董事会特征、创新投入与品牌价值——基于内生性视角的实证研究

›› 2019, Vol. 31 ›› Issue (12): 136-145.

董事会特征、创新投入与品牌价值——基于内生性视角的实证研究

刘建华¹, 李园园¹, 段珅², 孟陆²

1. 南开大学商学院, 天津 300071;
2. 中国人民大学商学院, 北京 100872

收稿日期:2019-02-21 出版日期:2019-12-28 发布日期:2019-12-24
通讯作者: 李园园(通讯作者),南开大学商学院博士研究生
作者简介:刘建华,南开大学商学院教授,博士生导师,博士;段珅,中国人民大学商学院博士研究生;孟陆,中国人民大学商学院博士研究生。
基金资助:
国家自然科学基金重点项目（71832002）；教育部人文社科研究规划基金项目（15YJA630040）；天津市哲学社会科学研究基金项目（TJGL15-012）。

Characteristics of Board of Directors, Innovation Input and Brand Value——An Empirical Study Based on Endogenous Perspective

Liu Jianhua¹, Li Yuanyuan¹, Duan Shen², Meng Lu²

1. Business School, Nankai University, Tianjin 300071;
2. Business School, Renmin University of China, Beijing 100872

Received:2019-02-21 Online:2019-12-28 Published:2019-12-24

摘要/Abstract

摘要：

以2012—2017年《中国500最具价值品牌》排行榜中A股上市公司为研究样本，通过联立方程组模型和三阶段最小二乘法的估计方法研究了创新投入与品牌价值之间的关系，以及董事会特征在该关系中的作用机制。结果表明：创新投入与品牌价值间存在相互影响的内生性关系。创新绩效存在周期效应，企业增加前期的创新投入会提升当期的品牌价值，同时当期品牌价值的提升会促进未来创新投入的强度；此外，在董事会特征因素中，董事会规模对创新投入和品牌价值的关系具有显著的正向调节效应，董事长和总经理两职合一对二者关系表现出显著的负向调节效应，而独立董事比例和董事会持股比例在研究中没有表现出显著的调节效应。本文基于内生性视角，创新性地研究了创新投入与品牌价值之间的相互关系，对上市公司权衡创新投入与品牌价值的经营决策以及董事会治理具有一定的实践意义。

关键词: 董事会特征, 创新投入, 品牌价值, 内生关系

Abstract:

Taking A-share listed companies in China's Top 500 Brand Value List from 2012 to 2017 as samples, this paper uses equations model and estimation method of three-stage least squares to study the relationship between innovation input and brand value, and the mechanism by which board of directors functions in this relationship. The results show that there is an endogenous relationship between innovation input and brand value. Innovation performance has a periodic effect, increasing innovation input in the early stage will enhance the current brand value, and the current brand value will promote the intensity of innovation input in the future. In addition, among characteristics of board of directors, the size of the board of directors has a significant positive moderating effect on the relationship between innovation input and brand value. The combination of the chairman and general manager in one role shows a significant negative moderating effect, while the proportion of independent directors and shareholding ratio of board of directors do not show a significant moderating effect in the study. Based on the endogenous perspective, the relationship between innovation input and brand value is studied innovatively, which has practical significance for listed companies to balance innovation input and brand value in business decision-making and board governance.

Key words: characteristics of board of directors, innovation input, brand value, endogenous relationship

刘建华, 李园园, 段珅, 孟陆. 董事会特征、创新投入与品牌价值——基于内生性视角的实证研究[J]. , 2019, 31(12): 136-145.

Liu Jianhua, Li Yuanyuan, Duan Shen, Meng Lu. Characteristics of Board of Directors, Innovation Input and Brand Value——An Empirical Study Based on Endogenous Perspective[J]. , 2019, 31(12): 136-145.

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