章程自治视角下的管理层权力下沉与企业创新  

Managerial Power Delegation and Corporate Innovation:A Perspective from Charter Autonomy

作　　者：徐莉萍[1] 段霞 徐嘉倩 辛宇[1] LIPING XU;XIA DUAN;JIAQIAN XU;YU XIN

机构地区：[1]中山大学管理学院,广东省广州市510006 [2]普华永道中天会计师事务所(特殊普通合伙)深圳分所

出　　处：《中国会计评论》2024年第1期1-34,共34页China Accounting Review

基　　金：广东省基础与应用基础研究基金“公司章程自治视角下的管理层权力下沉:现状与经济后果”(2023A1515010802);广东省高等学校珠江学者岗位计划资助项目(2019)的阶段性成果。

摘　　要：公司的章程自治作为宏观制度的外规内化,是一种体现公司自主意识的制度创新,而内部制度设计下的治理主体权力配置能否体现在公司的创新投资上仍须进一步检验。本文以手工收集的2010—2019年上市公司的章程修改数据为基础,将章程中自主增加管理层权力的公司作为处理组,将从未发生管理层权力变动的公司作为对照组,采用双重差分法和倾向得分匹配法,实证检验管理层权力下沉与企业创新的关系。研究发现:(1)公司在通过自主修改章程进而将权力下沉至管理层之后,其研发创新投入显著增加;(2)进一步的分析表明,在获得授权之后,管理层会积极开展基础性研究,推动实质性创新;(3)调节效应分析表明,运营效率和管理层影响力等内部因素以及制度环境和产业特征等外部因素,都会对管理层权力下沉与创新投入的正向关系产生显著的调节作用,而产权性质对上述关系的影响并不显著。本文的研究结果表明,公司基于章程自治进行管理层权力下沉安排将强有力地激励管理层进行研发投资,提高公司创新水平,即通过内部制度创新合理优化管理层权力配置将有利于公司的发展。The corporate's charter autonomy,as an internalization of external regulation within a macro system,represents an institutional innovation reflecting a company's selfgovernance.Whether the power allocation under internal institutional design influences corporate innovation investment remains a subject of investigation.This study empirically examines the relationship between managerial power delegation and corporate innovation,using hand-collected data on autonomous corporate charter revisions for A-share listed firms from 2010 to 2019.Taking firms that increased managerial power as the treatment group and those that never altered any power as the control group,and employing DID and PSM methods,this study finds that R&D investments significantly increase after corporate charters are amended to delegate more power to management.After power delegation,management is more likely to engage in infrastructural research and substantial innovations.Further analyses reveal that internal factors,such as asset utilization and managerial influence,and external factors,such as institutional environment and industrial characteristics,enhance the positive relationship between managerial power delegation and corporate innovation.The findings of this study indicate that,under appropriate supervision and binding mechanisms,delegating power to management through amending corporate charters promotes the persistence and efficiency of corporate innovation.

关 键 词：章程自治 管理层权力下沉 研发投入 企业创新 

分 类 号：F271[经济管理—企业管理] F272.91[经济管理—国民经济] F273.1F832.51