“文人下海”会促进企业创新吗?
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摘要
在中国,"文人下海"并不罕见,但较少有研究关注"文人下海"的经济后果。文章利用2008-2016年中国A股上市公司数据,研究了高管学术经历对企业创新的影响。研究结果发现:高管学术经历能促进企业创新。具体而言,高管学术经历能直接促进企业创新,并且良好的创新氛围、较低的国有股权会强化高管学术经历对企业创新的正向作用。当有学术经历的高管担任关键职位时,高管学术经历对企业创新的正向影响更为明显。同时,高管学术经历的信息效应也会间接促进企业创新。具体而言,高管学术经历降低了信息不对称,吸引了更多的分析师跟踪,进而促进了企业创新。文章拓展了高阶理论的内涵,也为政府加快实施创新驱动发展战略提供了微观经验支持。根据研究结果,为加快实施创新驱动战略,文章提出了可适度放开"高校科研人员挂职企业"的范围,以充分发挥学术经历人才的创新活力的建议。
In China, scholar-turned businessmen are not uncommon, but few researches focus on the economic consequences of this phenomenon. Based on the data of A-share listed companies in China from2008 to 2016, this paper studies the influence of managerial academic experiences on innovation. The study finds that:(1) Managerial academic experiences can spur innovation. This conclusion is still valid after being tested by various methods.(2) For the direct influence, managerial academic experiences directly promote enterprise innovation by promoting human capital. The study finds that a good atmosphere of innovation will strengthen the positive effect of managerial academic experience in corporate innovation. When the stateowned equity is high, the positive effect of managerial academic experiences on corporate innovation will be weakened. We also further examine the impact of academic experiences of key position executives on corporate innovation. When the executive with academic experiences is the chairman or CEO, the positive impact of managerial academic experiences on corporate innovation is more pronounced. In addition, the background of the chairman's technical background will strengthen the positive effect of academic experiences on corporate innovation.(3) We also examine the indirect impact mechanism of the information effect from managerial academic experiences. We find that managerial academic experiences reduce information asymmetry and attract more analysts to track, thus promoting corporate innovation.(4) We further discuss the impact of non-"specialist" academic experiences on corporate innovation. The study finds that non-"specialist" executives' academic experiences will also have a positive impact on corporate innovation. This study examines the influence mechanism of managerial academic experiences on enterprise innovation, expands the connotation of the upper echelons theory, and provides micro empirical support for the government to accelerate the implementation of innovation-driven development strategy.According to the research findings of this paper, the following policy recommendations are proposed: In order to accelerate the implementation of innovation-driven development strategy, the scope of application of"enterprises for holding the post of university scientific research personnel" can be expanded from the current"specialized technical personnel" to "enterprises with higher professional knowledge and necessary business and management ability for holding the post", so as to give full play to the innovation vitality of talents with academic experiences.
In China, scholar-turned businessmen are not uncommon, but few researches focus on the economic consequences of this phenomenon. Based on the data of A-share listed companies in China from2008 to 2016, this paper studies the influence of managerial academic experiences on innovation. The study finds that:(1) Managerial academic experiences can spur innovation. This conclusion is still valid after being tested by various methods.(2) For the direct influence, managerial academic experiences directly promote enterprise innovation by promoting human capital. The study finds that a good atmosphere of innovation will strengthen the positive effect of managerial academic experience in corporate innovation. When the stateowned equity is high, the positive effect of managerial academic experiences on corporate innovation will be weakened. We also further examine the impact of academic experiences of key position executives on corporate innovation. When the executive with academic experiences is the chairman or CEO, the positive impact of managerial academic experiences on corporate innovation is more pronounced. In addition, the background of the chairman's technical background will strengthen the positive effect of academic experiences on corporate innovation.(3) We also examine the indirect impact mechanism of the information effect from managerial academic experiences. We find that managerial academic experiences reduce information asymmetry and attract more analysts to track, thus promoting corporate innovation.(4) We further discuss the impact of non-"specialist" academic experiences on corporate innovation. The study finds that non-"specialist" executives' academic experiences will also have a positive impact on corporate innovation. This study examines the influence mechanism of managerial academic experiences on enterprise innovation, expands the connotation of the upper echelons theory, and provides micro empirical support for the government to accelerate the implementation of innovation-driven development strategy.According to the research findings of this paper, the following policy recommendations are proposed: In order to accelerate the implementation of innovation-driven development strategy, the scope of application of"enterprises for holding the post of university scientific research personnel" can be expanded from the current"specialized technical personnel" to "enterprises with higher professional knowledge and necessary business and management ability for holding the post", so as to give full play to the innovation vitality of talents with academic experiences.
