技术独立董事研究现状与未来研究展望
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摘要
上市公司普遍聘请具有技术背景独立董事的现象引起了学者们的关注,对技术独立董事职能作用的发挥及其对企业发展的影响等问题进行了大量研究。通过从董事会异质性与技术独立董事,技术独立董事的监督、咨询和战略决策职能,技术独立董事对企业发展的影响3个方面对现有研究文献进行梳理,提出现有研究的关注点与未来研究展望,以期推动国内关于技术独立董事的研究进展,完善企业公司治理结构。
引文
[1]Brickley J A,Coles J L,Terry R L.Outside directors and the adoption of poison pills[J].Journal of Financial Economics,1994,35(3):371-390.
[2]Peng M W.Outside directors and firm performance during institutional transitions[J].Strategic Management Journal,2004,25(5):453-471.
[3]赵昌文,唐英凯,周静,邹晖.家族企业独立董事与企业价值---对中国上市公司独立董事制度合理性的检验[J].管理世界,2008(8):119-126.
[4]Hillman A J,Dalziel T.Boards of Directors and Firm Performance:Integrating Agency and Resource Dependence Perspectives[J].Academy of Management Review,2003,28(3):383-396.
[5]Park Y W,Shin H H.Board composition and earnings management in Canada[J].Journal of Corporate Finance,2004,10(3):431-457.
[6]Krishnan J.Audit Committee Quality and Internal Control:An Empirical Analysis[J].Accounting Review,2005,80(2):649-675.
[7]刘浩,唐松,楼俊.独立董事:监督还是咨询?---银行背景独立董事对企业信贷融资影响研究[J].管理世界,2012(1):141-156.
[8]何贤杰,孙淑伟,曾庆生.券商背景独立董事与上市公司内幕交易[J].财经研究,2014(8):67-80.
[9]Francis B,Hasan I,Wu Q.Professors in the board room and their impact on corporate governance and firm performance[J].Financial Management,2015,44(3):547-581.
[10]Oehmichen J,Schrapp S,Wolff M.Who needs experts most?Board industry expertise and strategic change-a contingency perspective[J].Strategic Management Journal,2017,38(3):1-16.
[11]Rosenstein S,Wyatt J G.Outside directors,board independence,and shareholder wealth[J].Journal of Financial Economics,1990,26(2):175-191.
[12]Osma B G.Board of Directors'Characteristics and Conditional Accounting Conservatism:Spanish Evidence[J].Social Science Electronic Publishing,2007,16(4):727-755.
[13]Osma B G.Board Independence and Real Earnings Management:The Case of R&D Expenditure[J].Corporate Governance an International Review,2010,16(2):116-131.
[14]胡元木.技术独立董事可以提高R&D产出效率吗?---来自中国证券市场的研究[J].南开管理评论,2012(2):136-142.
[15]胡元木,纪端.董事技术专长、创新效率与企业绩效[J].南开管理评论,2017(3):40-52.
[16]Peterson C A,Philpot J.Roles of academic directors on US Fortune 500 boards[J].Corporate Governance,2009,9(2):202-215.
[17]Page S E.The difference:How the power of diversity creates better groups,firms,schools,and societies[J].Introductory Chapters,2008,88(4):270-278.
[18]Fama E F,Jensen M C.Seperation of Ownership and Control[J].Journal of Law&Economics,1983,26(2):301-325.
[19]Hambrick D C.Upper echelons theory:An update[J].Academy of Management Review,2007,32(2):334-343.
[20]Bereskin F L,CampbellⅡT L,Hsu P H.Corporate philanthropy,research networks,and collaborative innovation[J].Financial Management,2016,45(1):175-206.
[21]Huang H,Lee E,Lyu C,et al.The effect of accounting academics in the boardroom on the value relevance of financial reporting information[J].International Review of Financial Analysis,2016,45(2):18-30.
[22]Hartley Scott.The effectiveness of the chief technology officer[J].Research Technology Management,2011,54(3):28-35.
[23]Baker H K,Anderson R.Corporate governance:A synthesis of theory,research,and practice[M].New York:John Wiley&Sons,2010.
