企业创新投资同群效应——基于管理者能力视角

Research on the Cluster Effect of Firm Innovation Investment——From the Perspective of Manager Competence

以2010~2017年沪深A股上市公司为研究样本,运用面板固定效应模型研究管理者能力是否以及如何影响企业创新投资的同群效应,同时考虑企业异质性特征下的影响差异。结果发现:管理者能力的提升有助于缓解企业的创新投资同群效应,且对非国有企业、股权集中度较低及管理者权力大的企业作用明显。

Taking Shanghai and Shenzhen A-share listed companies from 2010 to 2017 as a sample, this paper analyzes whether and how managerial ability affects the same group effect of corporate innovation investment, while considering the impact differences under the heterogeneous characteristics of companies by the panel fixed effects model. Results show that the improvement of managers’ ability helps to alleviate the group effect of innovation investment in enterprises, and it is more obvious in non-state-owned enterprises, enterprises with low equity concentration and high managerial power.