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中小板上市公司技术创新对企业绩效影响的实证研究——基于公司治理调节效应的视角 Title:AnEmpiricalStudyontheImpactofTechnologicalInnovationonFirmPerformanceintheChiNextMarket:APerspectiveofCorporateGovernanceModeratingEffect Abstract: ThispaperaimstoinvestigatetherelationshipbetweentechnologicalinnovationandfirmperformanceintheChiNextmarket,withafocusonthemoderatingeffectofcorporategovernance.AsampleoflistedcompaniesintheChiNextmarketisusedtoconductanempiricalanalysis.Theresultsdemonstratethattechnologicalinnovationpositivelyinfluencesfirmperformance.Furthermore,corporategovernanceactsasasignificantmoderator,indicatingthatitseffectivenessstrengthensthepositiverelationshipbetweentechnologicalinnovationandfirmperformance.Thesefindingssuggestthattheimplementationofeffectivecorporategovernancemechanismscanenhancetheimpactoftechnologicalinnovationonfirmperformance. 1.Introduction 1.1Background Technologicalinnovationhasbecomeacriticaldeterminantofacompany'ssuccessandperformanceintoday'sfast-pacedandhighlycompetitivebusinessenvironment.CompanieslistedontheChiNextmarket,ashigh-growthfirms,areparticularlyreliantontechnologicalinnovationtomaintaintheircompetitiveedge.However,thelinkagebetweentechnologicalinnovationandfirmperformanceismultifacetedandinfluencedbyvariousfactors,includingcorporategovernancepractices. 1.2ResearchObjective ThisstudyaimstoempiricallyinvestigatetherelationshipbetweentechnologicalinnovationandfirmperformanceintheChiNextmarket.Additionally,weseektoexplorethemoderatingeffectofcorporategovernanceonthisrelationship.Bydoingso,wecanshedlightontheimportanceofeffectivecorporategovernanceinenhancingtheimpactoftechnologicalinnovationonfirmperformance. 2.LiteratureReview 2.1TechnologicalInnovationandFirmPerformance Previousstudieshaveestablishedapositiverelationshipbetweentechnologicalinnovationandfirmperformance.Technologicalinnovationcanleadtoimprovedproductivity,efficiency,andcompetitiveness,ultimatelytranslatingintoenhancedfinancialperformance. 2.2CorporateGovernanceandFirmPerformance Corporategove