企业管理者权力、创新投资与技术积累——来自我国A股上市企业的经验证据  

Enterprise Managerial Power,Innovation Investment and Technology Accumulation:Empirical Evidence from Chinese A-share Listed Enterprises

作　　者：孙菁 王京[2] 黄鑫 刘睿智[2] Sun Jing;Wang Jing;Huang Xin;Liu Ruizhi(College of Business,Qingdao University,Qingdao 266100,China;College of Management,Ocean University of China,Qingdao 266100,China;College of MBA,Guangdong University of Finance&Economics,Guangzhou 512000,China)

机构地区：[1]青岛大学商学院,266071 [2]中国海洋大学管理学院,266100 [3]广东财经大学MBA学院,512000

出　　处：《南开经济研究》2021年第1期122-142,共21页Nankai Economic Studies

基　　金：教育部人文社会科学研究项目(18YJC630178);山东省社会科学基金项目(18DGLJ10,18CKJJ06,18CJLJ46)的资助。

摘　　要：基于沪深两市A股上市企业的财务数据,本文研究了企业管理者权力与企业技术积累的关系,考察了二者关系的作用机理,并探讨了内外部环境因素对二者关系的边界效应。研究结果表明,企业管理者权力与技术积累效率和规模正相关,在控制了内生性问题的影响后,该结论依旧稳健;进一步研究发现,技术创新投资是企业管理者权力影响企业技术积累的中介变量;股权结构和企业税负会产生边界效应,当股权集中度和企业税负水平较低时,企业管理者权力与企业技术积累的正向关系更显著。本研究可以为中国企业的组织权力安排和技术投资决策提供有益参考。Based on the financial data of A-share listed enterprises in China,this paper studies the relationship between managerial power and enterprise technology accumulation,investigates the mechanism of them,and discusses the boundary effect of internal and external environmental factors on the relationship between above two.The results show that the managerial power is positively related to the efficiency and scale of enterprise technology accumulation.After controlling the influence of endogenous problems,the conclusion is still stable.Further research finds that technology innovation investment is an intermediary variable in which managerial power affects enterprise technology accumulation;equity structure and tax burden will have a boundary effect on the relationship between managerial power and enterprise technology accumulation,and the lower equity concentration and tax burden are,the more significant of positive relationship between managerial power and enterprise technology accumulation is.This study provides a useful reference for enterprises to make organizational power arrangement and technology investment decision.

关 键 词：技术积累 企业管理者权力 创新投入 边界效应 

分 类 号：F832.51[经济管理—金融学] F272.91F273.1