子公司董事的集团身份、股权激励对技术创新的影响——基于子公司董事会的作用

The Influence of Subsidiary Directors from Headquarters and Equity Incentives on Technological Innovation from the Perspective of Subsidiary Board

针对子公司董事会设置是否仅为满足法律要求的争论,以在集团总部任职并担任子公司的董事比例、股权激励衡量子公司董事会对技术创新的影响。利用上市公司数据,研究发现:董事的集团身份有利于子公司技术创新;董事会成员持股与创新绩效呈倒U型关系;持有股权董事与在集团总部任职的董事相互补充,协同提高了子公司的创新竞争能力。进一步分析发现,子公司董事会是通过研发投入的中介效用对技术创新产生影响,其中在集团总部任职的董事通过提高研发投入促进了创新绩效,股权激励通过倒U型影响研发投入影响公司技术创新能力。研究结果证实了子公司董事会对创新的作用,为集团公司进行子公司董事会建设提供了建议,有助于后续子公司董事会的研究。

To find out whether the purpose of subsidiary board is only to satisfy the local legal requirements,this article,based on the relevant data of listed firms in Shanghai and Shenzhen stock exchange in China,through empirical study,tries to show that： subsidiary directors belonging to enterprise group have a positive impact on innovation; directors＇ equity holdings have an inverted U-shaped impact on innovation; directors from enterprise group and director shareholding cooperative stimulate the innovation ability of subsidiaries. The impact of subsidiary board on innovation is through the intermediary effect of RD.Our paper tests the impact of subsidiary board on innovation,and gives some suggestions on how the formation of a reasonable structure of subsidiary board.