Abstract: The technological knowledge assets and management mechanisms both have important impacts on firm market performance. In this paper, we examine the asymmetric role of management mechanisms in the relationship between technological knowledge assets and firm market performance based on the sample of Chinese listed companies during 2009-2014. The results show that the technological knowledge assets have a significant positive impact on firm market performance. The incentive mechanisms positively moderate the relationship between technological knowledge assets and firm market performance. Furthermore, the moderating effect of CEO payment is stronger than that of CEO shareholding. In the monitoring mechanisms, the percentage of outside blockholders enhances the relationship between technological knowledge assets and firm market performance, while CEO duality weakens the relationship between technological knowledge assets and firm market performance. This research deepens the understanding of the relationships among technological knowledge assets and management mechanisms, and also can help firms to improve their market performance.

摘要： 管理机制和技术知识资产对企业市场绩效具有重要的影响。本文采用中国上市公司2009-2014年的数据，分析技术知识资产对企业市场绩效的作用，以及管理机制在此过程中的差异性作用。研究发现：技术知识资产对企业市场绩效具有显著的正向影响；激励机制在技术知识资产转化为市场绩效的过程中起到显著的正向调节作用，其中CEO薪酬水平的调节作用强于CEO持股比例；监管机制中的外部董事持股比例起到正向的强化作用，而两职分离起到弱化的调节作用。本文的研究结论从理论上深化了对管理机制与技术知识资产间关系的认识，同时对企业市场绩效的提升也具有重要的实践意义。

关键词: 技术知识资产, 企业市场绩效, 管理机制, 差异性作用