外资持股、CEO决策视野与企业研发国际化

科学学研究 ›› 2020, Vol. 38 ›› Issue (3): 496-505.

外资持股、CEO决策视野与企业研发国际化

钟熙¹,宋铁波²,³,陈伟宏²,³,朱子君⁴

1. 华南理工大学工商管理学院
2.
3. 华南理工大学
4. 华南理工大学工商管理学院

收稿日期:2019-01-22 修回日期:2019-02-20 出版日期:2020-03-15 发布日期:2020-04-02
通讯作者: 朱子君
基金资助:
国家社会科学基金重点项目;教育部重大攻关项目

The Value of Foreign Ownership: Foreign Ownership, CEO Decision Horizon and Enterprise R&D Internationalization

Received:2019-01-22 Revised:2019-02-20 Online:2020-03-15 Published:2020-04-02

摘要/Abstract

摘要： 研发国际化是企业实现创新追赶的重大战略选择，但目前鲜有研究实证探讨外资股东和CEO对该战略的潜在影响。基于2011-2016年中国A股制造业高科技上市公司的经验数据，本研究剖析了外资持股与企业研发国际化之间的逻辑关系，并进一步分析了 CEO决策视野和两职兼任在其间的情境影响。研究结论显示：第一，外资持股对企业研发国际化深度、广度均具有显著的正向影响；第二，随着CEO决策视野逐渐变短，外资持股对企业研发国际化深度、广度的正向影响将随之减弱；第三，当CEO两职兼任时，CEO短期决策视野在外资持股与企业研发国际化深度、广度关系间的负向调节作用将增强。

Abstract: R&D internationalization is a major strategic choice for enterprises to realize innovation catching-up, but few studies have empirically explored the potential impact of foreign ownership and CEO. Based on the data of China's A-share manufacturing high-tech listed companies in 2011-2016, we analyze the logical relationship between foreign ownership and R&D internationalization, and further analyze the situational influence of CEO's decision horizon and Chair-CEO duality. The empirical results reveal that: First, foreign ownership have a significant positive impact on the depth and breadth of R&D internationalization; Second, as the CEO decision horizon becomes shorter, the positive impact of foreign ownership on the depth and breadth of R&D internationalization is weaker; Third, the CEO duality will enhance the negative adjustment of the CEO's short-term decision horizon on the relationship between foreign ownership and the depth and breadth of international R&D.

钟熙宋铁波陈伟宏朱子君. 外资持股、CEO决策视野与企业研发国际化 [J]. 科学学研究, 2020, 38(3): 496-505.