高管风险偏好、独立董事与企业技术多元化——基于山西省制造业上市公司的实证研究

Risk Preference of Top Managers,Independent Directors and Technological Diversification——An Empirical Study Based on the Listed Manufacturing Companies in Shanxi Province

本文基于高阶梯队理论和代理理论,以沪深A股17家山西省制造业上市公司2007—2020年的数据为样本,探讨高管风险偏好、独立董事与企业技术多元化之间的关系,发现高管风险偏好能够显著促进技术多元化,独立董事具有增强这一正向影响的调节效应,并基于研究结论对山西省制造业企业提高技术创新能力提出了建议。

Based on upper echelons theory and agency theory,taking the data of Shanghai and Shenzhen A-share 17 listed manufacturing companies of Shanxi Province from 2007 to 2020 as the sample,this paper analyzes the relationship between risk preference of top managers,independent directors and technological diversification.It is found that risk preference of top managers can significantly promote technological diversification,and independent directors have a moderating effect that enhances this positive influence.Based on the conclusions,it puts forward suggestions for improving technological innovation capability of manufacturing enterprises in Shanxi Province.