学者型独立董事与企业创新——来自中国资本市场的经验证据  

Academic Independent Directors and Corporate Innovation:Evidence from Chinese Capital Market

作　　者：焦跃华[1] 孙源[1] Yuehua Jiao;Yuan Sun(School of Accounting,Zhongnan University of Economics and Law,Wuhan Hubei 430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《会计与经济研究》2021年第5期25-42,共18页Accounting and Economics Research

基　　金：国家社会科学基金一般项目(21BGL100)。

摘　　要：独立董事的最大群体由学者构成,形成了中国独有的公司治理特征。在这一特殊背景下,研究中国学者型独立董事的治理绩效显得尤为必要。基于企业创新视角,文章以2002-2018年沪深A股主板非金融类上市公司为样本,研究发现:学者型独立董事不仅能够提升企业研发投入和产出水平,而且有助于企业创新效率的提高;相较于非技术型学者独立董事,技术型学者独立董事更能促进企业研发投入和产出;相较于一般平台学者独立董事,优势平台学者独立董事更能促进企业研发投入和产出。进一步研究发现,担任战略委员会成员的技术型学者独立董事对研发产出的促进作用更为明显。基于地理距离的检验结果显示,学者型独立董事在促进企业创新中更多发挥咨询作用。研究不仅为学者成为独立董事的最大来源这一中国特有现象提供了理论和经验解释,同时对政府和企业制定研发战略、突破创新瓶颈具有一定的实践指导意义。The largest group of independent directors is composed of scholars,which forms a unique feature of corporate governance in China.Under this special background,it is particularly necessary to study the governance performance of academic independent directors in China.From a perspective of corporate innovation,using data of the non-financial listed companies on the Shanghai and Shenzhen A-share main board from 2002 to 2018,our research reveals that academic independent directors can not only improve the R&D input and output,but also benefit the R&D efficiency.Specifically,compared with non-technical academic independent directors,technical academic independent directors can better promote R&D input and output,and compared with academic independent directors from general platform,academic independent directors from superior platform can better improve the level of R&D input and output.Further research finds that the technical academic independent directors who serve as members of strategic committee can further contribute to the R&D output.The results based on geographic distance show that academic independent directors play an advisory role in promoting corporate innovation.This research not only provides theoretical and empirical explanations for the unique Chinese phenomenon that scholars become the largest source of independent directors,but also has certain practical guiding significance for the government and enterprises to formulate R&D strategies and break through innovation bottlenecks.

关 键 词：学者型独立董事 企业创新 专业背景 平台特征 

分 类 号：F271.5[经济管理—企业管理]