高校技术独董对企业创新的影响研究:来自高新技术企业的证据

A Research on the Impact of University Technology Independent Directors on Corporate Innovation:Evidence from High-tech Enterprises

本文以2010—2020年沪深证券交易所高新技术企业为样本,考察高校技术独董作为某一领域的专家,能否因其特有的人力资本与社会资本对企业创新产生影响。采用OLS回归分析方法,实证检验了高校技术独董对企业创新的影响及其作用机制。研究发现,高校技术独董能够显著促进企业创新。机制分析表明,高校技术独董主要通过促进产学研合作以及减少管理者短视促进企业创新。异质性分析表明,相对于其他高校技术独董,拥有教授职称、多职业背景以及院士背景的高校技术独董更能够促进企业创新;高校技术独董对企业创新的促进作用在董事会活跃度高的企业中更为突出。进一步分析表明,高校技术独董能有效整合企业研发模式,不仅能够促进合作研发,还能够促进独立研发。本文的结论为企业制定创新战略以及独立董事聘用提供了参考价值。

By bringing in university professors with technical backgrounds as independent directors,listed companies can create a connection between academia and industry,encourage technical collaboration between universities and enterprises,and offer advice for innovative decision-making.This can play an expert role,enhance corporate innovation capability,and break through the technological blockade.Taking high-tech enterprises listed on Shanghai and Shenzhen stock exchanges from 2010 to 2020 as the sample,this paper explores whether university technology independent directors increase corporate innovation.The study shows that university technology independent directors can greatly boost corporate innovation by encouraging collaboration among industry,university,and research,and reducing management myopia.Heterogeneity analysis reveals that university technology independent directors who hold professorships and have multi-professional or academician backgrounds are better at promoting corporate innovation than other university technology independent directors.Moreover,the promotion effect of university technology independent directors on corporate innovation is more evident in enterprises with higher board activity.Further analysis reveals that university technology independent directors can effectively integrate enterprise R&D modes and promote both collaborative and independent R&D.The theoretical contributions of this paper are that:First,it offers a fresh perspective for studying the impact of technology independent directors on corporate innovation and broadens the scope of relevant research.Second,it investigates the role and mechanism of university technology independent directors on the board and sheds light on their impact on corporate innovation.Third,it provides additional research on the involvement of university technology independent directors in corporate governance,which subsequently affects corporate innovation.The management implications of this paper are that:First,high-tech enterprises can hire university technology independent directors to supplement their lack of knowledge and resources needed for innovation.Second,high-tech enterprises can maximize the social network resources of university technology independent directors to facilitate collaborative R&D.Third,high-tech enterprises can leverage the expert role of university technology independent directors to enhance independent innovation capability and break through the technological blockade.Fourth,the board should appropriately increase the number of meetings to facilitate knowledge sharing,improve the ability to identify and assess innovation opportunities,and reduce management myopia.