董事会人力资本对企业技术创新投入影响的实证研究——基于中国沪深两市医药制造业上市公司的经验证据

The Influence of Board Human Capital on Corporate Technological Innovation——Empirical Analysis based on Listed Companies of Pharmaceutical Manufacturing in Shanghai and Shenzhen Stock Exchanges

文章以公司治理理论为基本理论,对董事会人力资本与企业技术创新投入关系的研究进行了梳理,以2016年127家中国主板上市的医药制造业上市公司为研究样本,采用最小二乘法,对董事会成员的教育水平、董事会职业背景以及董事会团队异质性对其技术创新投入的影响进行了实证研究。研究发现,医药制造业企业的董事会受教育程度、董事会职业背景与企业的技术创新投入间存在正相关关系,而董事会团队异质性则与企业的技术创新投入存在负相关关系。研究结果表明,选择教育水平较高的董事以及具有输出职能职业背景的董事进入董事会,有助于促进企业参与更多的创新策略、增加创新的资本投入与人员投入,并能有效地对实物资产与创新人力资本进行有效配置,并最终实现提高企业创新产出这一目的。

Based on the basic corporate governance theory, the paper sorted out the studies on the relationship between the human capital of the board of directors and the technological innovation investment of enterprises. The 127 researching samples are listed companies from the pharmaceutical manufacturing industry in main boards in 2016, and adopted the least squares methods to conduct an empirical study on the influences of the educational level of members, the occupational background of the board directors, and board team heterogeneity on their investment in technological innovation. The study found that there is a positive correlation among the education level, the professional background of board and technological innovation investment in the pharmaceutical manufacturing industry. However, there is a negative correlation between the heterogeneity of the board directors and the technological innovation investment. The results of the study indicates that the directors with a higher level of education and directors with output professional backgrounds, selected to enter the board of directors, will help enterprises to participate in more innovation strategies, increase innovative capital investment and personnel investment, and can effectively configure physical assets and innovative human capital effectively. In the way, the purpose of improving enterprise innovation output is materially achieved.