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论文编号：	11833
作者编号：	1120150834
上传时间：	2020/6/22 14:46:37
中文题目：	高管特质、机会识别程度与高科技企业创新投资决策
英文题目：	Executives Traits, Opportunity Recognition Degree and Innovation Investment Decision in High-tech Enterprises
指导老师：	李莉
中文关键字：	高科技企业；高管特质；机会识别程度；创新投资决策；市场环境不确定
英文关键字：	high-tech enterprises; executive traits; degree of opportunity recognition; innovative investment decision; market environment uncertainty
中文摘要：	自中美贸易冲突以来，以“技术制约”为威胁、频繁发生的国际贸易摩擦时刻警示我们，我国科技领域中的部分核心技术仍受制于人，科技发展受牵制。对于中国而言，对外打破封锁、对内突破瓶颈的核心点，在于加强自主研发、实现国产替代与弯道超车。高科技企业是研发创新的重要微观主体，提升高科技企业创新能力是我国打破外界束缚、实现创新强国的必由之路。因此，当前探讨我国高科技企业创新具有重要的现实意义与学术价值。 经营权与所有权分离是现代公司制企业的重要特征，高管是企业决策的制定者和执行者，也是企业创新投资决策的主导。高管特质作为研究企业市场行为决策的逻辑起点，得到多数学者的肯定。“特质”是有别于“特征”的，特质是形成外部特征的根源因素，是一种可表现于许多环境的、相对持久的、一致而稳定的思想、情感、动作、状态，具有综合性、稳定性。然而针对特质，现有研究往往从单一层面分析特质的内涵，缺乏系统性；并且，现有研究多是关注“特质”对“行为决策”的直接影响，忽略了中间过程因素，导致“特质”到“行为决策”的影响机理依然模糊；再者，现有“特质”到“行为决策”的研究缺乏对环境因素的考虑。因此，本文基于中国情境，同时考虑高科技企业创新投资决策过程中高管的内在特质，深入分析高科技企业高管特质的概念和内涵，考察个体特质因素在高科技企业创新决策中的影响；并引入“机会识别程度”这一变量，将机会识别程度作为链接“特质”到“行为决策”的中介，厘清高管特质影响企业创新决策的内在机理；最后，将高管特质、机会识别程度、创新决策嵌入到具体的情境中，剖析我国高科技企业创新决策的现实问题。 本文通过梳理特质相关理论发展脉络，并结合高科技企业特点，发现主流学说“大五人格”并无法凸显高科技企业高管的特殊性，进而追溯到大五人格的研究源头Catttell的三维度特质分析框架，并在Cattell的根源特质中选择与高科技企业高管特性相匹配，且最具代表性的特质进行研究，即选取风险感知、社会资本、企业家精神分别作为能力特质、动态特质、气质特质的代理变量。研究发现：第一，在高科技企业中，高管风险感知、社会资本、企业家精神等特质对企业创新投资决策有正向促进作用，同时投资机会识别程度在高管特质影响创新投资决策的过程中起到重要的中介作用。第二，与规模较小企业相比，在规模大的高科技企业中，高管特质对创新投资决策影响的总效应较小，而基于机会识别程度的中介影响效应较大；与民营企业相比，在国有企业中，高管特质对企业创新投资决策的总影响效应、中介影响效应都较小。第三，当市场环境不确定性较低时，中介影响不显著；当市场环境不确定性加强时，高科技企业高管特质对企业创新影响的总效应变大，机会识别程度的中介影响也增强，但是动态特质影响下的中介路径反而减弱。 文章共分为七章。第一章绪论，主要基于现实背景、理论背景提出核心研究问题，并进行概念界定、研究意义、创新点的阐述。第二章理论基础与文献综述，总结和梳理特质理论、创新理论、行为金融理论等理论基础，并梳理高管特质、机会识别程度、创新投资决策的相关文献研究，对现有理论与文献进行评述。第三章理论假设的推导和提出，分别从能力特质、动态特质、气质特质分析高管特质对企业创新投资决策的影响，并分析机会识别程度的中介影响，提出研究假设，能力特质、动态特质、气质特质分别用风险感知、社会资本、企业家精神代理。第四章实证设计，交代核心变量量表设计、问卷设计过程、数据获取方式、数据分析方法，以及假设检验方法。第五章数据分析和假设检验，包括描述性统计、正态分布、信度、效度，并交代结构方程的拟合结果、假设检验的结果，并对研究结果进行讨论。第六章进一步研究和稳健性检验，进一步研究包括两方面，一是考察不同特征的高科技企业中，高管特质影响下的创新投资决策机制；二是研究市场环境不确定性的调节作用，并就研究结果进行讨论；稳健性检验主要是基于Bayesian估计，同时绘制后验分布图。第七章结论与展望，在全文总结的基础上，提炼主要研究结论，并据此提出相应的政策建议；最后，总结研究不足，以供后续研究改进。 本文的创新之处在于：第一，研究内容深化。本文从能力特质、动态特质、气质特质三维度综合特质的角度，分析特质对个体行为决策的影响；同时，通过调查问卷的形式获取高管特质的一手数据，使特质的概念更具体、可操作，深化并丰富了高管特质与高科技企业创新的相关研究。第二，研究路径完善。本文通过路径梳理，创新性地引入机会识别程度这一认知变量，厘清“特质”到“认知”再到“决策”的路径，明晰了我国高科技企业高管创新决策的内在机理。第三，研究视角拓展。本文通过考察高管行为决策的真实情境，进一步研究具备不同特征的高科技企业中高管特质影响下的创新投资决策机制，以及外部市场环境不确定性下高科技企业高管的创新投资决策，将个体特质影响下的创新决策问题嵌入具体情境中，研究高管创新投资决策制定的内在机理，使得研究更具有现实意义。
英文摘要：	The technical blockade and frequent international trade frictions have always warned us that some of China's core technologies are still subject to others, and technological development is being held back. For China, it is necessary to break the external technical blockade and break through our own internal bottlenecks. To achieve this goal, it is critical to strengthen the ability of independent innovation and realize domestic-product substitution. As we know, high-tech enterprises are important microscopic subjects of innovation in China. Improving the innovation capability of high-tech enterprises seems to be only way for China to break the shackles of the outside world and become an innovation country, especially under the condition of intensification of international competition and the deepening of domestic reforms. Therefore, it is of great practical significance to explore the innovation of high-tech enterprises in China. The separation of management rights and ownership is an important feature of modern corporate systems. Executives are the makers and implementers of corporate decision, as well