高管学术经历、企业异质性与企业创新
|
摘要
高管学术经历作为我国企业发展中的一个特有现象,在以往研究中很少涉及。本文采用2008—2014年A股上市公司作为研究样本,分析高管学术经历对企业创新的影响。结果表明,高管学术经历能够显著提高企业创新投入和实质性创新产出,但对于策略性创新产出却呈现显著负向影响。这说明学术经历使得高管具有高度专业性和谨慎的决策态度,在创新项目选择时更注重"质量"而非"数量"。企业规模和负债水平的异质性均对于这一关系有显著调节作用,具体表现为:规模较大企业组中高管学术经历更有利于创新产出的提高;非财务扩张组中高管学术经历更能促进实质性创新产出的提高。本文为企业高管与创新研究提供重要补充,对推动"大众创业、万众创新"政策落地提供微观经验支撑。
As a unique phenomenon in the development of Chinese enterprises,the academic experience of senior managers has rarely been involved in previous studies.Based on Shanghai and Shenzhen A-share listed firms in China between 2008 and 2014,this paper examines the effect of managerial academic experience on corporate innovation.The results show that managerial academic experience can significantly increase corporate innovation input and substantive innovation output,but it has a significantly negative impact on strategic innovation output.That shows that academic experience makes executives highly professional and prudent in their decision-making attitudes,in addition,they will pay more attention to "quality" rather than "quantity" when selecting innovative projects.This relationship is reliant upon the context of firm heterogeneity.Specifically,firm size and debt will moderate the relationship significantly.The specific performance can be concluded as follows:Compared with the smaller firms group,the managerial academic experience of the large one is more conducive to the improvement of innovation output;Compared with the financial expansion group,the managerial academic experience of non-financial expansion group can promote the substantive innovate on output more effectively.This study contributes to the existing studies of firm executives and innovation,and eventually provides vital micro-level evidence on supporting the implementation of the "Mass Entrepreneurship and Innovation" policy.
As a unique phenomenon in the development of Chinese enterprises,the academic experience of senior managers has rarely been involved in previous studies.Based on Shanghai and Shenzhen A-share listed firms in China between 2008 and 2014,this paper examines the effect of managerial academic experience on corporate innovation.The results show that managerial academic experience can significantly increase corporate innovation input and substantive innovation output,but it has a significantly negative impact on strategic innovation output.That shows that academic experience makes executives highly professional and prudent in their decision-making attitudes,in addition,they will pay more attention to "quality" rather than "quantity" when selecting innovative projects.This relationship is reliant upon the context of firm heterogeneity.Specifically,firm size and debt will moderate the relationship significantly.The specific performance can be concluded as follows:Compared with the smaller firms group,the managerial academic experience of the large one is more conducive to the improvement of innovation output;Compared with the financial expansion group,the managerial academic experience of non-financial expansion group can promote the substantive innovate on output more effectively.This study contributes to the existing studies of firm executives and innovation,and eventually provides vital micro-level evidence on supporting the implementation of the "Mass Entrepreneurship and Innovation" policy.
引文
[1]DU W W.Xiaopin:Chinese theatrical skits as both creatures and critics of commercialism[J].China Quarterly,1998,154:382-399.
[2]HAMBRICK D C,MASON P A.Upper echelons:the organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[3]PENG W Q,WEI K C J.Women executives and corporate investment:evidence from the S&P 1500[D].Hong Kong:Hong Kong University of Science and Technology,2007.
[4]姜付秀,伊志宏,苏飞,黄磊.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[5]BERNILE G,BHAGWAT V,RAU R P.What doesn't kill you will only make you more risk-loving:early-life disasters and CEO behavior[J].Journal of Finance,2017,72(1):167-206.
[6]FIELD L C,MKRTCHYAN A.The effect of director experience on acquisition performance[J].Journal of Financial Economics,2016,123(3):488-511.
[7]DITTMAR A K,DUCHIN R.Looking in the rear view mirror:the effect of managers’professional experience on corporate financial policy[J].Review of Financial Studies,2016,29(3):565-602.
