技术专家型高管与上市企业绿色创新

TECHNOLOGICAL EXPERT EXECUTIVES AND GREEN INNOVATION OF LISTEDFIRMS

本研究基于绿色专利数据和企业财务数据,构建2000—2020年A股上市企业的绿色创新数据库,人工识别86457个核心管理者的学历特征数据,通过计量模型探讨上市企业高管技术、学历背景对绿色创新绩效的影响与机制分析。研究结果发现,理、工、农、医学背景的高管从事研发的概率比文、商、法学背景的高管高出一倍。进一步控制核心高管研发背景、学历后,回归结果表明技术专家型高管对绿色创新及其效率依然有正向影响,具体影响渠道有二:研发资金投入和研发人员投入具有中介效应;所有制结构、企业规模和研发人员投入具有调节效应。异质性分析表明,大型企业为技术专家型高管提供了更好的平台,知识与研发结合后的复合型人才能在绿色创新中发挥更大的作用,但我国上市企业当前的绿色创新仍处于初期阶段。本文进一步采用了准自然实验的高管“换届”以及多种PSM方法对潜在的内生性问题进行检验,结果均保持一致。

Based on enterprise financial data and patent data,this paper manually identifies 86457 core managers(CEOs and chairmen of the board)data of the academic and R&D experience characteristics and constructs a green innovation database of Chinese A-share listed firms in 2000-2020 to explore the impact and mechanism of R&D experience,academic backgrounds and the combination of these two characteristics(CRA)of listed firms'core managers on green innovation through an econometric model.The findings show that core managers from science,engineering,agriculture and medicine backgrounds are twice likely to engage in R&D than those from arts,commerce and law backgrounds.After further controlling technological expert executives'R&D background and academic qualifications,the regression results show that CRA still have a positive effect on green innovation and the channels are that R&D capital investment and R&D personnel investment have a mediating effect,and ownership structure,firm size,and R&D personnel investment have a moderating effect.Heterogeneity analysis shows that large enterprises provide a better platform for technological expert executives,and they can play a greater role in green innovation,while the current green innovation in China's listed firms is still in the early stage.The paper further examines the potential endogeneity issue using a quasi-natural experiment of core managers'"turnover"and various PSM methods.The results are consistent.