引文
[1]陈钦源,马黎珺,伊志宏.分析师跟踪与企业创新绩效——中国的逻辑[J].南开管理评论,2017,(3):15-27.
[2]陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界,2017,(1):158-169.
[3]陈怡欣,张俊瑞,汪方军.卖空机制对上市公司创新的影响研究——基于我国融资融券制度的自然实验[J].南开管理评论,2018,(2):62-74.
[4]代昀昊,孔东民.高管海外经历是否能提升企业投资效率[J].世界经济,2017,(1):168-192.
[5]杜勇,张欢,陈建英. CEO海外经历与企业盈余管理[J].会计研究,2018,(2):27-33.
[6]郝项超,梁琪,李政.融资融券与企业创新:基于数量与质量视角的分析[J].经济研究,2018,(6):127-141.
[7]黄继承,盛明泉.高管背景特征具有信息含量吗?[J].管理世界,2013,(9):144-153,171.
[8]姜付秀,黄继承. CEO财务经历与资本结构决策[J].会计研究,2013,(5):27-34.
[9]江轩宇.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界,2016,(9):120-135.
[10]赖黎,巩亚林,马永强.管理者从军经历、融资偏好与经营业绩[J].管理世界,2016,(8):126-136.
[11]李善民,黄灿,史欣向.信息优势对企业并购的影响——基于社会网络的视角[J].中国工业经济,2015,(11):141-155.
[12]潘越,潘健平,戴亦一.公司诉讼风险、司法地方保护主义与企业创新[J].经济研究,2015,(3):131-145.
[13]权小锋,尹洪英.中国式卖空机制与公司创新——基于融资融券分步扩容的自然实验[J].管理世界,2017,(1):128-144.
[14]沈华玉,张军,余应敏.高管学术经历、外部治理水平与审计费用[J].审计研究,2018,(4):86-94.
[15]宋建波,文雯,王德宏.海归高管能促进企业风险承担吗——来自中国A股上市公司的经验证据[J].财贸经济,2017,(12):111-126.
[16]田轩,孟清扬.股权激励计划能促进企业创新吗[J].南开管理评论,2018,(3):176-190.
[17]万良勇,梁婵娟,饶静.上市公司并购决策的行业同群效应研究[J].南开管理评论,2016,(3):40-50.
[18]文雯,宋建波.高管海外背景与企业社会责任[J].管理科学,2017,(2):119-131.
[19]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,(5):731-745.
[20]许年行,李哲.高管贫困经历与企业慈善捐赠[J].经济研究,2016,(12):133-146.
[21]余明桂,钟慧洁,范蕊.分析师关注与企业创新——来自中国资本市场的经验证据[J].经济管理,2017,(3):175-192.
[22]虞义华,赵奇锋,鞠晓生.发明家高管与企业创新[J].中国工业经济,2018,(3):136-154.
[23]周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017,(7):169-183.
[24]Ali A,Zhang W N. CEO tenure and earnings management[J]. Journal of Accounting and Economics,2015,59(1):60-79.
[25]Baumgarten E. Ethics in the academic profession:A socratic view[J]. The Journal of Higher Education,1982,53(3):282-295.
[26]Benmelech E,Frydman C. Military CEOs[J]. Journal of Financial Economics,2015,117(1):43-59.
[27]Bernile G,Bhagwat V,Rau P R. What doesn't kill you will only make you more risk-loving:Early-life disasters and CEO behavior[J]. The Journal of Finance,2017,72(1):167-206.
[28]Bowman R F. Teacher as servant leader[J]. The Clearing House:A Journal of Educational Strategies,Issues and Ideas,2005,78(6):257-260.
