强权CEO能更好地利用风险投资进行创新吗?  

Can Powerful CEO Make Better Use of Venture Capital for Innovation?

作　　者：赵毅[1] 戚安邦[1] 乔朋华[2] 

机构地区：[1]南开大学商学院,天津300071 [2]齐齐哈尔大学经济与管理学院,黑龙江齐齐哈尔161000

出　　处：《科学学与科学技术管理》2016年第9期155-168,共14页Science of Science and Management of S.& T.

基　　金：天津市政府决策咨询重点课题(ZFZX2012-41)

摘　　要：企业创新的长期性特征需要以充足的资源作为保证,CEO能否更好地利用外部风险资本做出高效的创新决策并进行创新投入,对于企业的成长具有重要意义。以2007—2014年在A股主板、中小板、创业板上市的高新技术企业的3 238名CEO作为初始样本,以CEO权力强度为基准,将CEO分为强权型CEO和弱权型CEO两组对照样本,并从理论与实证2个层面对强、弱权型CEO对于企业创新投入的影响机制及外部风险投资持股对这种影响效应的调节作用进行探讨。研究发现:CEO权力与企业创新投入活动显著正相关,强、弱权型CEO对企业创新投入的影响具有显著差异性;外部风险投资持股在企业上市后仍是影响企业创新投入的重要因素;外部风险投资持股比例的不断提高将会显著改善CEO由于弱权而造成的企业创新投入水平较低的问题,但对强权型CEO与企业创新投入活动之间的关系不具有显著的调节作用;稳健性检验以及工具变量控制内生性后,研究结论依然成立。Long-term characteristics of enterprise innovation need to adequate resources as a guarantee. Can CEO make better use of external venture capital and efficient decision making for innovation input？ It is of great significance for the growth of the enterprise. Using 3 238 CEOs as the initial sample, with CEO power strength as a benchmark, the CEO is divided into powerful CEO and weak CEO in two groups as samples that from 2007 to 2014 in Chinese liseted companies in high and new technology industry. We ananlyze the effect of CEO＇s power and venture capital＇s share on innovation input performance, and further focus on the moderator effects of venture capital＇s share on the relationship between CEO power and innovation input performance. This study shows that there is positive correlation between CEO power and enterprise innovation input activity, and the powerful and the weak power type CEO＇s influence on enterprise innovation input activity has the significantly difference. The external venture capital in listed companies is still the important factors that affect enterprise innovation input. External venture capital＇s share will significantly improve low level in enterprise innovation input which caused by CEO due to weak power, while external venture capital＇s share doesn＇t play moderator effects beiween powerful CEO and innovation input performance. This study conclusion remains valid after robustness test and instrumental variable control of endogenous.

关 键 词：CEO权力 风险投资 企业创新投入 资源依赖 群体决策 

分 类 号：F273.1[经济管理—企业管理] F272.92[经济管理—国民经济]