技术董事的专家效应、研发投入与创新绩效

Expert Effect of Technical Directors,R&D and Innovation Performance

从技术董事背景的角度研究其对企业创新绩效的影响。对我国高科技产业上市公司的实证研究发现,技术独立董事更关注企业的长远发展,能够整合企业内外部资源,为创新决策提供专业性的咨询和建议,可以发挥"专家效应",促进企业创新绩效的提升。而很多公司高管兼任技术内部董事,他们更关注研发的高风险性和企业的短期绩效。然而在创新方面存在的短期行为,难以发挥"专家效应",从而降低了企业创新绩效。同时,对于高研发投入的企业而言,技术独立董事对创新绩效的正向影响会削弱。进而国有企业的技术独立董事显著促进创新绩效,技术内部董事显著抑制创新绩效。民营企业的技术独立董事和技术内部董事对创新绩效有正向的影响,但均不显著。在董事长兼任CEO的情况下,技术独立董事能够更好地发挥"专家效应",促进企业创新绩效的提升。最后提出了相应的政策建议。

From the perspective of directors with technical background,the paper studies their impact on innovation performance.By means of empirical study on listed companies in Chinese high-tech industry,Evidence shows that the technical independent directors provide professional opinions and high-quality external resources for the innovation activities,and they are able to exert‘expert effect’and motivate innovation performance.Nevertheless,considering about the high-risk effect of R&D,technical internal directors focus on the short-term performance of company,they have short-term behavior in technology innovation and inhibit the innovation activities,eventually reducing innovation performance.Moreover,for companies with high R&D,the positive effect of technical independent directors on innovation performance is weakened.In the case of CEO duality,the technical independent directors play expert effect on business decision,which promotes corporate innovation performance.Finally,the corresponding policy recommendations are put forward.