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本文研究CEO两职合一(CEO兼任董事长)的领导权结构对企业技术创新的影响。研究使用2003-2013年中国沪深A股上市公司的大样本,发现CEO两职合一促进了企业技术创新。首先,CEO两职合一促使企业研发投入更多;其次,CEO两职合一增加了企业的研发产出(表现为获得更多发明专利);第三,CEO两职合一提高了企业的研发效率。此外,CEO两职合一对技术创新的正向影响在监管力度较大的企业更明显。
This article studies the impact of the leadership structure of two CEOs (CEO concurrently chairman) on the technological innovation of enterprises. The study uses a large sample of A-share listed companies in China, Shanghai and Shenzhen from 2003 to 2013 and finds that the combination of CEO and CEO promotes enterprise technology innovation. First of all, the combination of CEO and CEO promotes more investment in R & D. Secondly, the combination of two CEOs increases the R & D output of the enterprise (as evidenced by more invention patents). Third, R & D efficiency. In addition, the positive effect of the combination of CEO and CEO on technological innovation is more obvious in the enterprises with more supervision.