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高阶理论认为,高管背景特征对其行为决策有重要影响。基于高阶理论,使用585家公司2007-2014年3564个年度观察值的非平衡面板数据,检验了董事会财务背景特征对企业研发投资的影响,并检验了董事长是否兼任CEO对两者关系的调节效应。利用固定效应模型进行回归的结果表明,财务背景董事数量越多、比例越高,企业的研发投资越多。董事长二元性对财务董事数量、比率与企业研发投资有显著负向调节作用,即当财务背景董事数量和比率一定的情况下,与董事长不兼任CEO的企业相比,兼任企业研发投资较少。稳健性检验表明实证的结果具有稳健性。研究拓展了高阶理论的应用范围,对企业高管的任用实践和相关理论研究提供了一定的启示。
Higher-order theory holds that the background characteristics of executives have an important influence on their behavior decisions. Based on the high-order theory, we use the unbalanced panel data of 3564 annual observations from 585 companies in 2007-2014 to test the impact of the financial background of the board of directors on the R & D investment of enterprises and test whether the chairman of the board concurrently holds the position of CEO in the relationship between the two Regulatory effect. The results of the regression using the fixed-effects model show that the higher the number of directors with financial background, the higher the proportion, and the more R & D investment the firm will make. The duality of the chairman of the board has a significant negative regulatory effect on the number and ratio of financial directors to the corporate R & D investment. That is to say, when the number of financial background directors and the ratio are certain, compared with those enterprises in which the chairman does not hold the position of CEO, less. Robustness tests show that the empirical results are robust. The research expands the application range of high-order theory and provides some enlightenment to the appointment practice and related theoretical research of enterprise executives.