摘要
以我国2008—2018年A股上市公司为研究对象,采用多元回归分析法探究高管学术经历、股权融资与企业创新三者间的关系,结果表明:外部股权融资在高管学术经历对创新投入的影响中起中介作用;同时,这种中介作用还会因业绩变化而有所改变,业绩下降时高管学术经历与股权融资之间的正向作用更为显著。虑及企业产权性质的异质性发现,相较国有企业,股权融资的中介效应在非国有企业中更加显著。
In order to explore the relationship among executives′ academic experience, equity financing and corporate innovation, taking China′s A-share listed companies from 2008 to 2018 as the research object, using multiple regression analysis, we draw the following conclusions: external equity financing plays an intermediary role in the impact of executive academic experience on innovation investment;At the same time, this relationship is also regulated by performance changes. Compared with the increase of performance, the positive effect between executives′ academic experience and equity financing is more significant when performance decreases. Considering the heterogeneity of enterprise property rights, it can be found that the intermediary effect of equity financing is more significant in non-state-owned enterprises than in state-owned enterprises.
作者
高艳慧
樊香荣
潘颖雯
GAO Yanhui;FAN Xiangrong;PAN Yingwen(School of Management,Xi′an Polytechnic University,Xi′an710048,China)
出处
《武汉理工大学学报（信息与管理工程版）》
2022年第3期438-444,共7页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家自然科学基金项目(71702139)
陕西省软课题(2020KRM167)。
关键词
高管学术经历
企业创新
多元回归分析
股权融资
业绩变化
executives′academic experience
corporate innovation
multiple regression analysis
equity financing
performance changes