[8]HEATON J B.Managerial optimism and corporate finance[J].Financial Management,2002,31(2):33-45.
[9]HACKBARTH D.Managerial traits and capital structure decisions[J].Journal of Financial&Quantitative Analysis,2008,43(4):843-881.
[10]倪昌红.高管的宗教虔诚对企业社会责任行为的影响——基于制度观与计划行为理论整合的视角[J].山西财经大学学报,2016,38(11):92-102.
[11]贾明,张喆.高管的政治关联影响公司慈善行为吗?[J].管理世界,2010(4):99-103.
[12]刘继红,章丽珠.高管的审计师工作背景、关联关系与应计、真实盈余管理[J].审计研究,2014(4):104-112.
[13]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.
[14]KAPLAN S N,KLEBANOV M M,SORENSENM.Which CEO characteristics and abilities matter?[J].Journal of Finance,2012,67(3):973-1007.
[15]AMASON A C,SAPIENZA H J.The Effects of top management team size and interaction norms on cognitive and affective conflict[J].Journal of Management,1997,23(4):495-516.
[16]TIHANYI L,ELLSTRAND A E,DAILY C M.Composition of the top management team and firm international diversification[J].Journal of Management,2000,26(6):1157-1177.
[17]曾萍,邬绮虹.女性高管参与对企业技术创新的影响——基于创业板企业的实证研究[J].科学学研究,2012,30(5):773-781.
[18]张信东,吴静.海归高管能促进企业技术创新吗?[J].科学学与科学技术管理,2016,37(1):115-128.
[19]刘凤朝,默佳鑫,马荣康.高管团队海外背景对企业创新绩效的影响研究[J].管理评论,2017,29(7):136-147.
[20]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101-112.
[21]邬晓婧,郭淑娟.财务柔性、高管过度自信与技术创新投入关系[J].企业经济,2018(1):35-40.
[22]韩庆潇,杨晨,顾智鹏.高管团队异质性对企业创新效率的门槛效应——基于战略性新兴产业上市公司的实证研究[J].中国经济问题,2017(2):42-53.
[23]党建民,李强,邹鸿辉.高管特征、企业异质性与企业技术创新绩效——来自风电产业上市公司的经验数据[J].工业技术经济,2017(10):117-124.
[24]王江,陶磊.中国装备制造业技术创新效率及影响因素研究——基于研发与成果转化两个阶段的分析[J].商业研究,2017(12):175-180.
[25]岳娟丽,程启智,管鸿禧.金融体系脆弱性来源研究[J].河北经贸大学学报,2018(3):59-60.
[26]MIKKELSON H W,PARTCH M M.Do persistent large cash reserves hinder performance?[J].Journal of Financial&Quantitative Analysis,2003,38(2):275-294.
[27]张倩,张玉喜.科技型企业金融生态环境、财务柔性与研发投入——对我国30个省区840家科技型企业的实证分析[J].研究与发展管理,2017,29(5):66-76.
[28]KAHNEMAN D,TVERSKY A.Prospect theory:an analysis of decision under risk[J].Econometrica,1979,47(2):263-291.
[29]HILARY G,HUI K W.Does religion matter in corporate decision making in America?[J].Journal of Financial Economics,2009,93(3):455-473.
[30]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[31]SCHUMPETER J A.Capitalism,socialism,and democracy[M].[S.L.]:Harper,1942.
[32]LEE P M,O`NEILL M H.Ownership structures and R&D investments of US and Japanese firms:agency and stewardship perspectives[J].Academy of Management Journal,2003,46(2):212-225.
[33]GALBRAITH J K.American capitalism:the concept of countervailing power[M].Boston:Houghton-Mifflin,1952.
[34]BIRKINSHAW J.Giant steps in management:innovations that change the way we work[M].Dorchester:FT Prentice Hall,2008.
[35]JENSEN M C,MECKLING W H.Theory of the firm:managerial behavior,agency costs,and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[36]MYERS S C.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[37]PESSOA A.Ideas driven growth:the OECD evidence[J].Portuguese Economic Journal,2005,4:46-67.
