管理层研发背景、创新投入与企业价值--基于上市高新技术企业的实证分析

Management R&D Background,Innovation Input and Enterprise Value:Based on the Empirical Analysis of Listed High-tech Enterprises

新常态经济环境下,企业只有持续不断地进行技术创新才能在行业中保持竞争力。本文从高新技术企业管理层自身的研发背景入手,探讨其是否对创新投入产生作用,进而影响企业价值。本文对2008—2017年属于高新技术企业的2111个上市公司样本进行实证检验,发现管理层中具有研发背景的人员占比越大,企业创新投入越高。进一步的检验发现,创新投入的一次项和企业价值显著负相关,二次项与企业价值显著正相关,呈现明显的U形关系。但是,以管理层研发背景人员占比的年度行业均值为基准进行分组检验后,发现占比较低组的创新投入和企业价值仍然表现为U形关系,而占比较高组的创新投入一次项的系数为负但不显著,即市场在创新投入初期对企业价值的负向反应趋缓。总体上,当管理层中较多人员具有研发背景时,市场预期其创新投入的专业性更好、成功的概率更大,从而更有可能带来企业价值的提升。

Under the new normal economic environment,enterprises need to continue technological innovation in order to maintain competitiveness in the industry.Starting from whether the managers have research and development background in high-tech enterprises,this paper discusses if it has effect on the innovation input of enterprises and further influences the value of enterprises.Taking 2 111 listed national high and new technology enterprises from 2000 to 2017 to do the empirical tests,it is found that the more the proportion of personnel with R&D background in the management,the higher the enterprise’s innovation investment.Consistent with the analysis of some studies,we find that in high-tech enterprises,innovation input and enterprise value show a u-shaped relationship with negative first order term coefficient and positive quadratic term coefficient.However,based on the annual industry mean value of the proportion of R&D background personnel in the management team,it is found that the relationship between innovation investment and enterprise value was still u-shaped in the group with low proportion.However,in the group with a relatively high proportion,the first order term coefficient is negative but not significant,that is,the adverse effect of innovation input on enterprise value tends to slow down.In other words,the market expects that more members of the management team with R&D background will make their innovation input more professional and have a higher chance of success,which is more likely to bring about the improvement of enterprise value.