as the leaders of enterprises' innovative investment decisions. Studying the impact of executive traits on corporate innovation decisions is a major focus in field of modern management. It has been widely acknowledged that executive traits are the logical starting point for corporate behavior decision-making. Trait is a comprehensive concept, which illustrates relatively long-lasting stable thought, emotion, or action that can be expressed in many environments. However, most existing research analyzes the impact of a certain aspect or some aspects of executive traits on corporate decision-making, lacking systematic analysis. In addition, the existing research mostly discusses the direct influence of “traits” to “behavior”, but ignores the process factors from “traits” to “behavior”. Therefore, the decision-making mechanism of executive traits is still vague. At the same time, with the development of economic and technological globalization, frequent international trade disputes, and in-depth domestic reforms, market environmental uncertainty is an unavoidable external factor in our research on high-tech enterprise innovation. The issues studied in this paper include:①According to the realistic situation of China, we explored the impact of executive traits on high-tech enterprise innovation investment on the basis of three-dimensional comprehensive trait framework. ②From cognitive perspective, we examine the mediating effect of the degree of opportunity recognition on the relationship between executive traits and corporate innovation decisions in high-tech enterprises.③Considering the real situation, we studied the innovation decisions of executives in enterprises with different characteristics and the innovation decisions in the uncertain environment. Based on the reality of China, this paper examines the concept and connotation of high-tech enterprise executive traits, and studies the impact of stable individual traits factors on high-tech enterprise innovation decision-making. This paper introduces the variable “degree of opportunity recognition”, and further utilizes it as a mediator variable to clarify the mechanism of executive traits’ influences on enterprise innovation decision-making. At the same time, this paper embeds the relationship between executive traits, opportunity recognition degree and innovation decision-making in a dynamic market environment, and analyzes the innovation decision-making problem of China's high-tech enterprises in a static and dynamic way. In this paper, opportunity refers to an opportunity at the market level, and innovation is the innovative investment decision of high-tech enterprises. Considering this, the proxy variables of executive traits need to highlight the qualities of high-tech executives in an uncertain market environment. According to the analysis, in the uncertain market environment, high-tech executives show higher risk acuity, stronger resource dependence, and adventurous spirit. Therefore, this paper selects risk perception as the proxy variable of competence trait, social capital as the proxy variable of dynamic proprietary trait, and entrepreneurship as the proxy variable of temperament trait. The main conclusions are as follows. Firstly, the study found that in high-tech enterprises, executives' risk perception, social capital, and entrepreneurial spirit are positively associated with corporate innovation investment decisions, while the degree of opportunity recognition plays an important intermediary role in the process of executive traits affecting innovative investment. Secondly, this