摘要
基于2007-2020年中国制造业上市公司样本,考察了法律背景独立董事对企业创新的影响。研究表明:法律背景独立董事对企业创新有显著的抑制作用,使用倾向得分匹配法(PSM)、工具变量法(2SLS)等识别策略后,回归结果依然稳健。进一步探索法律背景独立董事影响企业创新的内在机制,研究发现,法律背景独立董事可以通过减少研发投资抑制企业创新,并通过提升地区法律制度水平来减弱法律背景独立董事对企业创新的抑制程度。最后从发挥法律背景独立董事的监督职能、健全独立董事的长期激励机制、运用法律背景独立董事在法律领域的专业经验等方面提出政策建议,进而降低法律背景独立董事对企业创新的抑制作用。
Based on a sample of Chinese manufacturing listed companies from 2007 to 2020,this paper examines the impact of independent directors under legal background on enterprise innovation.Research shows that independent directors from legal backgrounds have a significant inhibitory effect on enterprise innovation.After using identification strategies such as propensity score matching(PSM)and instrumental variable method(2SLS),the regression results are still robust.Further exploring the internal mechanism of independent directors with legal backgrounds influencing enterprise innovation,the study found that independent directors with legal backgrounds can inhibit enterprise innovation by reducing research and development investment,and reduce the degree of inhibition of independent directors with legal backgrounds on enterprise innovation by improving the level of regional legal systems.Finally,policy recommendations are proposed from such aspects as giving full play to the supervisory function of independent directors with legal backgrounds,improving the long-term incentive mechanism of independent directors,and utilizing the professional experience of independent directors with legal backgrounds in the legal field,in order to reduce the inhibitory effect of independent directors with legal backgrounds on enterprise innovation.
作者
熊灵芝
XIONG Ling-zhi(The Yichun Academy of Sciences Research Institute for Selenium Industries,Yichun 336000,China)
出处
《宜春学院学报》
2023年第4期54-60,共7页
Journal of Yichun University