[29]Cain M D,Mckeon S B. CEO personal risk-taking and corporate policies[J]. Journal of Financial and Quantitative Analysis,2016,51(1):139-164.
[30]Cho C H,Jung J H,Kwak B,et al. Professors on the board:Do they contribute to society outside the classroom?[J].Journal of Business Ethics,2017,141(2):393-409.
[31]Easley D,Kiefer N M,O'Hara M,et al. Liquidity,information,and infrequently traded stocks[J]. The Journal of Finance,1996,51(4):1405-1436.
[32]Francis B,Hasan I,Wu Q. Professors in the boardroom and their impact on corporate governance and firm performance[J]. Financial Management,2015,44(3):547-581.
[33]Frankel R,Li X. Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders[J]. Journal of Accounting and Economics,2004,37(2):229-259.
[34]Giannett M,Liao G M,Yu X Y. The brain gain of corporate boards:Evidence from China[J]. The Journal of Finance,2015,70(4):1629-1682.
[35]Holmstrom B. Agency costs and innovation[J]. Journal of Economic Behavior&Organization,1989,12(3):305-327.
[36]Huang J K,Kisgen D J. Gender and corporate finance:Are male executives overconfident relative to female executives?[J]. Journal of Financial Economics,2013,108(3):822-839.
[37]Jiang B,Murphy P J. Do business school professors make good executive managers?[J]. Academy of Management Perspectives,2007,21(3):29-50.
[38]Lin J Y,Cai F,Li Z. Competition,policy burdens,and state-owned enterprise reform[J]. The American Economic Review,1998,88(2):422-427.
[39]Malmendier U,Tate G,Yan J. Overconfidence and early-life experiences:The effect of managerial traits on corporate financial policies[J]. The Journal of Finance,2011,66(5):1687-1733.
[40]Marquis C,Tilcsik A. Imprinting:Toward a multilevel theory[J]. The Academy of Management Annals,2013,7(1):195-245.
[41]Sunder J, Sunder S V, Zhang J J. Pilot CEOs and corporate innovation[J].Journal of Financial Economics, 2017,123(1):209-224.
[42]Yim S. The acquisitiveness of youth:CEO age and acquisition behavior[J].Journal of Financial Economics, 2013,108(1):250-273.
[43]Yuan R L,Wen W. Managerial foreign experience and corporate innovation[J]. Journal of Corporate Finance,2018,48:752-770.
(1)限于篇幅,检验结果未列出,备索。
[2]陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界,2017,(1):158-169.
[3]陈怡欣,张俊瑞,汪方军.卖空机制对上市公司创新的影响研究——基于我国融资融券制度的自然实验[J].南开管理评论,2018,(2):62-74.
[4]代昀昊,孔东民.高管海外经历是否能提升企业投资效率[J].世界经济,2017,(1):168-192.
[5]杜勇,张欢,陈建英. CEO海外经历与企业盈余管理[J].会计研究,2018,(2):27-33.
[6]郝项超,梁琪,李政.融资融券与企业创新:基于数量与质量视角的分析[J].经济研究,2018,(6):127-141.
[7]黄继承,盛明泉.高管背景特征具有信息含量吗?[J].管理世界,2013,(9):144-153,171.
[8]姜付秀,黄继承. CEO财务经历与资本结构决策[J].会计研究,2013,(5):27-34.
[9]江轩宇.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界,2016,(9):120-135.
[10]赖黎,巩亚林,马永强.管理者从军经历、融资偏好与经营业绩[J].管理世界,2016,(8):126-136.
[11]李善民,黄灿,史欣向.信息优势对企业并购的影响——基于社会网络的视角[J].中国工业经济,2015,(11):141-155.
[12]潘越,潘健平,戴亦一.公司诉讼风险、司法地方保护主义与企业创新[J].经济研究,2015,(3):131-145.
[13]权小锋,尹洪英.中国式卖空机制与公司创新——基于融资融券分步扩容的自然实验[J].管理世界,2017,(1):128-144.
[14]沈华玉,张军,余应敏.高管学术经历、外部治理水平与审计费用[J].审计研究,2018,(4):86-94.
