高管改革开放经历与创新决策——基于风险承担和职业路径的双重调节效应

改革开放成长起来的企业家拥有哪些特质?这些特质会影响企业创新决策吗?通过手工搜集CEO背景数据,以2002-2015年沪、深A股上市的制造业和信息技术业为样本,采用静态面板回归、动态DID分析及2SLS检验等方法后发现,有改革开放经历的CEO会显著提升企业创新投资,且其个人风险承担和多元化的职业路径起着正向调节作用。进一步分析发现,与青少年和成年阶段相比,在童年阶段经历改革开放事件的CEO对创新投资的影响更明显;与国有企业相比,在民营企业中改革开放成长起来的CEO作用更显著。此外,改革开放成长起来的CEO将通过创新投资进而提高创新产出数量及质量。

Senior Executive's Reform and Opening Experience and Innovation Decision: Based on the Dual Adjustment Effect of Risk-taking and Career Path

In December 1978, The Third Plenary Session of the 11th Central Committee of the Communist Party of China was held in our country, from now on to establish the socialist market economic system, multi-level and comprehensive and wide-range opening to the outside of the pattern, etc., it gives the organization founded coping and flipping the deep imprint. According to the imprinting theory, the institutional environment when an organization is created will affect the organization and reflect to the super-organization entity or individual level. However, there is a lack of attention to this event in the existing research, and furthermore, the research on the impact of this event on the individual level is more rare. Secondly, existing studies only focus on the impact of certain manager characteristics, but few integrate other characteristics into the analysis system, and there is a lack of research on economic consequences.What are the characteristics of entrepreneurs who have grown up in reform and opening up? Will these traits affect innovation decisions? In view of the limitations of the existing literature, under the opportunity of re-starting the reform and under the guidance of vigorously promoting the entrepreneurial spirit of innovation, we try to analyze the impact of the reform and opening environment on the characteristics of entrepreneurs and innovation behavior.By collecting the background data of CEO manually, taking the manufacturing and information technology industries listed in Shanghai and Shenzhen from 2002 to 2015 as samples, using the methods of static panel regression, dynamic DID analysis and 2SLS test, we find CEO with the experience of reform and opening up will significantly improve the innovation investment, and CEO diversified career path and personal risk taking play a positive role in regulation. Further analysis shows that compared with adolescents and adults, CEOs which experienced reform and opening up in childhood have more obvious influence on innovation investment, and the effect is more significant in private enterprises than in state-owned enterprises. In addition, CEO experienced reform and opening up will promote the quantity and quality of innovation output through innovation investment.The contributions of this paper are as follows:Firstly this study deepens the imprinting theory. Based on the 1978 Reform and opening-up event in China, this paper analyzes its influence on the individual innovation behavior of entrepreneurs, which extends the application of imprinting theory from the individual level. At the same time, this study introduces the regulating effect of other characteristics of managers to distinguish the influence and persistence of imprinting effect, deepening the research of imprinting theory. Secondly, this study enriches the research of managers' characteristics and enterprise innovation. In this paper, managers' risk taking and career path are included into the research category to verify their regulating effects on imprints. Thirdly, this study further extends to the level of innovation output, and tests the impact of reform and opening up events on individual executives and organizational innovation through the quantity and quality of innovation output. Finally, this study aims to provide policy suggestions for opening a new reform process, encouraging and nurturing a new generation of entrepreneurs, and carrying forward the great entrepreneurial spirit of innovation.