[24]Olson J F,Adams M T.Composing a Balanced and Effective Board to Meet New Governance Mandates[J].Business Lawyer,2004,59(2):421-452.
[25]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.
[26]Anderson R C,Reeb D M,Upadhyay A,et al.The Economics of Director Heterogeneity[J].Financial Management,2011,40(1):5-38.
[27]Adams R B,Ferreira D.Women in the boardroom and their impact on governance and performance[J].Social Science Electronic Publishing,2009,94(2):291-309.
[28]Masulis R W,Wang C,Xie F.Globalizing the boardroomthe effects of foreign directors on corporate governance and firmperformance[J].Journal of Accounting and Economics,2012,53(3):527-554.
[29]Barkema H G,Shvyrkov O.Does Top Management Team Diversity Promote or Hamper Foreign Expansion[J].Strategic Management Journal,2007,28(7):663-680.
[30]Fich E M.Are some outside directors better than others Evidence from director appointments by fortune1000 firms[J].The Journal of Business,2005,78(5):1943-1972.
[31]Hillman A J,Cannella A A,Paetzold R L.The resource dependence role of corporate directors:Strategic adaptation of boardcomposition in response to environmental change[J].Journal of Management Studies,2000,37(2):235-256.
[32]李国栋,薛有志.多元化企业董事会战略介入有效性研究---基于董事会能力的视角[J].山西财经大学学报,2012(9):96-103.
[33]李维安,刘振杰,顾亮.董事会异质性、断裂带与跨国并购[J].管理科学,2014(4):1-11.
[34]Agrawal A,Knoeber C R.Do some outside directors play a political role[J].Journal of Law and Economics,2001,44(1):179-198.
[35]Chizema A,Liu X,Lu J,et al.Politically connected boards and top executive pay in Chinese listed firms[J].Strategic Management Journal,2015,36(6):890-906.
[36]叶青,赵良玉,刘思辰.独立董事“政商旋转门”之考察:一项基于自然实验的研究[J].经济研究,2016(6):98-113.
[37]Jensen M,Zajac E J.Corporate elites and corporate strategy:How demographic preferences and structural position shape thescope of the firm[J].Strategic Management Journal,2004,25(6):507-524.
[38]Güner A B,Malmendier U,Tate G.Financial expertise of directors[J].Journal of Financial Economics,2008,88(2):323-354.
[39]Lester R H,Hillman A,Zardkoohi A,et al.Former government officials as outside directors:The role of human and social capital[J].Academy of Management Journal,2008,51(5):999-1013.
[40]刘星,张建斌.中国上市银行公司治理与创新能力的实证研究[J].重庆大学学报(社会科学版),2010(6):44-48.
[41]赵旭峰,温军.董事会治理与企业技术创新:理论与实证[J].当代经济科学,2011(3):110-116.
[42]陈晓红,李喜华,曹裕.技术创新对中小企业成长的影响---基于我国中小企业板上市公司的实证分析[J].科学学与科学技术管理,2009(4):91-98.
[43]卢馨.企业人力资本、R&D与自主创新---基于高新技术上市企业的经验证据[J].暨南学报(哲学社会科学版),2013(1):104-117.
[44]樊钱涛,韩英华.研发团队中知识创新效率影响机制研究[J].科学学研究,2008(6):1316-1324.
[45]Blomberg Jensen M,Meckling W.Theory of the firm:managerial behavior,agency cost and ownership structure[J].Social Science Electronic Publishing,1976,3(4):305-360.
[46]Mizruchi M S.Who Controls Whom?An Examination of the Relation Between Management and Boards of Directors in Large American Corporations[J].Academy of Management Review,1983,8(3):426.
[47]任海云.R&D投入与企业绩效关系的调节变量综述[J].科技进步与对策,2011(3):155-160.
[48]胡元木,刘佩,纪端.技术独立董事能有效抑制真实盈余管理吗?---基于可操控R&D费用视角[J].会计研究,2016(3):29-35.
[49]Jiang B,Murphy P J.Do business school professors make good executive managers?[J].Academy of?Management Perspectives,2007,21(3):29-50.
