利用中国23家高校上市公司2001-2010年的面板数据,实证分析了母体高校的技术实力、公司治理、自主创新能力、政府支持、市场需求之间的关系。结果表明:母校技术实力、高校上市公司董事会规模对高校上市公司的自主创新能力具有促进作用;高校持股比例与高校上市公司的自主创新能力之间存在显著的U型关系;政府支持和高新技术市场需求正向调节母校技术实力与高校上市公司自主创新能力之间的关系;高新技术市场需求正向调节高校持股比例和高校上市公司自主创新能力之间的关系。由此,揭示出高校上市公司治理是影响高校上市公司自主创新能力的重要因素,并构建了一个关于高校上市公司治理影响其自主创新能力的政府与市场双元调控模型。
Using the panel data of 23 Chinese LCCU from 2001 to 2010, this paper empirically examines the rela-tionships among the affiliated university's technological strength, corporate governance, independent innovation ca-pacity, government support and market demands. The results show that: the affiliated university's technical strength and the size of the board of LCCU can promote the LCCU's independent innovation capacity; the university's shareholding ratio has a significant U relationship with the LCCU's independent innovation capacity; the govern-ment support and high-tech market demands positively moderate the relationship between the affiliated university's technical strength and the LCCU's independent innovation capacity; the high-tech market demands positively moder-ate the relationship between the university's shareholding ratio and the LCCU's independent innovation capacity Thus, this paper reveals that the LCCU's corporate govemance is an important factor which affects the LCCU's in-dependent innovation capacity, and builds a government-market dual regulation and control model of the impact of the LCCU's corporate governance on the LCCU's independent innovation capacity.