高管学术经历和企业创新投入的影响机制研究

Research on the Influence Mechanism of Senior Management’s Academic Experience and Enterprise Innovation Investment

以我国2009~2018年沪深A股上市公司的14,000个数据为样本,实证研究高管学术经历和企业创新投入之间的关系,并在此基础上,从财务柔性和管理者短视两个视角对高管学术经历影响企业创新投入的路径进行研究。研究结果表明:1) 高管学术经历和企业创新投入显著正相关,说明引进具有学术经历的高管能够显著提升企业的创新投入水平。2) 财务柔性、管理者短视在高管学术经历和企业创新投入之间存在部分中介效应,说明有学术经历的高管可以通过增加财务柔性储备、减少管理者短视等途径来提升企业创新投入水平。

Taking 14,055 data of Shanghai and Shenzhen A-share listed companies in China from 2009 to 2018 as a sample, empirically study the relationship between the academic experience of executives and corporate innovation investment. On this basis, from the perspectives of financial flexibility and managerial myopia, the path of executives' academic experience affecting corporate innovation investment is studied. The research results show that: 1) There is a significant positive correlation between the academic experience of executives and the innovation investment of enterprises, indicating that the introduction of executives with academic experience can significantly increase the level of innovation investment of enterprises. 2) Financial flexibility and managerial myopia have a partial mediating effect between the academic experience of executives and corporate innovation investment, indicating that executives with academic experience can increase corporate innovation investment by increasing financial flexibility reserves and reducing managerial myopia.