[50]李志辉,杨思静,孟焰.独立董事兼任:声誉抑或忙碌---基于债券市场的经验证据[J].审计研究,2017(5):96-103.
[51]Beyer J.Jeffrey Pfeffer and Gerald R.Salancik:The External Control of Organizations:A Resource Dependence Perspective[M]//The Functional Roles of Glial Cells in Health and Disease.Springer US,2000:123-133.
[52]Munro M P.Today’s board and the academic option[J].Ivey Business Journal,2000,64(6):8-11.
[53]Zhou K Z,Caroline Bingxin L I..How knowledge affects radical innovation:Knowledge base,market knowledge acquisition,and internal knowledge sharing[J].Strategic Management Journal,2012,33(9):1090-1102.
[54]Audretsch D B,Stephan P E.Companyscientist locational links:The case of biotechnology[J].The American E-conomic Review,1996,86(3):641-652.
[55]王黎萤,陈劲.研发团队创造力的影响机制研究---以团队共享心智模型为中介[J].科学学研究,2010(3):420-428.
[56]Forbes D P,Milliken F J.Cognition and corporate governance:Understanding boards of directors as strategic decision-making groups[J].Academy of Management Review,1999,24(3):489-505.
[57]Kor Y Y,Sundaramurthy C.Experience-Based Human Capital and Social Capital of Outside Directors[J].Social Science Electronic Publishing,2009,35(4):981-1006.
[58]Johnson J L,Daily C M,Ellstrand A E.Boards of directors:A review and research agenda[J].Journal of Management,1996,22(3):409-438.
[59]王光荣,李建标.技术连锁董事能促进技术创新吗---来自A股制造业上市公司的证据[J].贵州财经大学学报,2015(5):69-81.
[60]汪延明,林英泽.产业链治理:技术董事协同能力的影响因素[J].中国流通经济,2012(4):116-121.
[61]曾江红,肖涛.董事会非正式层级、技术董事与技术创新绩效[J].科技与经济,2015(3):1-5.
本研究在唐清泉(2005)、胡元木(2016)等研究结果的基础上,将拥有技术背景的独立董事称为技术独立董事。技术独立董事与其他独立董事相比,所具有的特征是:(1)在高校从事相关科学技术专业的研究,并担任教授、副教授。(2)是技术领域行业协会中的主要成员。(3)具有相关技术行业多年的从业经验,或具有高级职称的技术骨干,如高级工程师。至少符合其中一项的独立董事,方可称为技术独立董事。
[2]Peng M W.Outside directors and firm performance during institutional transitions[J].Strategic Management Journal,2004,25(5):453-471.
[3]赵昌文,唐英凯,周静,邹晖.家族企业独立董事与企业价值---对中国上市公司独立董事制度合理性的检验[J].管理世界,2008(8):119-126.
[4]Hillman A J,Dalziel T.Boards of Directors and Firm Performance:Integrating Agency and Resource Dependence Perspectives[J].Academy of Management Review,2003,28(3):383-396.
[5]Park Y W,Shin H H.Board composition and earnings management in Canada[J].Journal of Corporate Finance,2004,10(3):431-457.
[6]Krishnan J.Audit Committee Quality and Internal Control:An Empirical Analysis[J].Accounting Review,2005,80(2):649-675.
[7]刘浩,唐松,楼俊.独立董事:监督还是咨询?---银行背景独立董事对企业信贷融资影响研究[J].管理世界,2012(1):141-156.
[8]何贤杰,孙淑伟,曾庆生.券商背景独立董事与上市公司内幕交易[J].财经研究,2014(8):67-80.
[9]Francis B,Hasan I,Wu Q.Professors in the board room and their impact on corporate governance and firm performance[J].Financial Management,2015,44(3):547-581.
[10]Oehmichen J,Schrapp S,Wolff M.Who needs experts most?Board industry expertise and strategic change-a contingency perspective[J].Strategic Management Journal,2017,38(3):1-16.
[11]Rosenstein S,Wyatt J G.Outside directors,board independence,and shareholder wealth[J].Journal of Financial Economics,1990,26(2):175-191.
[12]Osma B G.Board of Directors'Characteristics and Conditional Accounting Conservatism:Spanish Evidence[J].Social Science Electronic Publishing,2007,16(4):727-755.
