摘要
校友关系作为重要的社会资本,在公司的资源获取、信息传递中扮演着重要角色。本文手工收集2004—2013年沪深A股上市公司高管毕业院校数据和上市公司专利申请数据,检验了高管校友关系网络对企业创新的影响。结果显示,高管校友关系网络的深度和广度与企业创新绩效显著正相关。高管关系重构的断点分析发现,高管校友关系网络增强后,企业专利申请的数量和质量显著提高。进一步的研究发现,高管校友关系网络对企业创新正向影响的作用机制在于,关系网络不仅可以缓解企业面临的融资压力,也能形成信息共享的创新联盟,提高企业专利授权的概率。然而,这一促进作用大多在直接校友关系中发挥作用,间接校友关系的影响并不显著,表现出明显的"小圈子"效应。本文的研究反映出中国企业的创新烙上了"母校印记",在创新融资、信息共享等方面相互支持。值得注意的是,本文的研究也从侧面揭示了"小圈子"效应可能存在的隐患,即上市公司高管们过度依赖于校友圈,有可能固化为封闭的小团体,阻碍了跨校的合作和开放的创新。
As an important social capital, alumni relations play an important role in the resource acquisition and transfer of information. Using manually collected data of A-shared listed companies from 2004 to 2013, this paper examines the impact of executives＇ alumni networks on corporate technological innovation and its influence mechanism. The result shows that both the breadth and depth of alumni networks are positively correlated to the quantity and quality of patent applications. Corporate innovation increases with the enhancement of alumni network intensify after executives＇ turnover. Further study shows that school ties are not only able to relieve fund shortage but also increase the executives＇ access to relevant network information which encourages innovation by helping to identify, evaluate, and exploit innovative ideas. However, most of this promoting effect exists in direct and intimate alumni networks, is not obvious for indirect relationships, which we define as ＂small world effect＂. The companies take the advantage of capital and information improve the innovative competence which bring by the deeply mark of mother school. This paper signifies the importance of direct relational networks to corporate innovation behavior, while it also alarms us that there may be hidden dangers for lacking of multi-school cooperation. That is to say, if executives rely heavily on their alumni circle may solidify into closed small groups, then it does harm to cooperative innovation of multi-campus and inter-institution.
出处
《中国工业经济》
CSSCI
北大核心
2017年第8期156-173,共18页
China Industrial Economics
基金
国家自然科学基金青年项目“我国资本市场校友关系网络研究:数据库、作用模式与经济效应”(批准号71303054)
国家自然科学基金青年项目“中国证券市场谣言研究”(批准号71303191)
