CEO早年经历与企业创新——从上市公司研究得到的启示

CEO’s Early Experience and Corporate Innovation:Evidence from Listed Companies

研究了CEO在人生早年经历1959—1961年经济三年困难时期对于企业创新水平的影响。研究表明,CEO如果在婴儿—幼儿期、童年—青少年期经历了三年困难时期,会导致所在企业创新水平降低,且童年—青少年期经历此事件带来的影响更为明显。利用各省份受灾程度差异构建双重差分模型、将被解释变量前置一期来控制内生性问题,发现CEO早年的三年困难时期经历与企业创新之间的负向因果关系保持稳健。研究还发现,CEO早年困难时期经历会带来企业研发投入的下降和资源利用效率的提升。

This paper studies the impact of CEO s early experience of the 1959-1961 famine in China on corporate innovation.It shows that if CEO experiences the 1959-1961 famine in China in infancy-childhood and childhood-adolescence,the innovation level of the enterprise will decrease ,and the impact of childhood-adolescence experience is more obvious.The causal relationship between CEO's early experience of the 1959-1961 famine in China and corporate innovation remains robust after employing the difference-in-difference model and advancing the explanatory variables by one stage to eliminate the endogeneity issue.In addition,it finds that CEO's early experience leads to the decline of corporate R&D investment and the improvement of corporate resource utilization efficiency.