高管的科研工作经历能缓解企业委托代理问题和融资约束吗?  

Can the Research Work Experience of Executives Alleviate the Agency Problem and Financing Constraints of Enterprises?

作　　者：梁骁 LIANG Xiao(Bank of Jiangsu Co.Ltd,Nanjing 210001,China;Nanjing University,Nanjing 210008,China)

机构地区：[1]江苏银行股份有限公司,江苏南京210001 [2]南京大学,江苏南京210008

出　　处：《新疆财经大学学报》2024年第1期40-51,共12页Journal of Xinjiang University of Finance & Economics

基　　金：江苏省卓越博士后计划“我国货币政策的量化识别与商业银行资产配置智能优化系统的国产化建设”(2023ZB751)。

摘　　要：文章基于我国上市公司数据,分析具有科研工作经历包括学术研究经历和技术研发经历的高管对企业委托代理问题和融资约束的影响。研究发现:具有两类科研工作经历的高管占比提高均能显著降低企业委托代理成本,而仅学术研究经历对降低融资约束的作用显著;作用机制分析结果表明,两类科研工作经历均有助于形成严谨的工作态度和高尚的道德品质,从而可有效约束管理层行为并降低代理成本;另外,两类科研工作经历均有助于提高企业盈利能力和业绩预期从而缓解企业融资约束,而学术研究经历对企业业绩预期提升的促进作用更强。上述结论在不同所有制企业、高技术行业、就任不同职位高管的子样本中依然成立。今后企业应进一步重视科研人才队伍的培养,完善科研人才的晋升和激励机制,实现企业技术研发实力和经营管理效率的全面提升;政府相关部门应进一步健全知识产权的法律保护体系,保障科研工作人员的合法权益,从而推动技术的发展与交流合作。Based on data from listed companies in China,this paper analyzes the impact of executives with scientific re⁃search work experience include academic and technical research experience on corporate agency issues and financing con⁃straints.Research has found that an increase in the proportion of executives with two types of research experience can significant⁃ly reduce the agency costs of enterprises,while academic research experience alone has a significant effect on reducing financing constraints;The analysis of the mechanism of action shows that both types of scientific research experiences contribute to the for⁃mation of a rigorous work attitude and noble moral qualities,which can effectively constrain management behavior and reduce agency costs;In addition,both types of scientific research work experience contribute to improving profitability and performance expectations,thereby alleviating corporate financing constraints,while academic research experience has a stronger promoting ef⁃fect on improving corporate performance expectations.The above conclusion still holds true in sub-samples of different owner⁃ship enterprises,high-tech industries,and executives in different positions.In the future,enterprises should further attach impor⁃tance to the cultivation of scientific research talent teams,improve the promotion and incentive mechanisms for scientific re⁃search talents,and achieve a comprehensive improvement in the technological research and development strength and operation⁃al management efficiency of enterprises;The relevant government departments should further improve the legal protection system for intellectual property rights,safeguard the legitimate rights and interests of scientific research personnel,and promote techno⁃logical exchange and cooperation.

关 键 词：公司高管 科研工作经历 融资约束 委托代理 投资—现金流敏感性 

分 类 号：F272.91[经济管理—企业管理]