CEO继任来源、生存环境异质性与企业创新投入

CEO Succession Source, Living Environment’ Heterogeneity and Innovation Input

摘要:

创新驱动战略实施和新冠疫情背景下,生存环境压力下的创新成为中国企业亟待解决的重要命题。以2007-2020年Ａ股上市公司为样本,以行业竞争程度与财务困境等企业生存环境指标作为调节变量,实证检验了CEO继任来源对创新投入的影响。结果表明,CEO内部继任对企业的创新投入具有促进作用；行业竞争程度越高,CEO内部继任对企业创新投入的促进作用越明显；财务困境则会削弱CEO内部继任对企业创新投入的促进作用。进一步研究发现,CEO内部继任对国有企业创新投入影响不显著,对非国有企业有显著的正向影响。此外,经济政策不确定性也在一定程度上强化了CEO内部继任对企业创新投入的促进作用。上述结论意味着“内忧”会抑制内部继任CEO进行创新,而 “外患”却有利于内部继任CEO创新。

Abstract:

Under the background of the implementation of the innovation-driven strategy and the new crown epidemic, innovation under the pressure of the living environment has become an important proposition for Chinese enterprises to solve urgently. Taking the A-share listed companies from 2007 to 2020 as a sample, and taking the indicators of the living environment of enterprises such as the degree of industry competition and financial distress as the adjustment variables, the influence of CEO succession sources on innovation input is empirically tested. The results show that the internal succession of the CEO has a promoting effect on the innovation input of the enterprise; the higher industry competition, the more obvious the promotion effect of the internal succession of the CEO on the innovation input of the enterprise; and the financial distress will weaken the promotion effect of the internal succession of the CEO on the innovation input of the enterprise. Further research found that the internal succession of the CEO did not have a significant impact on the innovation input of state-owned enterprises, but had a significant positive impact on non-state-owned enterprises. In addition, economic policy uncertainty has also strengthened the role of internal CEO succession in promoting corporate innovation input to a certain extent. The above conclusion means that "internal worries" will inhibit internal successor CEOs from innovating, while "external troubles" will be conducive to internal succession CEO innovation. This paper enriches the research on the economic consequences of CEO succession and has certain enlightenment significance for the innovation management of listed companies.