摘要
董事会作为连接企业与外部环境的主要桥梁,为企业获得关键信息和重要资源提供了便利通道。董事会对企业战略决策的选择、制定和实施发挥关键性作用。董事会社会资本反映董事通过关系获取资源的能力,影响董事提供的建议和资源。本文以2010-2014年创业板上市公司1607个样本观测值为实证研究对象,结合资源依赖理论和Finkelstein的经典权力模型,将公司治理的两大主体——董事会和CEO纳入同一研究框架,分别探讨两种董事会社会资本,商业联系和政治联系对企业研发投入的影响。董事会提供资源也需要动机,除了董事,CEO也负责资源分配和战略决策,CEO权力的主要作用之一是处理企业内部来源于其他高管成员和董事会的不确定性。高权力CEO有能力影响董事会的决策,并且CEO和董事间的互相作用可能影响战略决策的质量。本文对董事会依赖激励董事提供资源的观点进行延伸,进一步分析CEO权力对于董事会资本和研发投资关系的调节作用。研究发现:董事会商业联系与企业研发投资显著正相关;由于"政策性负担"的存在,董事会政治联系对企业研发投资具有消极影响;创业板企业的CEO具有"管家精神",高权力CEO对董事会商业联系与企业研发投资关系的调节作用不显著,但是高权力CEO能够显著降低董事会政治联系对企业研发投资的消极影响。主要理论贡献如下:第一,拓展了现有关于董事会对研发投资影响的研究。以往研究多聚焦于董事会构成、董事会规模等特征变量,忽视了董事社会资本的作用,利用资源依赖理论通过董事提供的指导和资源解释董事会如何影响研发投资,开拓了董事会与研发关系研究的新视角。第二,在董事会社会资本、CEO权力和研发投资间建立联系,通过CEO权力对于董事会资源提供影响的实证研究,加深了对董事会社会资本和研发投资两者关
As the main bridge to connect enterprise with external environment, board of directors provide convenient access for enterprise to obtain key information and crucial resources. Therefore, board of directors play a key role in selecting, formulating and implementing the corporation strategy decisions. Resource dependence theory believes that board of directors’ social capital leads the board managing the enterprises, offering them advice and affects their suggestions and resources. The data of GEM listed companies during 2010 to 2014 was collected as a sample for empirical analysis. This paper investigates the relationship between R&D investment and board social capital which is divided into political connection and business connection.Although directors who possess social capital can provide resources needed for R&D, they also need motivation to perform these tasks effectively. Except for the boards, the CEO is also responsible to allocate the resources and make the strategic decisions. The CEO who owns the high power has the ability influencing the board’s decision making. Besides, the interaction between the CEO and board could affect the quality of the decision making. This article extends view of board dependence, and discusses CEO power’s moderate influence between board social capital and R&D investment We found that:(1) There is a significant positive correlation between board business connection and R & D investment.(2) The board political connection is significantly negative on R&D investment;(3) With the spirit of the housekeeper, the high power of CEO is significantly negative moderate between board political connection and R&D investment.This paper’s main theoretical contributions indicated in the following areas: firstly, the existing research about impact of the board of directors on R&D investment has been expanded. The past researches always focused on the characteristics variable like board composition and board size, neglecting the vital role of board’s social capital. Using resource d
作者
王楠
黄静
王斌
Wang Nan;Huang Jing;Wang Bin(School of Business, Beijing Technology and Business University, Beijing 100037 , China;Center for Technological Innovation Research , Tsinghua University, Beijing 100084 , China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2019年第5期244-253,共10页
Science Research Management
基金
国家自然科学基金青年项目:"企业网络创新社区中用户在线参与创新行为影响因素及用户间互动作用机制研究"(71602006)
国家自然科学基金面上项目:"高管团队的权力分布及其经济后果研究"(71672003)
辽宁省自然科学基金项目(20170540669)
国家社会科学基金面上项目:"中国上市公司股东资源研究"(17BJY211)
