董事会认知异质性对企业价值影响研究——基于创新战略中介作用的视角被引量：20

Research on the Impact of Board Cognitive Heterogeneity to Firm Value

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摘要自主创新能力是企业成功的一个关键要素。文章以中国沪深两市2007～2010年86家高科技行业上市公司344个公司年的数据为研究样本,基于创新战略中介作用的视角,运用分层多元回归技术实证考察了董事会认知异质性对企业价值的影响。相关和回归分析表明,董事会职能背景异质性与创新战略显著正相关,董事会任期异质性与创新战略显著负相关,创新战略部分中介了董事会职能背景和任期异质性对企业价值的影响。本研究丰富了董事会认知异质性与企业价值关系的经验研究成果,同时为在实践中优化董事会构成提供了决策依据。 Capability of independent innovation is a key factor leading to a firm＇s success. Using the relevant data of 258 hi -tech industrial listed companies in China between the years of 2007 and 2009, this article empirical investigates the impact of board cognition heterogeneity to corporate value based on the view of innovation strategy intermediation using the hierarchical multiple regression . Main findings and conclusions are as follows：there is a significant positive correlation between board＇s functional background heterogeneity and innovation strategy;there is a significant negative correlation be- tween board＇s tenure heterogeneity and innovation strategy;innovation strategy mediates partially the relationship of board cognitive heterogeneity and corporate value. This study enriches the empirical research of influence concerning board cog- nitive heterogeneity and corporate value. Simultaneously, this paper provides a new basis for decision making to optimize the composition of the board in practice.

作者李小青

机构地区燕山大学经济管理学院南开大学商学院

出处《经济与管理研究》 CSSCI 北大核心 2012年第8期14-22,共9页 Research on Economics and Management

基金国家自然科学基金项目"中国企业国际化进程中制度转型战略选择与竞争优势源泉研究"(70872048) 教育部人文社科重点研究基地重大项目"基于董事会能力的企业投融资战略治理研究"(11JJD630005)

关键词董事会认知异质性创新战略企业价值 Board Cognitive Heterogeneity Innovation Strategy Corporate Value

分类号 F273.1 [经济管理—企业管理]

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