CEO职业视野与企业创新——基于实物期权与企业行为的理论视角  

CEO Career Horizon and Firm Innovation——From the Perspective of Real Option and Behavioral Theory of the Firm

作　　者：吕婵[1] 刘何影 Lyu Chan;Liu Heying(School of Business,Macao University of Science and Technology,Macao 999078;Zhongyuan University of Technology,Zhengzhou 450000,China)

机构地区：[1]澳门科技大学商学院,中国澳门 [2]中原工学院

出　　处：《江苏大学学报（社会科学版）》2024年第3期71-85,124,共16页Journal of Jiangsu University(Social Science Edition)

基　　金：澳门科技大学研究基金(FRG-22-095-INT)。

摘　　要：在创新驱动的背景下,CEO职业视野影响企业战略选择的灵活性,从而使得企业之间具有差异化的创新战略。利用2009—2019年沪深A股上市公司的数据,基于实物期权理论和企业行为理论,实证检验了CEO职业视野对企业创新的影响机制。研究发现,CEO职业视野越长远,企业创新水平越高,尤其表现为企业发明专利申请数的显著增加;当企业面临严峻内部经营困境(历史期望落差大)和高外部动态环境压力(经济政策不确定性高)时,会强化具有长远职业视野的CEO对企业创新的正向影响。异质性分析表明,在处于成长期企业和非国企的样本中上述关系更为明显。In the context of innovation,a CEO's career horizon affects the flexibility with which the firm chooses its strategies,resulting in differences in innovation strategies between firms.This paper uses the publicly traded company data from 2009 to 2019 to examine the influence mechanism of CEO career horizon on firm innovation strategy in line with real option and behavioral theory of the firm(BTOF).The study finds that the broader a CEO's career horizon,the higher the level of the firm’s innovation,as is especially evidenced by a notable increase in the overall number of patent applications for invention,and when the firm faces internal operational challenges(historical aspiration shortfalls)as well as external dynamic environmental pressures(high economic policy uncertainty),the positive impact of the CEO’s horizon on corporate innovation is more obvious.It also shows that such positive impacts are stronger in growing firms and non-state-owned ones.

关 键 词：CEO职业视野 企业创新 实物期权理论 企业行为理论 创新战略 公司治理 

分 类 号：F272.3[经济管理—企业管理] F272.91[经济管理—国民经济]