CEO权力促进企业技术资源配置吗？—CEO技术专长的调节效应

CEO Power to Promote Enterprise Technology Resource Allocation?-CEO Technical Expertise Regulatory Effect

摘要:

以2015-2020年沪深A股上市公司为样本,本文检验了CEO权力对企业技术资本积累的直接影响机制及CEO技术专长的调节机制。结果显示：（1）CEO综合权力、各维度权力均显著促进企业技术资本积累，且CEO结构权力、专家权力的作用程度大于所有权权力与声誉权力；（2）CEO技术专长对CEO综合权力、各维度权力与技术资本积累具有显著的调节作用，且对结构权力、专家权力的调节程度大于所有权权力与声誉权力；（3）规模大且CEO实施股票期权激励的企业，CEO权力的直接效应及CEO技术专长的调节效应明显高于规模小且CEO实施限制性股票激励的企业。以上结论对于上市公司精准把握CEO特质、激发CEO技术潜能、优化CEO权力配置、构建科学的CEO聘任与激励机制、扩大技术资本规模、提升持续自主创新能力具有多重借鉴意义。

Abstract:

Taking listed companies in 2015-2020 as a sample, the paper tests the direct influencing mechanism of CEO power on enterprise technical capital accumulation and the adjustment mechanism of CEO technical expertise.. The result displays that:(1)CEO comprehensive power and all dimension power significantly promote enterprise technology capital accumulation and the role degree of CEO structure power and expert power is greater than its ownership power and reputation power; (2) The adjustment effect of CEO technical expertise on CEO comprehensive power, all dimension power and enterprise technology capital accumulation are significant and the adjustment degree on its structural power and expert power is greater than its ownership power and reputation power; (3) Large-scale and CEO stock option incentive enterprises, the direct effect of CEO power and the regulation effect of CEO technical expertise are significantly higher than that of small and CEO restricted stock incentive enterprises. The above conclusions have multiple reference significance for listed companies to accurately grasp the characteristics of CEO, stimulate CEO technology potential, optimize CEO power allocation, build a scientific CEO appointment and incentive mechanism, expand technology capital scale and enhance the ability of continuous independent innovation.