[13]Osma B G.Board Independence and Real Earnings Management:The Case of R&D Expenditure[J].Corporate Governance an International Review,2010,16(2):116-131.
[14]胡元木.技术独立董事可以提高R&D产出效率吗?---来自中国证券市场的研究[J].南开管理评论,2012(2):136-142.
[15]胡元木,纪端.董事技术专长、创新效率与企业绩效[J].南开管理评论,2017(3):40-52.
[16]Peterson C A,Philpot J.Roles of academic directors on US Fortune 500 boards[J].Corporate Governance,2009,9(2):202-215.
[17]Page S E.The difference:How the power of diversity creates better groups,firms,schools,and societies[J].Introductory Chapters,2008,88(4):270-278.
[18]Fama E F,Jensen M C.Seperation of Ownership and Control[J].Journal of Law&Economics,1983,26(2):301-325.
[19]Hambrick D C.Upper echelons theory:An update[J].Academy of Management Review,2007,32(2):334-343.
[20]Bereskin F L,CampbellⅡT L,Hsu P H.Corporate philanthropy,research networks,and collaborative innovation[J].Financial Management,2016,45(1):175-206.
[21]Huang H,Lee E,Lyu C,et al.The effect of accounting academics in the boardroom on the value relevance of financial reporting information[J].International Review of Financial Analysis,2016,45(2):18-30.
[22]Hartley Scott.The effectiveness of the chief technology officer[J].Research Technology Management,2011,54(3):28-35.
[23]Baker H K,Anderson R.Corporate governance:A synthesis of theory,research,and practice[M].New York:John Wiley&Sons,2010.
[24]Olson J F,Adams M T.Composing a Balanced and Effective Board to Meet New Governance Mandates[J].Business Lawyer,2004,59(2):421-452.
[25]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.
[26]Anderson R C,Reeb D M,Upadhyay A,et al.The Economics of Director Heterogeneity[J].Financial Management,2011,40(1):5-38.
[27]Adams R B,Ferreira D.Women in the boardroom and their impact on governance and performance[J].Social Science Electronic Publishing,2009,94(2):291-309.
[28]Masulis R W,Wang C,Xie F.Globalizing the boardroomthe effects of foreign directors on corporate governance and firmperformance[J].Journal of Accounting and Economics,2012,53(3):527-554.
[29]Barkema H G,Shvyrkov O.Does Top Management Team Diversity Promote or Hamper Foreign Expansion[J].Strategic Management Journal,2007,28(7):663-680.
[30]Fich E M.Are some outside directors better than others Evidence from director appointments by fortune1000 firms[J].The Journal of Business,2005,78(5):1943-1972.
[31]Hillman A J,Cannella A A,Paetzold R L.The resource dependence role of corporate directors:Strategic adaptation of boardcomposition in response to environmental change[J].Journal of Management Studies,2000,37(2):235-256.
[32]李国栋,薛有志.多元化企业董事会战略介入有效性研究---基于董事会能力的视角[J].山西财经大学学报,2012(9):96-103.
[33]李维安,刘振杰,顾亮.董事会异质性、断裂带与跨国并购[J].管理科学,2014(4):1-11.
[34]Agrawal A,Knoeber C R.Do some outside directors play a political role[J].Journal of Law and Economics,2001,44(1):179-198.
[35]Chizema A,Liu X,Lu J,et al.Politically connected boards and top executive pay in Chinese listed firms[J].Strategic Management Journal,2015,36(6):890-906.
[36]叶青,赵良玉,刘思辰.独立董事“政商旋转门”之考察:一项基于自然实验的研究[J].经济研究,2016(6):98-113.
[37]Jensen M,Zajac E J.Corporate elites and corporate strategy:How demographic preferences and structural position shape thescope of the firm[J].Strategic Management Journal,2004,25(6):507-524.
[38]Güner A B,Malmendier U,Tate G.Financial expertise of directors[J].Journal of Financial Economics,2008,88(2):323-354.
[39]Lester R H,Hillman A,Zardkoohi A,et al.Former government officials as outside directors:The role of human and social capital[J].Academy of Management Journal,2008,51(5):999-1013.
