以2010—2015年中国沪深非金融类A股上市公司为样本，采用Spell固定效应法、跳槽公司样本法和跳槽高管样本法，从不可观测的公司特征和管理者特征出发，研究公司固定效应和管理者固定效应对公司创新的相对重要性。研究发现，公司固定效应和管理者固定效应对公司创新都具有显著影响，但是公司固定效应对公司创新的影响更大。这说明相比管理者个人因素，公司自身属性对公司创新的影响更大，即中国企业创新的地利条件重于人和条件。

Using a sample of non-financial A-share listed companies from 2010 to 2015, applying “Spell” approach , AKM methodology and MDV methodology, from the perspective of unobservable firm characteristics and managers characteristics, this paper studies the relative importance of firm fixed effect and manager fixed effect. It is found that both firm fixed effect and manager fixed effect have significant influence on firm innovation, but firm fixed effect has greater influence on innovation. This shows that, compared to the individual factors of managers, the company's own attributes matter more for corporate innovation. That is, place is more important than person about firm innovation in China.

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国家社会科学基金项目、货币政策传导效应中的社会资本作用机理研究、14BGL037