[38]PARRINO R,WEISBACH M S.Measuring investment distortions arising from stockholder-bondholder conflicts[J].Journal of Financial Economics,1999,53(1):3-42.
[39]严成樑.社会资本、创新与长期经济增长[J].经济研究,2012(11):48-60.
[40]BAMBER L S,JIANG J X,WANG I Y.What’s my style?the influence of top managers on voluntary corporate financial disclosure[J].Accounting Review,2010,85(4):1131-1162.
[41]任一鑫,李跃,刘丽莹,沈悦.产生锐变视角下产业转型模式选择方法研究——以制造业为例[J].山东财经大学学报,2018(1):17-24.
[42]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应?——基于产品市场和资本市场两重角度的研究[J].管理世界,2013(6):43-60.
[43]祝继高,陆峣,岳衡.银行关联董事能有效发挥监督职能吗?——基于产业政策的分析视角[J].管理世界,2015(7):143-157.
(1)2014年8月8日,中共成都市委办公厅、成都市人民政府办公厅印发《促进国内外高校院所在蓉协同创新的若干政策措施》的通知;2015年11月20日,广东省人民政府办公厅印发《关于深化高校科研体制机制改革的实施意见》;2016年11月7日,中共中央办公厅、国务院办公厅印发《关于实施以增加知识价值为导向分配政策的若干意见》。
(1)本文高管受教育水平统计方式为按高管学历设置虚拟变量:中专及中专以下=1,大专=2,本科=3,硕士研究生=4,博士研究生=5,其他=0。
[2]HAMBRICK D C,MASON P A.Upper echelons:the organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[3]PENG W Q,WEI K C J.Women executives and corporate investment:evidence from the S&P 1500[D].Hong Kong:Hong Kong University of Science and Technology,2007.
[4]姜付秀,伊志宏,苏飞,黄磊.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[5]BERNILE G,BHAGWAT V,RAU R P.What doesn't kill you will only make you more risk-loving:early-life disasters and CEO behavior[J].Journal of Finance,2017,72(1):167-206.
[6]FIELD L C,MKRTCHYAN A.The effect of director experience on acquisition performance[J].Journal of Financial Economics,2016,123(3):488-511.
[7]DITTMAR A K,DUCHIN R.Looking in the rear view mirror:the effect of managers’professional experience on corporate financial policy[J].Review of Financial Studies,2016,29(3):565-602.
[8]HEATON J B.Managerial optimism and corporate finance[J].Financial Management,2002,31(2):33-45.
[9]HACKBARTH D.Managerial traits and capital structure decisions[J].Journal of Financial&Quantitative Analysis,2008,43(4):843-881.
[10]倪昌红.高管的宗教虔诚对企业社会责任行为的影响——基于制度观与计划行为理论整合的视角[J].山西财经大学学报,2016,38(11):92-102.
[11]贾明,张喆.高管的政治关联影响公司慈善行为吗?[J].管理世界,2010(4):99-103.
[12]刘继红,章丽珠.高管的审计师工作背景、关联关系与应计、真实盈余管理[J].审计研究,2014(4):104-112.
[13]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.
[14]KAPLAN S N,KLEBANOV M M,SORENSENM.Which CEO characteristics and abilities matter?[J].Journal of Finance,2012,67(3):973-1007.
[15]AMASON A C,SAPIENZA H J.The Effects of top management team size and interaction norms on cognitive and affective conflict[J].Journal of Management,1997,23(4):495-516.
[16]TIHANYI L,ELLSTRAND A E,DAILY C M.Composition of the top management team and firm international diversification[J].Journal of Management,2000,26(6):1157-1177.
[17]曾萍,邬绮虹.女性高管参与对企业技术创新的影响——基于创业板企业的实证研究[J].科学学研究,2012,30(5):773-781.
[18]张信东,吴静.海归高管能促进企业技术创新吗?[J].科学学与科学技术管理,2016,37(1):115-128.
