“学院派”的力量:来自具有学术背景独立董事的经验证据  

The Power of Knowledge: Evidence from Independent Directors with Academic Backgrounds

作　　者：沈艺峰[1] 王夫乐[1] 陈维[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《经济管理》2016年第5期176-186,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金重点项目"公司财务政策选择与动态演化研究"(71232005)

摘　　要：本文利用我国A股上市公司为研究对象,探讨独立董事的学术背景对公司研发投入和产品市场竞争的影响。研究发现,公司学术背景独立董事的多少与上市公司的研发投入和产品市场竞争存在正相关关系,具有学术背景的独立董事在研发投资上不仅存在咨询的作用,也可能起到传递信号的作用。同时,根据"高层梯队理论"(Hambrick&Mason,1984),进一步考察独立董事学术背景的促进作用,发现具有学术背景的独立董事与公司产品市场竞争并不存在持续的线性关系:在高管学术背景较差和较好的公司中,具有学术背景的独立董事的增加反而会降低公司产品市场竞争的能力。总体上,具有学术背景独立董事的增加与产品市场竞争提升的关系呈倒U型。This paper utilizes the listed firms in the China＇ s A-share Stock Market and explores the influences of independent directors with academic background on investment of R＆D and product market competitiveness. From a perspective of human resources and organizational structure, this paper contributes to the existing literatures by finding the impacts of independent directors with academic backgrounds on corporate governance. Moreover, this paper suggests that this type of directors can only contribute when the number of employees with academic back- grounds in a firm is optimal. Unlike most of the prior literatures, we believe that independent directors can make significant impacts on firms. However, this is solely limited to those with academic backgrounds. Although independent directors with ac- ademic experiences have only limited roles in making corporate decisions, we believe their existence signals a firm＇ s ability to receive help from academic resources. Inevitably, those with academic backgrounds are the ones who can generate the most help from the research institutes. These helps in turn would boost firm＇ s R＆D level, and lead to improvement in firm＇ s product market competitiveness. In other words, the number of independent directors with academic background should be positively correlated with firm＇ s investment in R＆D and product market com- petiveness. Nevertheless, this positive effect should not be linear. Similar to the Upper Echelon Theory （Hambrick ＆ Mason, 1984）, the correlation between the number of independent directors with research backgrounds and the product market competitiveness should be an inverse U-shape. At the starting point when firm is lack of academic resources, finding and hiring an employee who can provide such resource would be costly. As the number employ- ees with academic resources increase, their marginal cost would decrease while their marginal contribution increa- ses. Therefore, there should be an optimal interval where employees with academic reso

关 键 词：学术背景 独立董事 产品市场竞争 研发投入 

分 类 号：F275[经济管理—企业管理]