“花瓶”一无所用?独立董事对公司创业导向的影响  

Is"Vase"Really Useless?The Influences of Independent Directors on Entrepreneurial Orientation

作　　者：戴维奇 王铱 王莉雅 Dai Weiqi;Wang Yi;Wang Liya(School of Business Administration,Zhejiang University of Finance&Economics,Hangzhou Zhejiang 310018)

机构地区：[1]浙江财经大学工商管理学院,浙江杭州310018

出　　处：《创新科技》2021年第3期78-90,F0002,共14页Innovation science and technology

基　　金：国家自然科学基金面上项目“为何不停歇?战略参照点理论视角下公司创业生成与持续机制研究”(71672168);浙江省自然科学基金一般项目“企业家‘身份’影响企业的创业导向吗?政策注意力的中介作用”(LY20G020015)。

摘　　要：近年来,创业导向前因研究的焦点已渐从外部环境转至企业及管理者层面。其中有关管理者层面的因素涉及董事会整体和CEO,鲜有研究考察其他类别董事(如独立董事)对创业导向的影响。基于此,文章整合合法性理论与信号理论,预测和检验独立董事与创业导向的关系。基于信息传输、软件和信息技术服务业A股上市公司2011—2016年的面板数据,实证结果表明,独立董事的存在通过增加企业合法性促进创业导向,当独立董事中存在“学者董事”时,上述关系的强度增强;而企业所在地区制度发展水平较高时,上述关系的强度减弱。文章具有一定的理论和实践意义。In recent years,researches on the antecedents of entrepreneurial orientation are shifting their focus from external environment to firm and managerial levels.The factors of managerial level involve BoD's(board of director's)and CEO,the impacts of other types of directors entrepreneurial orientation are barely studied.In view of this,this paper integrates the legitimacy theory and signaling theory to predict and examine the relationships between independent directors and entrepreneurial orientation.Based on a panel data set of A-share listed companies in industries such as information transmission,software and information technology services from 2011 to 2016,the empirical results show that the existence of independent directors enhances entrepreneurial orientation by promoting corporate legitimacy.This relationship is enhanced when there are scholar-directors among the members of independent directors.In addition,the relationship is weakened for firms located in regions with higher levels of institutional development.The paper had certain theoretical and practical implications.

关 键 词：创业导向 公司创业 独立董事 合法性理论 信号理论 

分 类 号：F270[经济管理—企业管理]