高管认知差异、股权集中性与企业技术创新——基于固定效应模型和调节效应的研究

Cognitive Differences of Executives, Ownership Concentration and Enterprise Technological Innovation—Research Based on Fixed Effect Model and Regulatory Effect

本文选取A股上市公司2010年~2019年的面板数据作为研究样本,以高层梯队理论和代理理论为基础,采用Herfindal-Hirschman指数法度量认知差异,运用固定效应模型实证分析了高管团队认知差异对企业技术创新的影响,并针对股权集中性进行深入的调节机制研究。研究结果如下:高管团队教育水平、海外背景多样性显著促进了企业技术创新投入;金融背景多样性对于企业技术创新具有显著的抑制作用。然而,股权集中性会弱化上述认知差异对于企业技术创新的积极作用。文章有别于现有文献对象局限化、指标单一化的不足,运用实证回归扩展了高管团队认知差异与企业技术创新之间关系的认识,为企业提供了团队、战略、约束机制三方面的经验支持。当然,本文在数据选取和调节效应的选择这两方面,也存在一定技术局限,未来研究可以基于上述几点进行改善。

Based on the panel data of A-share listed companies from 2010 to 2019, this paper uses Herfindal-Hirschman index method to measure the cognitive differences, uses fixed effect model to empirically analyze the influence of the cognitive differences of top management team on enterprise technological innovation, and makes an in-depth study on the adjustment mechanism of ownership concentration. The results are as follows: the educational level of senior management team and the diversity of overseas background have significantly promoted the investment in technological innovation of enterprises;financial background diversity has a significant inhibitory effect on technological innovation of enterprises. However, ownership concentration will weaken the positive effect of the above-mentioned cognitive differences on enterprise technological innovation. Different from the limitation of existing literature and the simplification of indicators, this paper uses empirical regression to expand the understanding of the relationship between the cognitive differences of top management teams and technological innovation of enterprises, and provides empirical support for enterprises from three aspects: team, strategy and restraint mechanism. Of course, there are some technical limitations in data selection and adjustment effect selection in this paper, and future research can be improved based on the above points.