CEO权力的调节作用下董事会资本对公司创新的内在机制影响研究

摘要/Abstract

摘要：

董事会成员的人力资本与社会资本可以直接影响董事会会议决策、资源管理等，但需要通过建立激励机制来鼓励他们。CEO负责公司的资源配置及战略决策，且强势CEO与董事会之间的互动可能对公司战略决策质量造成重大影响。由于CEO权力与董事会资本间的相互作用可能会引起不同的资源供应模式，继而影响研发投资决策，因此，董事会资本对公司创新的影响必须考虑到CEO权力这一因素。针对已有研究仅关注董事会资本与公司创新之间的关系，却忽视了CEO权力与董事会资本之间的相互作用的理论现实，本文以资源依赖理论为基础，着重研究董事会资本影响研发投入的内在机制，深入探讨CEO权力对董事会资本与公司创新关系的影响。研究发现，董事会人力资本和董事会社会资本对公司创新具有显著影响，CEO权力具有调节作用。上述研究对资源依赖理论进行了补充和改进，提供了对董事会资本和公司创新之间关系更为全面的理解。

关键词: 董事会资本, 公司创新, CEO权力

Abstract:

Through establishing incentives, human capital and social capital of board members can be encouraged and directly affect board decisions, resource management and so on. Also CEO is responsible for the resource allocation and strategic decision of the company, and the interaction between strong CEO and the board of directors may have a significant impact on the quality of the company's strategic decision. The interaction between CEO power and board capital may cause different resource supply modes and then affect R&D investment decisions, so CEO power must be considered when evaluating the impact of board capital on corporate innovation. The existing studies focus only on the relationship between board capital and corporate innovation, but ignore the interaction between CEO power and board capital. This paper uses a resource-based theory to study the internal mechanism of the board of directors' influence on capital R&D investment, and further explore the CEO power effects on the relationship between the board capital and company innovation. The study finds that board's human capital and social capital have a significant impact on corporate innovation and CEO power has a regulating function. The above studies supplement and improve the resource dependence theory, and provide a more comprehensive understanding of the relationship between board capital and corporate innovation.

Key words: board capital, corporate innovation, CEO power

张维今, 李凯, 王淑梅. CEO权力的调节作用下董事会资本对公司创新的内在机制影响研究[J]. , 2018, 30(4): 70-82.

Zhang Weijin, Li Kai, Wang Shumei. A Research of the Regulating Role of CEO Power over the Internal Mechanism of Board of Director's Influence on Corporate Innovation[J]. , 2018, 30(4): 70-82.

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