CEO的财务背景影响企业技术资本积累了吗?

Does the CEO’s Financial Background Influence the Accumulation of Corporate Technology Capital?

本文以2007~2021年沪深A股上市公司为研究样本,以CEO财务背景和企业技术资本积累间关系为设计对象。实证结果表明:CEO财务背景能够显著正向促进技术资本积累,且CEO薪酬能够显著促进两者之间的关系;进一步研究发现:CEO的财务背景能够通过缓解融资约束促进技术资本积累;基于股权集中度、CEO持股比例和企业规模等视角,发现CEO财务背景对技术资本积累的作用存在异质性。本文旨在拓展企业技术资本积累相关方面的研究,并为企业选拔和激励CEO及职业经理人制度制定提供经验依据。

This paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as the research sample, and studies the relationship between CEO’s financial background and enterprise technology capital accumulation as the design object. The empirical results show that CEO’s financial background can significantly positively promote technology capital accumulation, and CEO’s compensation can significantly promote the relationship between them. Further research shows that CEO’s financial background can promote technology capital accumulation by alleviating financial constraints;Based on the perspective of ownership concentration, CEO’s shareholding ratio and firm size, we find that the effect of CEO’s financial background on technology capital accumulation is heterogeneous. The purpose of this paper is to expand the research on the accumulation of technology capital in enterprises, and to provide empirical basis for the selection and incentive of CEO’s and the establishment of professional manager system.