产融结合、高管团队特征与创新效率

Industry and Finance Integration,Characteristics of Top Management Team and Innovation Efficiency

选择2010—2018年投资非上市金融企业的中国上市公司数据,通过构建SFA模型实证分析了实体企业产融结合与创新效率的关系,并重点考察了高管团队特征的调节效应。结果发现:实体企业产融结合可显著提升营收创新效率,但会损害其研发创新效率;企业高管团队越高学历化、年轻化、男性化,越倾向投资金融企业,实践产融结合;在产融结合与创新效率的关系中,高管团队特征存在显著的不同程度的调节效应,不同高管团队特征的企业,产融结合与创新效率关系呈现不同的规律。

The data of China's listed companies investing in unlisted financial companies from 2010 to 2018 were selected,and the relationship between the integration of production and finance and the efficiency of innovation was analyzed empirically using SFA and other models,and the intermediary role of the characteristics of the top management team was examined in this paper.The results show that the combination of production and finance of entity companies can significantly increase the total operating revenue output efficiency,but it undermines the efficiency of invention patents;the highly-comprehensive,younger,and masculine,higher-level corporate executive teams are more likely to invest in financial companies and integrate production and financial integration;in the relationship between production and financial integration and innovation efficiency,the characteristics of the top management team have significant different degrees of regulatory effects.Therefore,companies with different characteristics of high-level management team have different rules in the relationship between production and financial integration and innovation efficiency.