余晨阳,何流

• 1:清华大学经济管理学院
• 2:哥伦比亚大学统计系

摘要(Abstract)：

企业网络有助于信息和资源在企业之间传播和共享,而信息和资源又是企业进行创新行为的重要因素。因此,本文试图从企业网络的视角出发,探究企业网络对我国上市公司创新行为的影响。进一步地,本文通过划分董监高分别构成的企业网络,探究上市公司中不同成员的信息对创新活动的侧重。实证结果显示,随着全体董监高网络的增大,上市公司的创新投入会增加,创新对于现金的依赖程度及风险厌恶程度也会提高,创新迎合行为则会减少,但是上市公司不会模仿网络中其他公司的创新投入。通过划分公司不同成员构成的网络,本文发现不同成员对创新行为的不同方面存在侧重:董事网络增加会显著促进上市公司的研发强度,并提高创新效率;独立董事的网络会使上市公司对创新风险的态度更激进,同时提升创新对公司业绩的促进作用;高管网络越大,上市公司的研发强度越大,但是研发的风险偏好更保守;监事网络对创新行为均没有显著影响。本文的研究不仅证明了企业网络会改变企业的创新行为,还首次通过企业网络的划分,实证证明了公司不同成员在创新活动上存在侧重差异。

关键词(KeyWords)： 企业董监高网络;企业创新;董监高创新侧重点;董监高联结

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 余晨阳,何流

DOI: 10.16513/j.cnki.cje.2019.01.006

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