摘要
高管海外经历具有知识溢出效应,能够促进企业创新。采用2012—2020年中国A股上市公司数据,实证检验管理层海外经历、短视主义对企业创新的影响机制。结果表明,管理层海外经历通过抑制短视主义促进企业创新,这一影响路径受到融资约束的前半路径调节和政府补助的后半路径调节。基于企业生命周期视角,上述影响路径在成长期和成熟期成立,在衰退期不成立,融资约束对上述影响路径的前半部分调节在成熟期成立,政府补助对上述影响路径的后半部分调节在成长期成立。研究结论有助于打开管理层海外经历对企业创新影响机制的“黑箱”,拓展管理层海外经历经济后果研究,为企业创新高质量发展提供经验证据。
Innovation is the primary driving force for development.According to the 2021 Global Innovation Index report of the World Intellectual Property Organization(WIPO),China’s innovation has ranked the 12 th in the world,and the first among medium-sized economies for many years in a row.However,there is still a considerable technological gap between China and developed countries in some key technologies.Returnees with overseas experience are considered to have outstanding performance in cognition,personality and ability,and have knowledge spillover effect.They have become an important source of high-level talents in China.Therefore,it is of great practical significance for China to study the mechanism by which managerial overseas experience influences enterprise innovation.Based on the high-level echelon theory and branding theory,this study empirically tests the relationship between managerial overseas experience,short-termism and enterprise innovation by using the fixed effect model with the data of China’s A-share main board,GROWTH Enterprise Board and Science and Technology Innovation Board from 2012 to 2020.The patent data comes from CNRDS,short-termism data comes from WinGo financial text data platform,and government subsidy data is obtained by using Python to crawl annual report text,and other financial data comes from CSMAR company.It controls the fixed effects of industry and year in the regression process,and the regression results are cluster-adjusted at the individual firm level.It finds that managerial short-termism plays a partial mediating role in the path of managerial overseas experience affecting firm innovation.The influence path of overseas experience,short-termism and enterprise innovation does not hold in recession.Financing constraints will moderate the first half of this path,and government subsidies will moderate the second half of this path.The first half path adjustment of financing constraint still holds in the mature stage,and the second half path adjustment of government subsidy still
作者
乔鹏程
徐祥兵
Qiao Pengcheng;Xu Xiangbing(School of Finance and Economics,Xizang Minzu University;School of Management,Xizang Minzu University,Xianyang 712082,China)
出处
《科技进步与对策》
CSSCI
北大核心
2022年第19期78-87,共10页
Science & Technology Progress and Policy
基金
国家社会科学基金一般项目(19BJL130)
西藏自治区哲学社会科学专项资金一般项目(21BJY02)
西藏高校教师专业实践实战能力提高计划项目(202107)。
关键词
海外经历
短视主义
企业创新
融资约束
政府补助
Overseas Experience
Short-sightedness
Corporate Innovation
Financing Constraints
Government Subsidies