study also found that compared with small scale enterprises, in large scale high-tech enterprises, the overall effect of executive traits on innovation investment decisions is smaller, while the mediating effect based on the degree of opportunity identification is larger. And compared with private enterprises, in state-owned enterprises, overall effect and mediating effect are both smaller. Thirdly, when the uncertainty of market environment is low, the mediating effect is not significant. When the uncertainty of the market environment is strengthened, the total effect and the mediating influence are strengthened, but the mediating path under the influence of dynamic characteristics is weakened. The article is divided into seven chapters. The first chapter is the introduction, which proposes the core research issues on the basis of practical and theoretical background. This part defines the core concepts, and expounds the research significance and innovation points. The second chapter is the theoretical literature review which summarizes the relevant theories and literature research on executive traits, opportunity recognition degree and innovative investment decision. The third chapter is the part of “Deduction and Proposition of Theoretical Hypothesis”, which illustrates the influence of executive traits on enterprise innovation and finally proposes research hypotheses. The fourth chapter is the empirical design, which explains the design of the core variable measurement scale, the questionnaire design process, the data acquisition process, the method of preliminary processing data, and the method of hypothesis testing. The fifth chapter is "data processing and hypothesis testing", which includes descriptive statistics, normal distribution test, reliability and validity test, confirmatory factor analysis and so on. The results of the hypothesis testing are also included in this part. The sixth chapter introduces further research and robustness testing. It mainly includes further study about the innovation decisions of executives in enterprises with different characteristics and the innovation decisions in the uncertain environment. This chapter also includes a robustness test based on Bayesian estimates. Chapter seven is Conclusions and Prospects. On the basis of the summary of the full text, this part refines the main conclusions of the research, and proposes policy recommendations accordingly. Finally, it summarizes the shortcomings of this paper for subsequent research and improvement. This dissertation is innovative for three reasons. First, the research content is deepened. This paper analyzes the influence of executive traits on innovation decision-making from the perspective of ability trait, dynamic trait and temperament trait, so as to deepen and enrich the research on executive traits and innovation of high-tech enterprises. Second, this study improves the research path. After literature review, this paper innovatively introduces the degree of opportunity identification, clarifies the path from "trait" to "opportunity identification" and then to "decision", and clarifies the internal mechanism of innovation decision-making of senior executives in high-tech enterprises in China. Third, this study expands the existing research perspective. This paper further studies the influence of senior executives' characteristics on innovation investment decisions in high-tech enterprises with different characteristics and in uncertain market environment, which makes the research more practical.
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