摘要
从高管团队入手,使用DEA-Panel Data模型、OLS和Tobit模型分析中国上市公司高管特征对创新效率的影响。实证结果发现:DEA-Panel Data模型估计结果更为稳健,排除了OLS和Tobit模型关于高管薪酬和高管任期与创新效率成负向关系的结论;同时,三种估计方法均表明,女性高管比例并不是影响上市公司创新效率的主要因素;此外,股权集中度、公司成立年限和独立董事人数与创新效率负相关,而非独立董事人数与创新效率存在显著正向相关。
From the perspective of executives＇ characteristics, this paper employs the DEA - Panel Data model, OLS model and Tobit Model to analyze the relationship between the executive＇s heterogeneous characteristics and innovation efficiency of Chinese Listed Companies. The empirical results show that DEA-Panel Data model obviously outweighs OLS and Tobit model, and thus rules out the conclusion drawn by the latter two models that executive compensation and executive tenure are negatively related with innovation efficiency. Moreover, the result from all of the three methods shows that the proportion of female executives is not the determining factor of innovation efficiency. In addition, equity concentration index, the years of establishment, and the number of independent directors are negatively correlative with the innovative efficiency. However, the number of the directors is positively correlative with innovative efficiency.
出处
《湖南科技大学学报（社会科学版）》
CSSCI
北大核心
2017年第4期123-129,共7页
Journal of Hunan University of Science and Technology(Social Science Edition)
基金
国家自然科学基金项目(71573283)
