董事长和总经理两职分离对传统企业移动互联网创新的影响研究

Research on the Influence of the Separation of Board Chairman and CEO on Mobile Internet Innovation of Traditional Enterprises

近年来,移动互联网创新已成为传统企业实现数字化转型与“互联网+”的重要切入点。适配有效的公司治理机制是促进传统企业互联网创新的重要基础。然而,在目前的学术研究中,就董事长与总经理应为两职合一或是两职分离尚未达成一致结论。在此背景下,本文以上市公司作为研究样本,以企业App信息作为衡量移动互联网创新的具体指标,系统研究了董事长和总经理两职分离对传统企业移动互联网创新的影响。研究结果表明,董事长和总经理的两职分离有利于提升传统企业在移动互联网领域的创新绩效。并且,当同行业其他企业创新程度越弱、董事长持股比例越高、离任期结束越远时,两职分离相较于两职合一的正面效应会更强。本研究加深了学术界对公司治理机制与企业创新之间关系的理解,也为试图通过移动互联网创新实现数字化转型的企业管理者和相关政策制定者提供了新的实践启示。

In recent years,mobile Internet innovation has become an important way for tradi⁃tional enterprises to realize the digital transformation and"Internet+".Choosing an effective cor⁃porate governance mechanism is fundamental to traditional enterprises to promote mobile Inter⁃net innovation.However,in the previous literature,there is no consistent conclusion regarding whether the duality of board chairman and CEO is better or the separation is better.Moreover,most of the re⁃search on the relationship between the job separation and enterprise innovation is still mainly limited to the research on enterprise technological innovation.However,the innovation activities carried out by traditional enterprises to deeply integrate with the Internet are significantly differ⁃ent from technological innovation,thus forming a special and novel research situation.In this special context,whether job separation is better,or duality in other enterprise innovation activi⁃ties,is still not well explored.This paper collects APP data of public listed companies as the specific measure of mobile Internet innovation and studies the influence of the separation of board chairman and CEO on the mobile Internet innovation of traditional enterprises empirically.The results show that the separation of board chairman and CEO can effectively improve the innovation performance of tra⁃ditional enterprises in the mobile Internet field.Moreover,when the innovation intensity of other enterprises in the same industry is weaker,the equity share held by the chairman is higher or when the chairman is expected to be in the current position for a longer time,the positive effect of separation of board chairman and CEO will be stronger.Based on the context of mobile Internet innovation,this paper supports the advantage of separation of board chairman and CEO,which is different from the empirical findings based on the traditional technology innovation research context.At present,it is becoming more common for enterprises to face situations that feature high uncertainty,lack of prior experience and cross disciplined innovation.Our research shows that it is necessary to rethink whether corporate gov⁃ernance mechanism plays a different role in those contexts compared with the traditional techno⁃logical innovation context.Moreover,this paper provides a new and optimized perspective of the board to study how to improve the Internet innovation performance of traditional enterprises.Results indicate that those traditional enterprises trying to catch the new opportunity of mo⁃bile Internet need to comprehensively design and manage the Internet innovation at the strategic level and corporate governance level,rather than simply manage it as a business activity at the operation level.By selecting appropriate corporate governance mechanism or making the ar⁃rangements depend on given governance mechanism,traditional enterprises are able to achieve better performance when doing mobile Internet innovation.