实际控制人行业专长与公司创新  

Actual Controller's Industry Expertise and Company Innovation

作　　者：洪康隆 邵帅 吕长江[3] Hong Kanglong;Shao Shuai;Li Changjiang(China Securities Index Co.Ltd.;School of Management,Zhejiang University;School of Management,Fudan University)

机构地区：[1]中证指数有限公司 [2]浙江大学管理学院财务与会计学系 [3]复旦大学管理学院会计系

出　　处：《南开管理评论》2024年第6期100-111,123,共13页Nankai Business Review

基　　金：国家自然科学基金青年项目(71702162)资助。

摘　　要：“十四五”规划明确提出支持中小微企业成为创新的重要发源地,并对专业技术人员创新创业给予重点扶持。本文以2007-2020年我国中小板和创业板民营上市公司为样本,探讨专业技术人员创业能否发挥其行业专长优势。研究发现拥有行业专长的实际控制人会促进公司创新,且上述促进效果源自降低公司多元化经营程度和管理层短视程度。本文从实际控制人的主观动机、治理权力以及面临的资本约束出发,发现实际控制人直接持股程度越高、实际控制人兼任CEO以及公司资本约束程度越低时,实际控制人行业专长对公司创新的促进作用越强。最后,本文讨论了实际控制人在创新活动中的“主导权”,发现实际控制人对创新的影响比CEO更为重要,凸显中小创民营上市公司中实际控制人的重要性。本文将实际控制人特质纳入研究框架,对高层梯队理论进行了拓展。本文的研究结论支持民营企业家不断学习行业前沿的专业知识和技能,这有利于保持企业长期竞争力,实现基业长青,同时也对相关政策出台提供了理论与现实证据。The Ministry of Human Resources and Social Security recently released a guideline on supporting and encouraging innovation and entrepreneurship of professional and technical personnel,and local governments have also issued complementary policies to support the innovation and entrepreneurship of high-level talents and professional and technical personnel in order to implement the innovation-driven development strategy and promote mass entrepreneurship and innovation.The development of the aforementioned assistance programs is predicated on the idea that professional and technical personnel can establish businesses that can foster innovation.China has recently produced a number of world-leading private companies in the fields of photovoltaic,energy storage,communications,and other technologies by relying on scientific and technological innovation and technological breakthroughs.The businessmen behind these great enterprises,such as Li Zhenguo of LONGi and Zeng Yuqun of CATL,have guided the enterprises to achieve significant technological breakthroughs and then to promote the transfer of these breakthroughs to other industries.However,no study has looked at the influence of the professional and technical backgrounds of corporate controllers on corporate innovation and their pathways from the standpoint of large-sample empirical evidence.This study examines the effects of actual controllers industry expertise on corporate innovation from the perspective of fusing"capital"and""technology",drawing on research on the effects of individual experience on corporate behavior.The study finds that actual controllers with industry expertise can promote the company's innovation investment,and the combination of"capital"and"technology"is the most significant factor in determining an actual controller's industry expertise.The study hand-collected the industry expertise data of actual controllers of private listed companies on China's SME and GEM boards from 2007 to 2020.It has been discovered that"capital"and"technology"combined

关 键 词：实际控制人 行业专长 公司创新 

分 类 号：F273.1[经济管理—企业管理] F272.91[经济管理—国民经济] F832.51