CEO营销经历、研发创新与林业上市公司价值提升

CEO marketing experience,R&D innovation and value improvement of the listed forestry enterprises

【目的】企业发展的关键在于创新。林业企业有其特殊的行业性质,其研发创新能否提升行业企业价值呢?而具有营销经历的CEO是否会对企业价值产生影响呢?探究林业上市公司中企业研发创新对企业价值的影响,以及具有营销经历的CEO是否会影响企业创新进而提升企业价值。【方法】以2015—2019年中国沪深两市中的林业A股上市公司为研究样本,通过实证研究了企业研发创新对企业价值的影响。基于CEO对企业权力架构核心的重要性将CEO分为有营销经历和无营销经历,研究企业研发创新和企业价值之间的关系,追随创新发展的号召,从全新的角度切入CEO特征,为企业研发创新和营销型CEO定义提供科学可靠的理论支持。【结果】研发创新支出(R&D)与企业价值的回归系数值为1.952,显著性为0.000,二者在1%的水平上显著相关;当CEO有营销经历时,企业创新能力与企业价值的回归系数为0.152,显著性为0.000;而当CEO无营销经历时,企业研发创新能力与企业价值的回归系数为0.084,显著性为0.000,通过了1%水平的显著性测试。【结论】林业上市公司企业研发创新对提升企业价值具有显著影响;然而样本中有营销背景的CEO仅占30%左右,而且无论CEO是否具有营销经历,林业上市公司企业研发创新都能提升企业价值;但CEO具有营销经历时,企业创新对企业价值的影响更明显。

【Objective】Innovation is the key to enterprise development.Forestry enterprises have a special nature in the industry.Can their R&D and innovation enhance the value of industry enterprises?Does a CEO with marketing experience have an impact on corporate value?This article explored the influence of R&D innovation on the enterprise value in the listed forestry companies,and whether CEOs with marketing experience can influence enterprise innovation and improve enterprise value.【Method】Taking the forestry A-share listed companies from 2015 to 2019 as the research samples,this article empirically studied the impact of enterprise R&D innovation on enterprise value.Based on the importance of the CEO to the core of the power structure of the enterprise,CEOs should be divided into two groups including CEOs with marketing experience and those without marketing experience.Then the relationship between enterprise innovation and enterprise value was studied.The work was conducted by following the call of innovation and development,and explored the characteristics of CEOs from a new perspective,which provided scientific and reliable theoretical support for the definition of corporate R&D innovation and marketing CEOs.【Result】The regression coefficient of R&D and enterprise value was 1.952,and the significance was 0.000,and the two were significantly correlated at the 1%level.When the CEO had marketing experience,the regression coefficient of enterprise innovation capability(R&D)and enterprise value was 0.152,and the significance was 0.000.When the CEO had no marketing experience,the regression coefficient of R&D and enterprise value was 0.084,and the significance was 0.000,which passed the significance test at the 1%level.【Conclusion】The R&D innovation of the listed forestry companies has a significant impact on the improvement of enterprise value.However,only about 30%of the CEOs in the samples have marketing experience,and regardless of the marketing experience of CEOs,R&D innovation can improve enterprise value.However,when the CEO has marketing experience,the impact of enterprise innovation on enterprise value is more obvious.