管理者特质、技术创新与企业价值

Research on Managerial Traits,Innovation and Firm Value

以我国2008-2015年沪深交易所全部上市公司数据作为研究样本,结合企业产权性质,考察了管理者特质对技术创新与企业价值的影响。研究发现,技术创新显著正向影响企业价值;管理者教育水平越高、越富有冒险精神、任职期限越长,对待技术创新活动的态度更为积极,更愿意采取创新战略,其中管理者教育背景、风险偏好、任职期限更是可以显著正向影响技术创新对企业价值的提升效应。进一步区分产权性质后发现,相比国有上市公司,非国有上市公司中管理者的教育水平、风险偏好更能显著增强技术创新对企业价值的提升作用。结果表明,在探讨技术创新对企业价值的影响机理时,管理者特质与产权性质是重要的考量因素。

Based on the data of Shenzhen and Shanghai listed companies from 2008 to 2015, This paper empirically examines the effect of different managerial traits on innovation and firm value. The empirical results show that ： innovation have positive governance effect on firm value, and this effect is better in the non - state - owned companies. Managers＇ education level, tenure , risk preference and tenure can affect innovation significantly, managers＇ education level and gender can also improve firm value. Further to distinguish the nature of property fight , managers ＇ education level and risk preference can improve more firm value in the non state owned companies. This paper reveals that managerial traits and property rights are important factors when studying the relation between innovation and firm value.