摘要
本文选取2009—2017年中国727家创业板上市公司年度数据,就董事会资本对企业创新投入的影响及其作用机制进行了实证分析。将董事会人力资本与董事会社会资本进行深度融合,从教育背景、金融经历、董事联结、政治关联、科研任职五个维度对董事会资本进行测度,并从企业产权性质、企业所属地区、企业规模层面进行分组检验,以考察董事会资本对企业创新投入影响及其调节作用的异质性特征。研究表明:(1)董事会资本的提高有助于提升人力资本渠道的创新信息传递效应与社会资本渠道的创新决策联结效应,由此促进企业创新投入。(2)企业风险承担在董事会资本与企业创新投入关系中承担着部分中介作用。(3)融资约束程度的提高会助推董事会资本对企业创新投入的促进作用,融资约束引发的资本稀缺性会加剧企业通过创新投入来获取高边际收益的倾向。(4)企业所在地区制度环境的改善会助推董事会资本对企业创新投入的促进作用。
This paper selects the annual data of 727 GEM listed companies in China from 2009 to 2017 to make an empirical analysis on the impact and its mechanism of board capital on enterprise innovation investment.It deeply integrates the human capital and the social capital,measuring the board capital from the five dimensions of education background,financial experience,director connection,political connection,and research appointments.In addition,a group test is conducted from the aspects of property right nature,region and scale of the enterprise to investigate the heterogeneous characteristics of the influence of board capital on the innovation investment of the enterprise and its regulating effect.The research shows that:(1)the improvement of board capital is helpful to improve the innovation information transmission effect of human capital channel and the innovation decision connection effect of social capital channel,so as to promote the enterprise innovation investment;(2)enterprise risk taking plays an intermediary role in the relationship between board capital and enterprise innovation investment;(3)the increase of financing constraints will promote the promotion effect of board capital on enterprise innovation investment,and the capital scarcity caused by financing constraints will aggravate the tendency of enterprises to obtain high marginal income through innovation investment;(4)the improvement of the institutional environment in the region where the enterprise is located will promote the role of board capital in promoting the investment in enterprise innovation investment.
作者
顾海峰
卞雨晨
GU Haifeng;BIAN Yuchen(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China)
出处
《西安交通大学学报（社会科学版）》
CSSCI
北大核心
2020年第6期13-21,共9页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家社会科学基金一般项目(13BGL041)
教育部人文社会科学研究规划基金项目(20YJA790014)。
关键词
董事会资本
创新投入
人力资本
社会资本
风险承担
融资约束
制度环境
board capital
innovation investment
human capital
social capital
risk taking
financing constraints
institutional environment
