董事会本地化与企业创新——兼论权力及文化的影响  

The Localization of Board of Directors and Corporate Innovation:Concurrently Discussing the Role of Power and Culture

作　　者：李强[1] 李壮壮 蒋洮 LI Qiang;LI Zhuangzhuang;JIANG Tao(School of Economics and Management,China University of Mining&Technology,Xuzhou 221116,China)

机构地区：[1]中国矿业大学经济管理学院,江苏徐州221116

出　　处：《审计与经济研究》2022年第3期73-82,共10页Journal of Audit & Economics

基　　金：国家社会科学基金项目(21BJY120);江苏省社会科学基金重点项目(20GLA006)。

摘　　要：聚焦董事会本地化的“度”,从个体和群体角度分析本地董事对企业创新的作用机理,通过匹配2007—2019年我国A股上市公司注册地与董事会成员籍贯地数据,实证检验董事会本地化对企业创新的影响以及在不同权力、文化情境下的异质性。研究结果表明:董事会本地化与企业创新之间呈倒“U”型关系,适度本地化能够促进企业创新,但过度本地化会损害企业创新,而且这种倒“U”型关系在董事长是本地人、地区信任文化氛围浓厚的情况下更加显著。进一步的中介机制检验发现,董事会本地化通过影响企业风险承担水平和董事会人力资本质量进而作用于企业创新。此外,良好的媒体监督和法律环境有助于抑制董事会本地化对企业创新的负面影响。研究结论从董事会成员地缘属性视角丰富了企业创新影响因素的文献,揭示了董事会本地化对企业创新的“双刃剑”效应,对推动企业创新具有较强的指导意义。Focusing on the“degree”of the localization of the board of directors,this paper analyzes the effects of local directors individual and group on corporate innovation.It empirically examines the impact of the localization of the board of directors on corporate innovation and its heterogeneity under power and culture by matching the data of the registration place of A-share listed companies and the hometown of board members from 2007 to 2019.It finds that the localization of the board of directors and corporate innovation presents a significant inverted U relationship,which means that the temperate localization can stimulate corporate innovation,but the excessive localization is harmful to corporate innovation.Moreover,local chairman and trust culture strengthen the inverted U relationship.Further mediating analysis shows that the localization of the board of directors affects corporate innovation by influencing the level of corporate risk-taking and human capital quality.Additionally,good media attention and legal environments can weaken the negative impact.This paper enriches the research literature on the influencing factors of corporate innovation from the perspective of the board members geographic attributes,reveals the“double-edged sword”effect of the localization of the board of directors on corporate innovation,and gives implications for promoting corporate innovation.

关 键 词：董事会本地化 企业创新 权力 信任文化 人力资本 企业风险承担 媒体监督 法律环境 

分 类 号：F273.1[经济管理—企业管理]