董事网络异质性与企业突破性技术创新——基于并行双重中介机制的研究被引量：4

Director Network Heterogeneity and Enterprise Breakthrough Technological Innovation——Research Based on Parallel Dual Mediation Mechanism

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摘要本文基于我国A股2008—2018年专利引用数据和董事网络数据,从融资约束和风险承担视角分析董事网络对企业突破性技术创新的影响。研究发现:董事网络通过直接和中介路径作用于企业突破性技术创新。一是直接效应,董事通过其关系网络的信息交流与共享活动融入到企业知识获取、创造和溢出过程,进而促进企业突破性技术创新;二是独立董事与非独立董事的作用具有差异性,且独立董事网络作用弱于非独立董事;三是独立董事与非独立董事差异化的中介效应,独立董事网络主要通过缓解融资约束作用于企业突破性技术创新,而非独立董事主要通过风险承担作用于企业突破性技术创新。 Breakthrough technological innovation is the way to achieve innovation-driven,high-quality development and the development strategy of enhancing enterprise technology innovation capability.This paper analyzes the impact of director networks on firms’breakthrough technological innovation from the perspective of financing constraints and risk-taking based on the use of China’s A-share patent citation data and director network data 2008-2018.The study finds that director networks act through both direct and mediating paths on breakthrough technology innovation in firms.The first is the direct effect,in which directors are integrated into the process of corporate knowledge acquisition,creation and spillover through the information exchange and sharing activities of their relationship network,which in turn promotes corporate breakthrough technological innovation;the second is the differentiated role of independent directors and non-independent directors,and the role of the network of independent directors is weaker than that of non-independent directors;the third is the differentiated mediating effect of independent directors and non-independent directors,in which the network of independent directors mainly acts on corporate breakthrough technological innovation by alleviating financing constraints,while non-independent directors mainly act on corporate breakthrough technological innovation through risk-taking.

作者邱强朱睿彤 Qiu Qiang;Zhu Ruitong(School of Economics and Management,Nanjing Forestry University)

机构地区南京林业大学经济管理学院

出处《调研世界》 CSSCI 2023年第1期33-42,共10页 The World of Survey and Research

基金国家社科基金一般项目“双碳目标下重污染企业绿色转型的财务脆弱性与纾解政策研究”(22BGL077)的资助。

关键词董事网络异质性融资约束风险承担突破性技术创新 Director Network Heterogeneity Financing Constraints Risk-taking Breakthrough Technological Innovation

分类号 F275.1 [经济管理—企业管理]