高管团队良好的教育背景能提高企业价值吗?--基于研发投入、市场势力的链式中介效应

Can the Good Educational Background of the Executive Team Increase Corporate Value?--Chain-based Intermediary Effect based on R&D Investment and Market Power

基于高阶理论,构建高管教育背景对企业价值的影响机制模型,并引入研发投入和市场势力作为中介变量,以2014—2018年沪深A股上市公司为样本,采用依次检验和Bootstrap法分析高管教育背景对企业价值的作用机理。结果表明,高管教育背景能直接提高企业价值;研发投入、市场势力在高管教育背景正向影响企业价值的过程中起部分中介作用,且研发投入的单独中介效应高于市场势力;高管教育背景也能通过研发投入与市场势力的链式中介效应间接对企业价值产生积极影响;研发投入对高管教育背景与企业价值的直接效应起负向调节作用,市场势力则能正向调节高管教育背景对企业价值的促进效应。

Based on high-level theory, construct a mechanism model of the impact of executive education background on corporate value, and introduce R&D investment and market power as intermediary variables, Taking the 2014-2018 Shanghai and Shenzhen A-share listed companies as a sample, the sequential inspection and Bootstrap method are used to analyze the mechanism of executive education background on corporate value. The results show that the educational background of executives can directly increase corporate value;R&D investment and market forces play a part of the intermediary role in the process of executive education background positively affecting corporate value, and the individual intermediary effect of R&D investment is higher than market forces;executive education background can also have a positive impact on corporate value indirectly through the chain intermediary effect of R&D investment and market power;R&D investment has a negative adjustment effect on the direct effect of executive education background and enterprise value, while market forces can positively adjust the promotion effect of executive education background on enterprise value.