首席执行官学术经历与企业绿色技术创新

CEO’s Academic Experience and Firms’ Green Technological Innovation

基于高层梯队理论,研究利用2008—2019年中国A股上市公司绿色专利数据,考察首席执行官(CEO)学术经历与企业绿色创新之间的关系。研究发现,CEO学术经历能够在一定程度上促进企业绿色技术创新,结果在一系列的检验后依旧稳健。进一步研究发现,提高研发投入水平与缓解融资约束是CEO学术经历提升企业绿色技术创新水平的重要作用机制;且国有企业中CEO学术经历对绿色技术创新的促进作用更强。主要管理启示为,学术经历可以作为一种内部的治理机制,在外部治理不够完备的情况下,加强高管团队的建设可以作为促进发展绿色经济一个可能的思路。

Based on the Upper Echelons Theory, this paper analyses the green patent data of China’s A-share listed companies from 2008 to 2019 to examine the relationship between CEO’s academic experience and corporate green innovation. This study shows that CEO’s academic experience can promote corporate green technology innovation to a certain extent, and this result is still consistent after a series of tests. Furthermore, this study concludes that boosting R&D investment and alleviating financing constraints are two important mechanisms to accelerate corporate green technology innovation by enhancing CEO’s academic experience;and CEO’s academic experience in stateowned enterprises plays a stronger role in green technology innovation.The main managerial implications of the studyindicate that academic experience can serve as an internal governance mechanism. In the case of incomplete external governance, strengthening the construction of top management team can serve as a possible way to promote the development of green economy.