投机文化、管理者特征与公司创新

摘要/Abstract

摘要： 本文主要针对文化这一非正式制度对公司治理和企业行为的影响进行研究。选用2006—2017年A股上市公司面板数据作为研究样本，考察了地域投机文化与公司创新行为之间的关系。研究结果发现，公司所在地投机文化和管理者投机偏好与公司创新行为呈现正相关关系，企业的专利数量会增加；董事长出生地投机文化能够增强地域投机文化与公司创新行为之间的联系。进一步研究发现，地域投机文化与创新行为的正相关性源于企业创新投入的增加，且在民营上市公司中作用更为明显。地域投机文化对企业创新发挥作用的一个潜在机制是，投机文化增强公司的风险承担能力，帮助企业克服对创新风险的恐惧进而增加创新行为。本文的研究结果揭示了地域文化对微观实体经济的影响。

关键词: 投机文化, 公司创新, 管理者特征, 风险承担

Abstract: We study whether culture plays an important role in affecting corporate governance and behavior as an informal institution. Using a dataset of Chinese A-share non-financial listed companies from 2006 to 2017, this paper investigates the relationship between regional speculative culture and innovation. We find that a high level of speculative culture of corporate location and managers' speculative preference significantly enhances corporate innovation, and will lead to the increase in the number of patents. Moreover, the speculative culture of chairman birthplace enhances the connection between regional speculative culture and corporate innovation. Furthermore, the positive correlation between regional speculative culture and corporate innovation stems from the increase of innovation input; this correlation is more significant in private enterprises. A potential mechanism between regional speculative culture and corporate innovation is that speculative culture enhances companies' risk-taking ability, helping companies overcome fears of innovation risks and implement innovation behavior. Our results shed new light on the impact of regional culture on the micro-real economy.

Key words: speculative culture, corporate innovation, managers' characteristics, risk-taking

陈欣, 陈德球. 投机文化、管理者特征与公司创新[J]. 管理评论, 2021, 33(1): 133-143.

Chen Xin, Chen Deqiu. Speculative Culture, Managers' Characteristics and Corporate Innovation[J]. Management Review, 2021, 33(1): 133-143.

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