企业双元创新路径选择研究——基于资本配置效率的视角  

Exploratory Innovation or Exploitative Innovation: Based on the Impact of Capital Allocation Efficiency

作　　者：马连福 高塬[1,2] 秦鹤 MA Lianfu;GAO Yuan;QIN He(China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《科学学与科学技术管理》2019年第8期18-32,共15页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目(71772094);教育部人文社会科学重点研究基地重大项目(18JJD630002)

摘　　要：已有研究多基于具体流动资产探讨创新影响因素。结合2004-2017年A股上市公司数据,基于资源基础理论分别从流动性约束视角和冗余资源视角出发,阐释资本配置效率对企业双元创新的影响,验证了资本配置过度的企业更加青睐探索式创新,并且结合代理理论分析并验证了独立董事财务监督的调节效应。Previous studies have mainly discussed the factors of innovation. With the data of A-share companies from 2004 to 2017, we explore the impact of the capital allocation efficiency on the ambidextrous innovation based on the resource-based theory, and explain the mechanism by liquidity constraint view and financial slack view. It is verified that the over-investment has a positive effect on exploratory innovation. And based on agency theory we analyzed and verified the moderating effect of financial supervision by independent director.

关 键 词：资本配置效率 探索式创新 利用式创新 独立董事意见 资源优化 

分 类 号：F273.1[经济管理—企业管理] F273.4[经济管理—国民经济]