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论文编号：	13641
作者编号：	1120180963
上传时间：	2022/12/5 14:37:51
中文题目：	董事会社会资本对双元创新的影响机制：内外交互与双元平衡
英文题目：	The Influence Mechanisms of Board Social Capital on Ambidextrous Innovation: Interaction and Balance
指导老师：	武立东
中文关键字：	董事会社会资本；双元创新；股东异质性；董事会非正式结构
英文关键字：	Board Social Capital, Ambidextrous Innovation, Shareholder Heterogeneity, Informal Board Structure
中文摘要：	面对现阶段我国全力推进创新驱动发展战略的现实背景，双元创新有助于企业在利用和改善现有环境以提升运营效率的同时，保持对未知领域的探索和学习以应对外界压力，从而增强企业竞争力与创新能力、提升公司价值。但实现双元创新需要企业具备整合不同单元间战略目标与组织过程的能力以应对和调整组织的动态需求。董事会作为公司决策的主导机构，其所拥有的社会资本在塑造和支持更具多样性、复杂性的双元创新方面将会起到什么样的作用？本文从双元创新嵌入其间的董事会内外部关系网络出发，探讨董事会社会资本影响双元创新的内在作用机制。 董事会社会资本是董事会成员的社会关系以及由这些关系累积而成的可用或潜在资源集合。已有研究发现董事会社会资本通过资源投入、信息供给、情感互动等功能对公司创新产生积极影响，但也可能导致董事参与感缺失、决策效率低、群体思维症状而抑制公司创新。本文认为，导致当前研究得出不一致结论的根本原因在于忽略了董事会社会资本对公司创新影响的复杂性。这种复杂性一方面是因为不同来源的董事会关系网络决定了其社会资本的功能差异，另一方面来自公司创新所表现出的多样性和异质性特征。有鉴于此，本研究根据已有观点，借鉴“双元”思想区分利用式创新与探索式创新以刻画公司创新的复杂性，同时根据董事会关系网络的不同来源将董事会社会资本划分为内部社会资本与外部社会资本。 在上述前提下，本文以利用式创新与探索式创新对组织资源、能力、文化的差异化需求为切入点，分别解析董事会内外部社会资本影响不同创新活动的内在机理，进而提出董事会内外部社会资本的交互整合通过注意力焦点融合、组织资源与组织过程融合形成了促进利用式创新与探索式创新兼容并行的双元平衡的组织机制。在构建“董事会内外部社会资本—利用式创新与探索式创新—双元创新”逻辑关系的基础上，结合公司治理体系框架，将股东、董事会、管理层三类核心治理主体纳入本文理论模型，识别可能影响董事会社会资本有效发挥作用的具体情境：反映资源投入机会与成本的股东异质性与股权制衡度、反映董事会群体社会互动过程的非正式层级与断裂带、反映决策执行效率的管理层权力与能力，并考察这些特征因素将如何调节董事会社会资本内外交互与双元创新之间的关系。 选取2007-2021年中国A股上市公司数据、使用多元线性回归模型检验本文的研究假设与理论模型。研究结果证实，董事会内部社会资本比外部社会资本更支持利用式创新在优化配置已有资源、具备问题发现与解决能力以及塑造一致性文化方面的组织需求，因此更有利于利用式创新；董事会外部社会资本比内部社会资本更支持探索式创新在引入异质性资源、具备环境扫描能力、塑造适应性文化方面的组织需求，因此更有利于探索式创新。董事会内外部社会资本的交互整合有助于解决公司创新所需投入“从何而来”和“用于何处”的问题，在价值前提层面与事实属性层面为承担双元创新任务的模块化组织运行给予指导和支持，从而促进了双元创新的实现。此外，股东异质性、董事会非正式层级、管理层能力对董事会社会资本内外交互与双元创新之间的关系起到正向调节作用，董事会断裂带与管理层权力对二者间关系起到负向调节作用，而股权制衡度并未表现出对二者间关系的调节效应。为了探讨董事会社会资本内外交互与双元创新之间的潜在中介机制，本文进一步讨论了投资效率与组织冗余的中介效应。实证结果表明，投资效率与组织冗余中的未沉淀冗余对二者间关系起到部分中介作用，而组织冗余中的沉淀冗余未起到中介作用。 本研究的创新之处在于：首先，从董事会内部社会资本与外部社会资本两个维度出发揭示了董事会社会资本对公司创新的异质性影响，为解释董事会社会资本与公司创新的关系研究提供新的理论思路，丰富了相关主题的研究成果。同时也扩展了董事会内外部社会资本对公司行为决策的差异化影响研究。其次，为双元创新前置因素研究提供了来自公司治理领域以及董事会层面的新视角，通过解析董事会内外部社会资本影响利用式创新、探索式创新以及双元创新的作用过程与内在机制，补充了董事会层面的社会资本作为影响双元创新的关键前因。最后，基于公司治理的系统理论框架识别了影响董事会内外部社会资本交互效果、进而作用于双元创新实现过程的具体情境，将双元创新研究融入公司治理理论体系，并推动和支持了不同理论观点和研究领域之间的有益结合。 本文的局限之处在于：第一，划分董事会社会资本时主要基于董事会关系网络的来源差异，未考虑从结构、关系、认知维度对其做出划分，可能难以完全揭示董事会社会资本的全部功能属性。第二，因数据收集条件限制，对自变量，董事会内外部社会资本的度量无法涵盖董事会成员的所有社会联系；对因变量，利用式创新、探索式创新的度量侧重创新绩效而非创新过程；研究样本为上市公司，未考虑非上市公司。第三，调节变量局限于公司治理领域的股东、董事会与管理层特征，对外部环境动态特征以及公司层面特征等并未涉及。
英文摘要：	Facing the realistic background of China's innovation-driven development strategy at this stage, ambidextrous innovation helps companies to exploit and improve the existing environment to enhance operational efficiency, while maintaining the exploration and learning of unknown areas to cope with external pressures, thus enhancing the competitiveness and innovation capability of the company and increasing its value. However, ambidextrous innovation requires the ability to integrate the strategic goals and organizational processes of different units to respond and adjust to the dynamic needs of the organization. What role does the social capital of the board of directors, as the leading decision-making institution of the company, play in shaping and supporting the more diverse and complex ambidextrous innovation? This paper explores the mechanisms underlying the role of board social capital in influencing ambidextrous innovation from the perspective of the network of internal and external board relationships in which ambidextrous innovation is embedded. Board social capital is the social relationships of board members and the collection of available or potential resources generated by the accumulation of these relationships. It has been found that board social capital positively influences firm innovation through functions such as resource input, information supply, and emotional interaction, but may also lead to a lack of director involvement, inefficient decision-making, and groupthink symptoms that inhibit firm innovation. This paper argues that the fundamental reason for the inconsistent conclusions and views reached in the current study is the neglect of the complexity of the impact of board social capital on firm innovation. This complexity is due to the functional differences in social capital determined by the network of board relationships from different sources, on the one hand, and the diversity and heterogeneity of firm innovation on the other. Given these, this study draws on the idea of "ambidexterity" to distinguish between exploitative and exploratory innovation to portray the complexity of firm innovation; divides board social capital into internal and external social capital according to the different sources of board networks. Based on the above premise, this paper takes the differentiated needs of organizational resources, capabilities, and culture for exploitative and exploratory innovation as the starting point, and respectively analyzes the inner mechanism of internal and external board social capital influencing different innovation activities. It is then proposed that the interactive integration of internal and external board social capital forms an ambidextrous balanced organizational mechanism that promotes exploitative and exploratory innovation through the integration of attention focus, as well as external resources and organizational processes. Based on the logical relationship between "internal and external board social capital - exploitative innovation and exploratory