核心高管商业资本与企业创新

Core Executives’Commercial Capital and Enterprise Innovation

基于资源依赖理论,企业创新与发展需要大量的资源支撑,核心高管的商业资本作为一种无形的资源,对于缓解企业创新面临的问题具有重要作用。选取2015—2019年A股上市公司的数据作为研究样本,考察了核心高管商业资本与企业创新的关系以及不同情境因素对两者关系的调节作用。研究发现,核心高管商业资本对促进企业创新具有显著影响。运用替换变量、滞后一期、Heckman两阶段模型以及PSM进行稳健性检验,结果仍然显著。进一步研究发现,相对于较为宽松的行业竞争环境而言,行业竞争越激烈则越有利于核心高管商业资本对企业创新促进作用的发挥。此外,相对于非国有企业而言,国有企业对核心高管商业资本与企业创新的关系具有显著的促进作用。

Based on the resource dependence theory,enterprises innovation and development need a lot of resources.As a kind of intangible resource,core executives’commercial capital plays an important role in alleviating the problems faced by enterprise innovation.Selecting the data of A-share listed companies from 2015 to 2019 as the research sample,the paper examines the relationship between core executives’commercial capital and enterprise innovation,and the moderating effect of different situational factors on the relationship.It is found that core executives’commercial capital has a significant impact on promoting enterprise innovation.The robustness test is carried out by using the replacement variable,one lag period,Heckman two-stage model and PSM,and the results are still significant.Further research shows that,compared with the relatively loose industry competition environment,the more intense the industry competition is,the more conducive it is for the core executives’commercial capital to play a role in promoting enterprise innovation.In addition,compared with non-state-owned enterprises,state-owned enterprises have a significant promoting effect on the relationship between executives’commercial capital and enterprise innovation.