摘要: |
以往研究考察了董事网络对创新活动的影响,但是没有探究董事网络影响创新投资的内在机制和路径。本文以我国2010—2018年A股上市企业为样本,基于风险承担的视角,探讨董事网络位置对企业创新投资的影响。研究表明:董事网络的中心位置与中介位置对企业创新投资均有正向影响;风险承担在中心位置与企业创新投资之间发挥遮掩效应,在中介位置与企业创新投资之间发挥部分中介效应。进一步研究发现,董事网络的中心位置和中介位置对创新投资的正向影响主要体现在非执行董事和独立董事的网络,风险承担的遮掩效应主要体现在非执行董事和独立董事的网络中,而风险承担的中介效应仅体现在非执行董事网络中。本文揭示了董事网络影响企业创新投资的风险承担机制,丰富了社会网络理论和董事网络治理效应研究。 |
关键词: 董事网络 风险承担 创新投资 遮掩效应 中介效应 |
DOI:10.13581/j.cnki.rdm.20191341 |
分类号:F275.5 |
基金项目:国家社会科学基金资助项目“社会资本、融资约束与民企创新投资研究”(16CJY006)。 |
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Influence of Directors' Network Position on Firms' Innovation InvestmentMasking and Mediating Effect of Risk Taking |
ZHOU Xue-feng1, LI Zhen-zhu1, WANG Hong-jian2
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1.School of Business, Zhengzhou University of Aeronautics, Zhengzhou 450046, China;2.School of Economics and Management, Nanchang University, Nanchang 330031, China
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Abstract: |
Although previous studies have examined the influence of directors’ network on innovation activities, they have not paid much attention to the internal path through which directors’ network influences innovation investment. Taking A-share listed companies from 2010 to 2018 as samples, it studied the impact of directors' network position on firms’ innovation investment based on the perspective of risk taking. The results show that central position and brokerage position of directors' network have positive impacts on firms’ innovation investment; risk taking exerts a masking effect between central position and firms’ innovation investment, and a partial mediating effect between brokerage position and firms’ innovation investment. Further research find that the positive impact of central position and brokerage position on innovation investment is mainly reflected in the network of non-executive directors and independent directors. The masking effect of risk taking is mainly reflected in the network of non-executive directors and independent directors. The partial mediating effect of risk taking is only reflected in the network of non-executive directors. The research findings reveal the risk taking mechanism through which directors' network influences innovation investment, enrich research on social network theory and governance effect of directors' network. |
Key words: directors’ network risk taking innovation investment masking effect mediating effect |