| 董事会社会资本、CEO权力与企业研发投资——基于创业板上市公司的实证 |
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| 引用本文： | 王楠,黄静,王斌.董事会社会资本、CEO权力与企业研发投资——基于创业板上市公司的实证[J].科研管理,2019,40(5):244-253. |
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| 作者姓名： | 王楠 黄静 王斌 |
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| 作者单位： | 北京工商大学商学院,北京100037;清华大学技术创新研究中心,北京100084;北京工商大学商学院,北京,100037 |
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| 基金项目： | 国家自然科学基金青年项目：“企业网络创新社区中用户在线参与创新行为影响因素及用户间互动作用机制研究”（71602006）；辽宁省自然科学基金项目(20170540669)；国家自然科学基金面上项目：“高管团队的权力分布及其经济后果研究”（71672003）；国家社会科学基金面上项目：“中国上市公司股东资源研究”（17BJY211）。 |
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| 摘 要： | 董事会作为连接企业与外部环境的主要桥梁,为企业获得关键信息和重要资源提供了便利通道。董事会对企业战略决策的选择、制定和实施发挥关键性作用。董事会社会资本反映董事通过关系获取资源的能力,影响董事提供的建议和资源。本文以2010-2014年创业板上市公司1607个样本观测值为实证研究对象,结合资源依赖理论和Finkelstein的经典权力模型,将公司治理的两大主体——董事会和CEO纳入同一研究框架,分别探讨两种董事会社会资本,商业联系和政治联系对企业研发投入的影响。董事会提供资源也需要动机,除了董事,CEO也负责资源分配和战略决策,CEO权力的主要作用之一是处理企业内部来源于其他高管成员和董事会的不确定性。高权力CEO有能力影响董事会的决策,并且CEO和董事间的互相作用可能影响战略决策的质量。本文对董事会依赖激励董事提供资源的观点进行延伸,进一步分析CEO权力对于董事会资本和研发投资关系的调节作用。研究发现:董事会商业联系与企业研发投资显著正相关;由于"政策性负担"的存在,董事会政治联系对企业研发投资具有消极影响;创业板企业的CEO具有"管家精神",高权力CEO对董事会商业联系与企业研发投资关系的调节作用不显著,但是高权力CEO能够显著降低董事会政治联系对企业研发投资的消极影响。主要理论贡献如下:第一,拓展了现有关于董事会对研发投资影响的研究。以往研究多聚焦于董事会构成、董事会规模等特征变量,忽视了董事社会资本的作用,利用资源依赖理论通过董事提供的指导和资源解释董事会如何影响研发投资,开拓了董事会与研发关系研究的新视角。第二,在董事会社会资本、CEO权力和研发投资间建立联系,通过CEO权力对于董事会资源提供影响的实证研究,加深了对董事会社会资本和研发投资两者关系的理解,填补了三者间关系文献的空白。第三,回应以往关于CEO-董事会关系如何影响董事会资源依赖角色和战略决策的研究。这与以往建议的考虑董事会资本和资源配置关系时动机的重要性相一致。探究了公司治理研究领域的一个重要话题—CEO和董事间关系的黑箱,而且也补充了正在兴起尚未成熟的CEO-董事会相互作用对组织成果的影响研究流。第四,以往基于代理理论的研究,主要使用容易直接获得的替代变量(如内、外部董事比例),并且报告一个混合的结果,本研究将董事会社会资本进行细致地维度划分,丰富了董事会社会资本的内涵和外延。该研究为董事会社会资本利用、充分发挥CEO管家精神以及形成董事会和CEO战略联盟提供了建议和支持。
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| 关 键 词： | 董事会社会资本 CEO权力 研发投资 |
| 收稿时间： | 2016-01-19 |
| 修稿时间： | 2019-01-23 |
A research on the relationship between board social capital and CEO power on R&D investment:An evidence from the GEM Listed Corporation |
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| Wang Nan,Huang Jing,Wang Bin.A research on the relationship between board social capital and CEO power on R&D investment:An evidence from the GEM Listed Corporation[J].Science Research Management,2019,40(5):244-253. |
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| Authors: | Wang Nan Huang Jing Wang Bin |
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| Institution: | 1. School of Business, Beijing Technology and Business University, Beijing 100037, China;
2. Center for Technological Innovation Research, Tsinghua University, Beijing 100084, China |
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| Abstract: | As the main bridge to connect enterprise with external environment, board of directors provide convenient access for enterprise to obtain key information and crucial resources. Therefore, board of directors play a key role in selecting, formulating and implementing the corporation strategy decisions. Resource dependence theory believes that board of directors’ social capital leads the board managing the enterprises, offering them advice and affects their suggestions and resources. The data of GEM listed companies during 2010 to 2014 was collected as a sample for empirical analysis. This paper investigates the relationship between R&D investment and board social capital which is divided into political connection and business connection.Although directors who possess social capital can provide resources needed for R&D, they also need motivation to perform these tasks effectively. Except for the boards, the CEO is also responsible to allocate the resources and make the strategic decisions. The CEO who owns the high power has the ability influencing the board’s decision making. Besides, the interaction between the CEO and board could affect the quality of the decision making. This article extends view of board dependence, and discusses CEO power's moderate influence between board social capital and R&D investmentWe found that: (1) There is a significant positive correlation between board business connection and R & D investment. (2) The board political connection is significantly negative on R&D investment; (3) With the spirit of the housekeeper, the high power of CEO is significantly negative moderate between board political connection and R&D investment.This paper’s main theoretical contributions indicated in the following areas: firstly, the existing research about impact of the board of directors on R&D investment has been expanded. The past researches always focused on the characteristics variable like board composition and board size, neglecting the vital role of board’s social capital. Using resource dependence theory to explain how the board affects R&D investment through the guidance and resources provided by the directors, exploits a new perspective on the relationship between board and R&D. Secondly, establishing a relationship between the board’s social capital, CEO power and R&D investment. It is suggested that when board social capital play resource providing role for R&D investment, the CEO power’s potential moderating effect should be considered. Empirical research about the impact of CEO power on board’s resources providing fills the gap between the board social capital and R&D investment. It has deepened the understanding of the relationship between the two and also filled a void in the literature on the relationship among the three.Thirdly, in response to previous research on how the CEO-Board relationship affects the board's resource-dependent role and strategic decision-making, we propose that board of directors need additional motivation to provide resources and clarify an important regulatory variable—CEO power. This is consistent with discussion about the deficiencies of previous resource-dependent theories, which neglected the importance of motivation in terms of board capital and resource allocation relationships. By demonstrating how CEO power influences the resource-dependent role of directors in R&D investment decisions, it not only supplements the literature on resource dependence theory, but also explores an important topic in the field of corporate governance research—the black box of the relationship between CEOs and directors, and also complements to the rising but still immature theory about how the CEO-board interaction impacts organizational achievement.Fourthly, the former studies about the agency theory mostly uses the directly obtained substitution variable like the ratio of internal board members to external board members, and reports a mixing result. Basing on different subjects enterprises establishing external relations with, we divides the board social capital into detailed dimensions, enriching the connotation and extension of the board social capital. In depth study about the impact of different relationships social capital is formed by, and it supplements the previous research on the overall impact of board’s social capital. This study provides suggestions and support for making full use of board social capital and CEO housekeeping spirit, and forming strategic alliances between board and CEO. |
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| Keywords: | board social capital CEO power R&D investment |
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