公司治理與企業創新程度

Abstract

本研究以內部治理為中心，探討公司治理優劣對企業創新的影響，就公司所屬產業、公司特性及經理人特性等變數予以考量後，建立「相對」同類型公司的超額公司治理指數，並採用研發費用占公司當期總資產比率及研發費用占公司當期總收入兩個變數代表企業創新程度。實證結果顯示，當超額公司治理指數越高，公司創新程度顯著提升，代表公司治理較好的企業，其減少研發費用而增加短期盈餘的機率會大大降低，公司也會偏好創新策略以極大化公司價值。本研究也發現，當經理人持股比率越高、董事會中獨立董事比率越高、集團控制型態為非家族企業及董事長與總經理由不同人擔任時，在決策上由於有更多專業經理人或外部人士參與，創新成果更能回饋到經理人，因此企業在研發上會更加積極，對企業創新程度有正面影響。大股東持股比率及董監持股比率越高，由於股權趨於集中，大股東及董監事因未分散投資致增加單一公司的投資風險，反而會降低企業創新程度。在子樣本實證結果顯示，規模大、產業赫芬達指數(HHI)高的公司，其超額公司治理指數對於企業創新影響程度較大。 關鍵字：公司治理、企業創新、超額公司治理指數、研發費用、產業赫芬達指數、內部治理

The purpose of this paper is to examine the relationship between internal corporate governance and firm innovation. After controlling for the company's industry and the characteristics of both the company and the manager, we establish “abnormal governance index”. We use R&D assets ratio and R&D sales ratio to represent the degree of firm innovation. The study provides empirical evidence that there exists a positive relationship between abnormal governance index and firm innovation. Companies with better corporate governance hold lower probability in reducing R&D expenses to increase short-term earnings and they also prefer innovative strategies. The results also show that with more professionals and outside managers participated in decision-making, managers benefit more from innovation and companies tend to devote more in R&D expenses, thus resulting in a higher level of corporate innovation. The above companies include those with higher CEO and independent director shareholding ratio, or without CEO duality and family businesses. The results also suggest that companies with higher shareholding ratio by major shareholders or directors tend to appear with lower degree of firm innovation, since they aren’t able to diversify their investment portfolios. The empirical evidence from the subsample shows that the abnormal governance index will have greater influence on firm innovation for companies with large size or high HHI index characteristics. Keywords: Corporate Governance; Firm Innovation; Abnormal governance index; Research and development(R&D); HHI index; Internal Corporate Governance