[19]刘凤朝,默佳鑫,马荣康.高管团队海外背景对企业创新绩效的影响研究[J].管理评论,2017,29(7):136-147.
[20]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101-112.
[21]邬晓婧,郭淑娟.财务柔性、高管过度自信与技术创新投入关系[J].企业经济,2018(1):35-40.
[22]韩庆潇,杨晨,顾智鹏.高管团队异质性对企业创新效率的门槛效应——基于战略性新兴产业上市公司的实证研究[J].中国经济问题,2017(2):42-53.
[23]党建民,李强,邹鸿辉.高管特征、企业异质性与企业技术创新绩效——来自风电产业上市公司的经验数据[J].工业技术经济,2017(10):117-124.
[24]王江,陶磊.中国装备制造业技术创新效率及影响因素研究——基于研发与成果转化两个阶段的分析[J].商业研究,2017(12):175-180.
[25]岳娟丽,程启智,管鸿禧.金融体系脆弱性来源研究[J].河北经贸大学学报,2018(3):59-60.
[26]MIKKELSON H W,PARTCH M M.Do persistent large cash reserves hinder performance?[J].Journal of Financial&Quantitative Analysis,2003,38(2):275-294.
[27]张倩,张玉喜.科技型企业金融生态环境、财务柔性与研发投入——对我国30个省区840家科技型企业的实证分析[J].研究与发展管理,2017,29(5):66-76.
[28]KAHNEMAN D,TVERSKY A.Prospect theory:an analysis of decision under risk[J].Econometrica,1979,47(2):263-291.
[29]HILARY G,HUI K W.Does religion matter in corporate decision making in America?[J].Journal of Financial Economics,2009,93(3):455-473.
[30]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[31]SCHUMPETER J A.Capitalism,socialism,and democracy[M].[S.L.]:Harper,1942.
[32]LEE P M,O`NEILL M H.Ownership structures and R&D investments of US and Japanese firms:agency and stewardship perspectives[J].Academy of Management Journal,2003,46(2):212-225.
[33]GALBRAITH J K.American capitalism:the concept of countervailing power[M].Boston:Houghton-Mifflin,1952.
[34]BIRKINSHAW J.Giant steps in management:innovations that change the way we work[M].Dorchester:FT Prentice Hall,2008.
[35]JENSEN M C,MECKLING W H.Theory of the firm:managerial behavior,agency costs,and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[36]MYERS S C.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[37]PESSOA A.Ideas driven growth:the OECD evidence[J].Portuguese Economic Journal,2005,4:46-67.
[38]PARRINO R,WEISBACH M S.Measuring investment distortions arising from stockholder-bondholder conflicts[J].Journal of Financial Economics,1999,53(1):3-42.
[39]严成樑.社会资本、创新与长期经济增长[J].经济研究,2012(11):48-60.
[40]BAMBER L S,JIANG J X,WANG I Y.What’s my style?the influence of top managers on voluntary corporate financial disclosure[J].Accounting Review,2010,85(4):1131-1162.
[41]任一鑫,李跃,刘丽莹,沈悦.产生锐变视角下产业转型模式选择方法研究——以制造业为例[J].山东财经大学学报,2018(1):17-24.
[42]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应?——基于产品市场和资本市场两重角度的研究[J].管理世界,2013(6):43-60.
[43]祝继高,陆峣,岳衡.银行关联董事能有效发挥监督职能吗?——基于产业政策的分析视角[J].管理世界,2015(7):143-157.
(1)2014年8月8日,中共成都市委办公厅、成都市人民政府办公厅印发《促进国内外高校院所在蓉协同创新的若干政策措施》的通知;2015年11月20日,广东省人民政府办公厅印发《关于深化高校科研体制机制改革的实施意见》;2016年11月7日,中共中央办公厅、国务院办公厅印发《关于实施以增加知识价值为导向分配政策的若干意见》。
(1)本文高管受教育水平统计方式为按高管学历设置虚拟变量:中专及中专以下=1,大专=2,本科=3,硕士研究生=4,博士研究生=5,其他=0。