董事会群体断裂带、股权集中度与公司创新战略——来自创业板上市公司的证据

Board of Directors Group Faultline,Ownership Concentration and Company Innovation Strategy:Evidence from Listed Board Venture Companies

创新战略是企业为应对市场竞争,满足顾客需求,实施创新活动的一种整体规划或者方案,公司创新战略制定受董事会决策的影响。基于团队断裂带理论,将董事会群体断裂带区分为生理特征断裂带和任务相关断裂带,选取创业板上市公司为研究样本,基于2013—2017年样本公司相关数据,研究董事会群体断裂带与创新战略之间的关系,并通过引入股权集中度这一调节变量,探究股权集中度在董事会群体断裂带对创新战略影响过程中的作用,得到以下结论:①董事会生理特征断裂带与公司创新战略之间具有负相关关系;②董事会任务相关断裂带与公司创新战略之间具有正相关关系;③股权集中度在生理特征断裂带与创新战略关系中起正向调节作用;④股权集中度在任务相关断裂带与创新战略关系中起负向调节作用。研究结论对企业选聘董事会成员、提高创新战略决策质量以及完善公司治理机制具有借鉴意义。

The innovation strategy is an overall plan or plan for enterprises to respond to market competition, meet customer needs, and implement innovative activities. The formulation of the company's innovation strategy is influenced by the decision of the board of directors. Based on the theory of team fracture zone, this paper divides the fracture zone of the board of directors into task-related fault zone and physiological characteristic fault zone, selects the GEM listed company as the research sample, and studies the fracture zone of the board of directors based on the relevant data of the sample company from 2013 to 2017. The relationship between innovation strategies, and through the introduction of the adjustment variable of equity concentration, explores the role of equity concentration in the impact of the board group break zone on the innovation strategy, and draws the following conclusions:①the physiological characteristic fracture zone of the board of directors there is a negative correlation between the company's innovation strategy and the company's innovation strategy;②there is a positive correlation between the task-related fracture zone and the company's innovation strategy;③the equity concentration plays a positive role in the relationship between the physiological characteristic fracture zone and the innovation strategy;④the concentration of ownership plays a negative role in the relationship between the mission-related fault zone and the innovation strategy. The research results of this paper have reference and reference significance for enterprises to select board members, improve the quality of entrepreneurial strategy decision-making and improve corporate governance mechanism.