董事会层级一致性对企业创新效率的影响研究

Research on the Impact of the Board Hierarchy Consistency on Enterprises Innovation Efficiency

基于资源保护理论,以我国2009~2019年创业板非金融类上市公司为样本,实证检验董事会层级一致性对企业创新效率的影响。研究表明:董事会层级一致性与企业创新效率存在倒U形关系,这种关系会受到资源保护理论中能源和条件两类关键资源的影响,即股权集中度和任期异质性的提升会削弱倒U形关系,但董事群体交叉过程中的不同表现和资源类型的不同会使倒U形曲线翻转;职业背景相似性的倒U形调节作用虽未得到支持,但职业背景与任期之间的“资源大篷车”现象同样表现出与任期异质性相同的调节作用。

Based on the conservation of resources theory,this study empirically evaluates the impact of the board hierarchy consistency on enterprises’innovation efficiency by taking the second-board non-financial listed companies from 2009 to 2019 as the samples.The empirical study shows that there is an inverted U-shaped relationship between the board hierarchy consistency and enterprises innovation efficiency.This relationship will be affected by the two key resources,energy and conditions.That is,the improvement of ownership concentration and tenure heterogeneity will weaken the inverted U-shaped relationship,while different resource types and different performance of director groups in the crossover process will flip the inverted U-shaped curve.Although the inverted U-shaped moderating effect of career background similarity is not supported,the resource caravans phenomenon between career background and tenure also shows the same moderating effect as tenure heterogeneity.