[40]刘星,张建斌.中国上市银行公司治理与创新能力的实证研究[J].重庆大学学报(社会科学版),2010(6):44-48.
[41]赵旭峰,温军.董事会治理与企业技术创新:理论与实证[J].当代经济科学,2011(3):110-116.
[42]陈晓红,李喜华,曹裕.技术创新对中小企业成长的影响---基于我国中小企业板上市公司的实证分析[J].科学学与科学技术管理,2009(4):91-98.
[43]卢馨.企业人力资本、R&D与自主创新---基于高新技术上市企业的经验证据[J].暨南学报(哲学社会科学版),2013(1):104-117.
[44]樊钱涛,韩英华.研发团队中知识创新效率影响机制研究[J].科学学研究,2008(6):1316-1324.
[45]Blomberg Jensen M,Meckling W.Theory of the firm:managerial behavior,agency cost and ownership structure[J].Social Science Electronic Publishing,1976,3(4):305-360.
[46]Mizruchi M S.Who Controls Whom?An Examination of the Relation Between Management and Boards of Directors in Large American Corporations[J].Academy of Management Review,1983,8(3):426.
[47]任海云.R&D投入与企业绩效关系的调节变量综述[J].科技进步与对策,2011(3):155-160.
[48]胡元木,刘佩,纪端.技术独立董事能有效抑制真实盈余管理吗?---基于可操控R&D费用视角[J].会计研究,2016(3):29-35.
[49]Jiang B,Murphy P J.Do business school professors make good executive managers?[J].Academy of?Management Perspectives,2007,21(3):29-50.
[50]李志辉,杨思静,孟焰.独立董事兼任:声誉抑或忙碌---基于债券市场的经验证据[J].审计研究,2017(5):96-103.
[51]Beyer J.Jeffrey Pfeffer and Gerald R.Salancik:The External Control of Organizations:A Resource Dependence Perspective[M]//The Functional Roles of Glial Cells in Health and Disease.Springer US,2000:123-133.
[52]Munro M P.Today’s board and the academic option[J].Ivey Business Journal,2000,64(6):8-11.
[53]Zhou K Z,Caroline Bingxin L I..How knowledge affects radical innovation:Knowledge base,market knowledge acquisition,and internal knowledge sharing[J].Strategic Management Journal,2012,33(9):1090-1102.
[54]Audretsch D B,Stephan P E.Companyscientist locational links:The case of biotechnology[J].The American E-conomic Review,1996,86(3):641-652.
[55]王黎萤,陈劲.研发团队创造力的影响机制研究---以团队共享心智模型为中介[J].科学学研究,2010(3):420-428.
[56]Forbes D P,Milliken F J.Cognition and corporate governance:Understanding boards of directors as strategic decision-making groups[J].Academy of Management Review,1999,24(3):489-505.
[57]Kor Y Y,Sundaramurthy C.Experience-Based Human Capital and Social Capital of Outside Directors[J].Social Science Electronic Publishing,2009,35(4):981-1006.
[58]Johnson J L,Daily C M,Ellstrand A E.Boards of directors:A review and research agenda[J].Journal of Management,1996,22(3):409-438.
[59]王光荣,李建标.技术连锁董事能促进技术创新吗---来自A股制造业上市公司的证据[J].贵州财经大学学报,2015(5):69-81.
[60]汪延明,林英泽.产业链治理:技术董事协同能力的影响因素[J].中国流通经济,2012(4):116-121.
[61]曾江红,肖涛.董事会非正式层级、技术董事与技术创新绩效[J].科技与经济,2015(3):1-5.
本研究在唐清泉(2005)、胡元木(2016)等研究结果的基础上,将拥有技术背景的独立董事称为技术独立董事。技术独立董事与其他独立董事相比,所具有的特征是:(1)在高校从事相关科学技术专业的研究,并担任教授、副教授。(2)是技术领域行业协会中的主要成员。(3)具有相关技术行业多年的从业经验,或具有高级职称的技术骨干,如高级工程师。至少符合其中一项的独立董事,方可称为技术独立董事。