治理结构对研发创新能力的影响。本文构建了一个包含创新活动的委托代理模型进行理论分析,利用动态DEA 模型测算创新能力,并使用2015-2018年我国上市制造业企业数据进行实证检验。实证部分检验了理论结论:委托代理问题不利于企业提升研发创新能力,且客观风险和主观风险厌恶会加剧该负面影响。基于此,本文认为上市企业应根据企业自身研发活动特点有针对性地改善企业治理结构,提出了适当延长代理人任期、推动股权激励计划、提升代理人的风险承担能力等建议。

关键词: 企业研发创新, 治理结构, 委托代理, 风险, 动态DEA

HANSong , XIYuan-jie. CORPORATEGOVERNANCESTRUCTUREANDR&DINNOVATIONFROM THEPERSPECTIVEOFRISK———AStudyBasedonPrincipal-agentModel[J]. Economic Theory and Business Management, 2021, 41(4): 39-53.

韩松 , 习媛杰. 风险视角下企业治理结构和研发创新*———基于委托代理模型的研究[J]. 经济理论与经济管理, 2021, 41(4): 39-53.

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