高管研发背景与权力对企业风险承担的影响

利用沪深A股的非金融类上市公司样本，实证检验了高管研发背景与权力对企业风险承担的影响。结果发现，高管研发背景与权力均对企业风险承担具有显著促进作用，上述结论在进行系列稳健性检验后依然成立。机制检验发现，企业创新投入增加在高管研发背景与权力促进企业风险承担的过程中起到了部分中介效应。进一步区分高技术行业发现，高管研发背景对企业风险承担的促进作用仅在高技术行业显著，而研发背景高管权力对企业风险承担的促进效应则在高技术与非高技术行业均显著。

The Influence of Senior Executives' R&D Background on Enterprise Risk-taking

Using the sample of non-financial listed companies in Shanghai and Shenzhen A shares, the impact of senior managers'' R&D background and power on enterprise risk-taking was empirically tested. The results show that both the R&D background of senior executives and the R&D background of senior executives have a significant role in promoting enterprise risk-taking. The above conclusions are still valid after a series of robustness tests. The mechanism test finds that the increase of enterprise innovation investment plays a part of intermediary role in the process of executives'' R&D background and power promoting enterprise risk-taking. Further distinguishing high-tech industries, finds that the promotion effect of senior managers'' R&D background on enterprise risk-taking is only significant in high-tech industries, while the promotion effect of senior managers'' R&D background power on enterprise risk-taking is significant in both high-tech and non high-tech industries.