高管特征、企业异质性与企业技术创新绩效——来自风电产业上市公司的经验数据

Characteristics of Executives, Firm Heterogeneity, and Enterprise Technology Innovation Performance ——Empirical Evidence from Listed Companies in Wind Power Industry

技术创新是解决目前风电产业产能过剩、缺乏核心技术发展瓶颈的重要路径,最新文献已经发现高管特征和企业异质性对企业技术创新绩效的影响,但研究结论尚存在分歧。本文以沪深两市风电产业上市公司为研究对象进行实证研究发现:高管持股和女性高管对风电企业技术创新绩效具有显著的促进作用;国有风电企业和省会城市风电企业的技术创新优势会因内部治理结构短板而丧失。将企业异质性作为调节变量进一步研究发现,国有企业中高管持股和女性高管对风电企业技术创新绩效的正向影响更加显著;区位在省会企业中高管持股和女性高管对风电企业技术创新绩效的正向影响更加显著。

Technological innovation is an important path to solve the development bottleneck of thecurrent wind power industry overcapacity and the lack of core technology.The latest literature has found thatthe characteristics of executives and firm heterogeneity have an effect on enterprises technology innovationperformance,but the conclusion is divided.Therefore,this paper selects the Chinese wind power industrycompanies listed in Shanghai and Shenzhen Stock Exchange as the research object to conduct an empirical test.The results show that:managerial ownership and female executives have a positive significant effect on windpower enterprises technology innovation performance;the technological innovation advantages of state-ownedwind power enterprises and provincial capitals wind power enterprises will be lost due to short governanceof internal governance structures.We use firm heterogeneity as a moderator to conduct further study and findthat,in state-owned companies,the positive effect of managerial ownership and female executives on windpower enterprises technological innovation performance is more significant;the location of enterprise in thecapital cities,the positive impact of managerial ownership and female executiv es wind power enterprises ontechnological i nnovation performance is more signifi cant.