管理者短视、研发投入与企业全要素生产率

Managerial Myopia,R&D Investment and Enterprise Total Factor Productivity

企业全要素生产率的稳步提升是关系企业实现高质量发展的重要议题。本文以沪深A股2007~2020年非金融类上市企业为研究对象,基于管理者个人特质的视角,考察管理者短视对企业全要素生产率的影响。实证结果显示:管理者短视特质显著降低企业全要素生产率,该结论在使用倾向得分匹配法、工具变量法和其他稳健性检验后依然成立。机制检验发现,研发投入在管理者短视影响企业全要素生产率过程中发挥重要中介作用。异质性分析表明,在CEO不具有学术经历和存在单一大股东的企业中,管理者短视对企业全要素生产率的抑制作用更为明显。研究结论有助于增进我们对管理者特质和全要素生产率研究领域的多维度认知,对于促进企业的高质量发展具有重要的实践启示。

The steady improvement of total factor productivity of enterprises is an important issue related to whether the enterprises can achieve high-quality development.This paper takes the A-share non-financial listed enterprises in Shanghai and Shenzhen from 2007 to 2020 as a sample,based on the perspective of managers’personal characteristics,this paper examines the impact of managers’myopia on the total factor productivity of enterprises.The results show that managers’myopia traits significantly reduces the total factor productivity of enterprises,this conclusion is still valid after using propensity score matching,instrumental variable method and other robustness tests;The mechanism test found that R&D investment plays an important intermediary role in the process of managerial myopia impact on enterprises’total factor productivity;Heterogeneity analysis shows that in enterprises where CEOs do not have academic experience and there is a single major shareholder,managerial myopia has a more obvious inhibitory effect on enterprises’total factor productivity.The research conclusion enhances our multi-dimensional understanding of the research field of managerial traits and total factor productivity,and has important practical implications for promoting the high-quality development of enterprises.