innovation - ambidextrous innovation", three types of core governance actors, namely shareholders, board of directors, and management, are incorporated into the theoretical model of this paper in conjunction with the framework of the corporate governance system. It identifies the specific contexts that may affect the effective functioning of board social capital: shareholder heterogeneity and equity balance, which reflect the opportunities and costs of resource investment; informal hierarchy and faultlines, which reflect the social interaction process of board groups; and managerial power and managerial ability, which reflect the efficiency of decision execution, and then examines how these contingency factors moderate the relationship between internal and external interactions of board social capital and ambidextrous innovation. The data of Chinese A-share listed companies from 2007 to 2021 were selected and multiple linear regression models were used to test the hypotheses and theoretical models of this paper. The results of the study confirm that internal board social capital is more supportive of the organizational needs of exploitative innovation than external capital in terms of optimizing the allocation of existing resources, having the ability to identify and solve problems, and shaping a coherent culture, and therefore more favorable to exploitative innovation; internal board social capital is more supportive of the organizational needs of exploratory innovation than internal capital in terms of introducing heterogeneous resources, having the ability to scan the environment, and shaping an adaptive culture, and therefore more conducive to exploratory innovation. The interactive integration of internal and external board social capital helps to address the “where to come from” and “where to go” problems of the input required for innovation activities, and guides and supports the operation of the modular organization that undertakes ambidextrous innovation tasks at the level of value premise and factual attributes, thus facilitating the realization of ambidextrous innovation. In addition, shareholder heterogeneity, board informal hierarchy, and managerial ability positively moderate the relationship between the interaction of internal and external board social capital and ambidextrous innovation, while board faultlines and managerial power negatively moderate the relationship between the two. In order to explore the potential mediating mechanism between internal and external interaction of board social capital and ambidextrous innovation, this paper further discusses the mediating effect of investment efficiency and organizational redundancy. The empirical results show that investment efficiency and unabsorbed organizational redundancy partially mediate the relationship between the two, while absorbed organizational redundancy does not play a mediating role in it. The innovation of this paper is that, firstly, it reveals the differentiated influence of board social capital on firm innovation from two dimensions: internal and external social capital, which provides new theoretical insights to explain the research on the relationship between board social capital and firm innovation and enriches the research results on related topics. It also extends the research on the differential influence of internal and external board social capital on company decisions and behaviors. Secondly, it provides a new perspective from the field of corporate governance and the board level for the study of ambidextrous innovation antecedents and complements the board-level social capital as a key factor functioning ambidextrous innovation by analyzing the process and inner mechanism of internal and external board social capital influencing exploitative innovation, exploratory innovation, and ambidextrous innovation. Finally, based on the systematic theoretical framework of corporate governance, it identifies the specific contexts that impact the interaction effect of internal and external board social capital, which in turn acts on the realization process of ambidextrous innovation, integrates ambidextrous innovation research into the corporate governance theoretical system, and promote and support the meaningful combination of different theoretical perspectives and research fields. The limitations of this paper are: first, the classification of board social capital is mainly based on the source differences of board relationship networks, without considering the classification of them from the structural, relational, and cognitive dimensions, which may be difficult to completely reveal the full functional attributes of board social capital. Second, due to data collection constraints, the measurement of the independent variable, internal and external board social capital, cannot cover all social connections of directors; the measures of the dependent variables, exploitative innovation and exploratory innovation, focus on innovation performance rather than innovation process; the sample of the study is listed companies, and non-listed companies and small and medium-sized enterprises are not considered. Third, the moderating variables are limited to shareholder, board, and management characteristics in the corporate governance domain, and do not address the dynamic characteristics of the external environment and firm-level characteristics.
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