学术高管对企业创新的“双刃剑”效应——基于中小企业上市公司的实证分析

聘用有学术经历的人担任高管是企业在市场中寻求技术创新资源、获取与维持创新优势的重要手段。以2011-2018年我国中小板和创业板上市企业为研究对象，探讨高管学术经历对企业创新的影响。结果显示：总体上，高管学术经历对我国企业创新具有显著提升作用；当高管位居关键职位时学术经历的创新提升效应反而出现下降；随着学术高管占比的提升，学术经历的创新提升效应同样呈下降趋势；学术高管对创新投入的提升效应大于创新产出，创新绩效有待提高。以上结果说明高管学术经历对我国企业创新具有“双刃剑”效应。一方面，吸引学术高管参与企业管理能显著提升企业创新能力；另一方面，由于学者的复杂性使得这种正向作用受到抑制，呈现出非线性特征。相关结论丰富了企业创新和高层梯队理论，为企业高管聘用决策提供了有益借鉴，也为我国合理制定政策、引导科研人员投身“双创”活动提供了微观层面的经验支撑。

The Double-edged Sword Effect of Academic Executives on Enterprise Innovation:an Empirical Analysis of Listed Companies of Small and Medium-sized Enterprises

Employing people with academic experience as corporate executives is an important way for enterprises to seek technological innovation resources and maintain innovation advantages in the market. Taking the SMEs and GEM listed companies in China from 2011 to 2018 as the research object, this paper explores the influence mechanism of senior managers' academic experience on enterprise innovation. The conclusions are as follows: (1) the academic experience of senior managers has a significant promotion effect on enterprise innovation; (2) the effect of academic senior managers in promoting innovation input is greater than that of innovation output; (3) with the increase of the proportion of academic senior managers in enterprises, the role of innovation promotion is declining; (4) the effect of innovation brought by academic Executives in the decisive position is declining. The conclusions reflect that academic executives have "double-edged sword" effect on enterprise innovation in China. On the one hand, attracting academic executives to participate in enterprise management can significantly improve the innovation of enterprises, on the other hand, because of the complex characteristics of scholars, this positive role presents a non-linear feature. This study enriches the theory of enterprise innovation and high-level echelon, provides a useful reference for the decision-making of enterprise Executives' employment, and also provides micro-level experience support for the policy of encouraging scientific researchers to engage in "Creation and Innovation".