外资持股、CEO决策视野与企业研发国际化

Foreign ownership, CEO decision horizon and enterprise R&D internationalization

研发国际化是企业实现创新追赶的重大战略选择,但目前鲜有研究实证探讨外资股东和CEO对该战略的潜在影响。基于2011-2016年中国A股制造业高科技上市公司的经验数据,本研究剖析了外资持股与企业研发国际化之间的逻辑关系,并进一步分析了CEO决策视野和两职兼任在其间的情境影响。研究结论显示:第一,外资持股对企业研发国际化深度、广度均具有显著的正向影响;第二,随着CEO决策视野逐渐变短,外资持股对企业研发国际化深度、广度的正向影响将随之减弱;第三,当CEO两职兼任时,CEO短期决策视野在外资持股与企业研发国际化深度、广度关系间的负向调节作用将增强。

R&D internationalization is a major strategic choice for enterprises to realize innovation catching-up, but few studies have empirically explored the potential impact of foreign ownership and CEO. Based on the data of China’s A-share manufacturing high-tech listed companies in 2011-2016, we analyze the logical relationship between foreign ownership and R&D internationalization, and further analyze the situational influence of CEO’s decision horizon and Chair-CEO duality. The empirical results reveal that: First, foreign ownership have a significant positive impact on the depth and breadth of R&D internationalization;Second, as the CEO decision horizon becomes shorter, the positive impact of foreign ownership on the depth and breadth of R&D internationalization is weaker;Third, the CEO duality will enhance the negative adjustment of the CEO’s short-term decision horizon on the relationship between foreign ownership and the depth and breadth of international R&D.