董事长地位不一致与企业创新:基于资源保存理论

Chairman Status Incongruence and Enterprise Innovation:Based on the Conservation of Resources Theory

董事长正式地位与非正式地位不一致的现象并不罕见,但鲜有研究对其进行探讨。基于资源保存理论,以2008~2019年沪深两市A股上市企业为研究样本,实证检验董事长地位不一致对企业创新的影响,以及董事会规模与董事会稳定性对两者关系的调节效应。研究发现:董事长地位不一致与企业创新呈倒“U”形关系,即董事长地位不一致在达到特定临界值之前,会对企业创新起促进作用,在超过特定临界值后,则对企业创新起抑制作用,这种关系在民营企业、两职分离企业及市场化程度较高的企业中更为明显;董事会规模与董事会稳定性均削弱了董事长地位不一致与企业创新的倒“U”形关系。研究结论弥补了董事长地位相关研究的不足,对完善上市企业董事会结构和选聘机制并促进企业创新具有重要指导意义,也为更好地发挥企业家在技术创新中的重要作用的宏观政策提供微观经验支撑。

Incongruence between the formal status and informal status of the chairman is not uncommon,but few studies have explored it.Based on the conservation of resources theory,taking the A-share listed companies in the Shanghai and Shenzhen Stock markets from 2008 to 2019 as a research sample,this study empirically tests the relationship between chairman status incongruence and enterprise innovation,and the moderating effect of board size and board stability on the relationship.The study found that chairman status incongruence has an inverted U-shaped relationship with enterprise innovation,that is,chairman status incongru-ence will promote enterprise innovation before reaching a certain critical value,and inhibit enterprise innovation after a certain criti-cal value is exceeded.This relationship is more obvious in private companies,companies with separate chairman and CEO positions and companies with a higher degree of marketization;board size and board stability weaken the inverted U-shaped relationship be-tween Chairman status incongruence and enterprise innovation.This study make up for the lack of research on status of the chair-man,and has important guiding significance for improving the board structure and selection mechanism of listed companies and en-hance enterprise innovation.It also provides micro-experience support for the macro policy of how to better“play the important role of entrepreneurs in technological innovation”.