高管背景特征对企业创新投资的影响——基于创业板上市公司的OLS分析

The Influence of Executive Background Characteristics on Enterprise Innovation Investment——Based on OLS Analysis of GEM Listed Companies

以2013-2016年创业板上市公司作为样本,探讨高管背景特征对创新投资的影响。可发现:高管教育背景越强,企业创新投资越多;高管技术背景越强、政治关联背景越强,企业创新投资越少。深入分析可知:知识型政治关联对创新投资具有促进作用,而权力型政治关联对企业创新投资具有抑制作用;在政治关联型企业,高管技术背景对创新投资具有促进作用;无论企业是否具有政治关联,高管教育背景对创新投资均有显著地促进作用。

The GEM listed companies in 2013-2016 are selected as samples to explore the impact of executive background characteristics on innovative investment. The conclusion is that the stronger the education backgrounds of executives are, the more innovative investment they will have. The stronger the executives＇ technological background and the stronger the political connection background are, the less innovative investment they will have. Further analysis shows that the knowledge political association promotes the innovation investment while the power political association has the inhibitory effect on the enterprise innovation investment. In politically connected enterprises, the technical background of senior executives plays a role in promoting innovation investment.Regardless of whether the enterprise is politically connected, the background of education has a significant impact on innovation investment.