CEO研发经历与企业实质性创新行为——基于数字金融和企业金融化视角  

CEO's R&D Experience and Enterprises Substantive Innovation Behavior:Based on the Perspective of Digital Finance and Corporate Financialization

作　　者：刘庆龄[1] 杨晓晓 张芳芳 LIU Qing-ling;YANG Xiao-xiao;ZHANG Fang-fang(Anhui University of Finance and Economics,Bengbu Anhui 233030,China;Zhejiang University of Finance and Economics,Hangzhou Zhejiang 310018,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]浙江财经大学会计学院,浙江杭州310018

出　　处：《铜陵学院学报》2021年第4期39-44,共6页Journal of Tongling University

基　　金：安徽高校人文社会科学重点项目“我国民营企业员工持股计划的路径取向与经济效应研究”(SK2020A0048);浙江省自然科学基金一般项目“企业信息风险、资产定价与海外并购”(LY19G020007);安徽财经大学研究生科研创新基金项目“供应链金融能推动中小企业创新吗?——基于融资约束和风险承担的中介效应分析”(ACYC2020374)。

摘　　要：基于企业实质性创新动机不足的现实问题,文章搜集整理了2008-2017年中国A股上市公司面板数据,基于数字金融和企业金融化视角研究了CEO研发经历与企业实质性创新行为之间的关系。研究发现,CEO研发经历能够显著提升企业实质性创新,数字金融能够发挥外部资源效应和信息效应,强化了这种提升作用。进一步研究表明,CEO研发经历通过抑制企业金融化对企业实质性创新的“挤出效应”,进而提升企业实质性创新。In view of the lack of substantive innovation motivation of enterprises,this paper collects and sorts out the panel data of Chinese A-share listed companies from 2008 to 2017,and studies the relationship between CEO's R&D experience and substantive innovation behavior of enterprises from the perspective of digital finance and corporate financialization.It is found that the CEO's R&D experience can significantly improve the substantive innovation of the firm;Digital finance can exert external resource effect and information effect,which strengthens the promotion effect.Further research shows that the R&D experience of CEO enhances the substantive innovation by inhibiting the"crowding out effect"of corporate financialization on the substantive innovation.

关 键 词：CEO研发经历 实质性创新 数字金融 企业金融化 

分 类 号：F272[经济管理—企业管理]