Corporate Governance,Technological Innovation And Enterprise Performance

21st century is the era of knowledge economy. Technological innovation is the terminal reflects of knowledge in the real production and development. Technological innovation to a large extent determines the level of productivity of a country or region. China's economic development is faced with structural adjustment and industrial upgrading, which is the key factor is the technological innovation and upgrading. After the state issued the "Thirteen Five" plan, in the outline of the national development strategy, innovation strategy has been noticed unprecedented attention. "Made in China" with increasing labor costs has no advantage, "Made in China" becomes "Create in China" turned out to be urgent. Agriculture is the foundation and security for all industrial development, the state clearly pointed out that China will develop agricultural science powerhouse and agricultural technological innovation powerhouse. Furthermore, accelerate to pad agricultural and rural short board must increase agricultural investment in technological innovation has become consensus. agriculture-related listed companies as vanguard of China's agricultural sector knows how to grasp the opportunity of the national support in technological innovation of agribusiness, increase technological innovation and investment, enhance the ability of technology innovation to improve business performance and enhance the international competitiveness is crucial.The benefit of technological innovation has strong uncertainties and risks which are vulnerable to be affected by a variety of internal and external factors. Corporate governance is an important factor for the impact enterprise efficiency, which plays a role on impact of technological innovation on enterprise performance requires empirical testing. In this paper, agriculture-related listed companies as the sample and corporate governance as the moderator, examine the influence of technological innovations on the performance of agriculture-related listed company and moderating effect of corporate governance.Firstly, this paper hackles and reviews the literature of corporate governance, technology innovation and business performance in three areas, defines related concepts, relying on technological innovation theory and agency theory, this paper presents the theoretical hypotheses and the research model framework. Then with 87 Chinese agricultural listed companies in 2008--2014 as samples, by descriptive statistics, correlation analysis, multiple regression analysis, hierarchical regression analysis, using enterprise performance as the dependent variable and technological innovation investment strength as explanatory variable, this paper studies the influence of technological innovations on agribusiness firm performance; Shareholders layer, directors layer, management layer related indicators of internal governance as the moderator, This paper studies the regulation of corporate governance in the impact of technological innovation on enterprise performance in agriculture-related listed companies.Results of this study show that technological innovation and current, one-period and two-period lag enterprise performance in the Chinese agriculture-related listed companies is significant positive correlation. In terms of corporate governance moderating effect role, the proportion of the largest shareholder and the proportion of manager holding share in the technological innovation investment on the enterprise performance have positive moderating effect; the proportion of state-owned stock in the technological innovation investment on the enterprise performance has negative moderating effect; director board size and proportion of independent directors in the technological innovation investment on the enterprise performance have no moderating effect. Based on the research conclusions, the countermeasures and suggestions are put forward:pay attention to the effect of technological innovation, improve the investment of technological innovation; At the shareholder level, appropriate to improve the equity concentration, reduce the proportion of state-owned shareholders; In the board of directors, improve the independent directors to fulfill their duties, incentive system, play an active role of independent directors; At the manager's layer, implement Managers incentives mechanism, improve the proportion of manager holding share.