Author(s)

Xiaofeng Li

Corresponding Author

Xiaofeng Li

ABSTRACT

Taking 1099 A-share companies in Shanghai and Shenzhen from 2012 to 2017 as samples, this paper uses the method of cluster analysis to divide the samples into labor-intensive, capital intensive and technology intensive enterprises for regression respectively, and compares the impact of corporate governance in different industries on scientific and technological innovation. The results show that CEO duality and salary incentive have a positive impact on the scientific and technological innovation of the three types of enterprises. The lower the shareholding proportion of the first largest shareholder and the higher the proportion of independent directors in capital intensive and technology intensive enterprises, the greater the R&D investment of enterprises. In addition, in technology intensive enterprises, the high proportion of top-level shareholding leads to insignificant equity incentive effect, and state-owned capital has its special position in such enterprises.

KEYWORDS

Corporate Governance, Scientific and Technological Innovation, R&D Investment