[15]宋建波,文雯,王德宏.海归高管能促进企业风险承担吗——来自中国A股上市公司的经验证据[J].财贸经济,2017,(12):111-126.
[16]田轩,孟清扬.股权激励计划能促进企业创新吗[J].南开管理评论,2018,(3):176-190.
[17]万良勇,梁婵娟,饶静.上市公司并购决策的行业同群效应研究[J].南开管理评论,2016,(3):40-50.
[18]文雯,宋建波.高管海外背景与企业社会责任[J].管理科学,2017,(2):119-131.
[19]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,(5):731-745.
[20]许年行,李哲.高管贫困经历与企业慈善捐赠[J].经济研究,2016,(12):133-146.
[21]余明桂,钟慧洁,范蕊.分析师关注与企业创新——来自中国资本市场的经验证据[J].经济管理,2017,(3):175-192.
[22]虞义华,赵奇锋,鞠晓生.发明家高管与企业创新[J].中国工业经济,2018,(3):136-154.
[23]周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017,(7):169-183.
[24]Ali A,Zhang W N. CEO tenure and earnings management[J]. Journal of Accounting and Economics,2015,59(1):60-79.
[25]Baumgarten E. Ethics in the academic profession:A socratic view[J]. The Journal of Higher Education,1982,53(3):282-295.
[26]Benmelech E,Frydman C. Military CEOs[J]. Journal of Financial Economics,2015,117(1):43-59.
[27]Bernile G,Bhagwat V,Rau P R. What doesn't kill you will only make you more risk-loving:Early-life disasters and CEO behavior[J]. The Journal of Finance,2017,72(1):167-206.
[28]Bowman R F. Teacher as servant leader[J]. The Clearing House:A Journal of Educational Strategies,Issues and Ideas,2005,78(6):257-260.
[29]Cain M D,Mckeon S B. CEO personal risk-taking and corporate policies[J]. Journal of Financial and Quantitative Analysis,2016,51(1):139-164.
[30]Cho C H,Jung J H,Kwak B,et al. Professors on the board:Do they contribute to society outside the classroom?[J].Journal of Business Ethics,2017,141(2):393-409.
[31]Easley D,Kiefer N M,O'Hara M,et al. Liquidity,information,and infrequently traded stocks[J]. The Journal of Finance,1996,51(4):1405-1436.
[32]Francis B,Hasan I,Wu Q. Professors in the boardroom and their impact on corporate governance and firm performance[J]. Financial Management,2015,44(3):547-581.
[33]Frankel R,Li X. Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders[J]. Journal of Accounting and Economics,2004,37(2):229-259.
[34]Giannett M,Liao G M,Yu X Y. The brain gain of corporate boards:Evidence from China[J]. The Journal of Finance,2015,70(4):1629-1682.
[35]Holmstrom B. Agency costs and innovation[J]. Journal of Economic Behavior&Organization,1989,12(3):305-327.
[36]Huang J K,Kisgen D J. Gender and corporate finance:Are male executives overconfident relative to female executives?[J]. Journal of Financial Economics,2013,108(3):822-839.
[37]Jiang B,Murphy P J. Do business school professors make good executive managers?[J]. Academy of Management Perspectives,2007,21(3):29-50.
[38]Lin J Y,Cai F,Li Z. Competition,policy burdens,and state-owned enterprise reform[J]. The American Economic Review,1998,88(2):422-427.
[39]Malmendier U,Tate G,Yan J. Overconfidence and early-life experiences:The effect of managerial traits on corporate financial policies[J]. The Journal of Finance,2011,66(5):1687-1733.
[40]Marquis C,Tilcsik A. Imprinting:Toward a multilevel theory[J]. The Academy of Management Annals,2013,7(1):195-245.
[41]Sunder J, Sunder S V, Zhang J J. Pilot CEOs and corporate innovation[J].Journal of Financial Economics, 2017,123(1):209-224.
[42]Yim S. The acquisitiveness of youth:CEO age and acquisition behavior[J].Journal of Financial Economics, 2013,108(1):250-273.
[43]Yuan R L,Wen W. Managerial foreign experience and corporate innovation[J]. Journal of Corporate Finance,2018,48:752-770.
(1)限于篇幅,检验结果未列出,备索。