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论文编号：	15311
作者编号：	1120211202
上传时间：	2025/6/4 21:40:31
中文题目：	董事声誉对企业突破式创新的影响及其机制研究
英文题目：	Research on the Impact of Directors’ Reputation on Breakthrough Innovation and Its Mechanisms
指导老师：	周建
中文关键字：	董事声誉；身份认同；突破式创新；风险承担；长期导向；研发投入
英文关键字：	Director Reputation; Identity Theory; Breakthrough Innovation; Risk-Taking; Long-Term Orientation; R&D Investment.
中文摘要：	随着中国经济迈入高质量发展阶段，创新已成为推动经济增长的核心动力。党的二十大报告明确提出，要加快实施创新驱动发展战略，坚持创新在现代化建设全局中的核心地位。然而，当前中国的创新模式仍以渐进式创新为主，难以实现关键技术的突破，“卡脖子”问题依然突出。在此背景下，突破式创新作为一种能够打破现有技术和市场边界、创造独特竞争优势的创新范式，成为企业实现技术自主可控、提升核心竞争力的重要路径。尽管突破式创新对提升企业核心竞争力至关重要，但企业在开展突破式创新时面临诸多挑战，例如企业风险规避倾向，短期财务压力和委托代理问题等。因而，开展突破式创新需要企业核心决策主体——董事会能够做出战略承诺和安排。董事会作为公司治理和企业战略决策的核心，其长期导向和创新视野对企业的突破式创新至关重要。 在委托代理框架下，董事作为股东利益的代表，主要职责是监督管理层并提供战略咨询，其利益诉求与股东一致。而CEO作为股东的代理人具有自利动机，可能会以股东利益为代价追求个人目标。因此，董事与CEO在利益诉求与职责定位上存在本质差异。现有研究主要关注代理人CEO的机会主义行为，而董事声誉在过去的研究中受到忽视。此外，大多数关于董事声誉的研究集中在独立董事为获得更多的就业机会（董事席位）而努力工作上，如提供严格的监督。然而，这些研究忽视了个体董事的声誉及其身份认同如何影响董事会的战略决策或公司行动。尽管我们已经知道了声誉机制能够有效激励或约束高管行为，但董事声誉是否会影响董事的身份认同，从而影响企业的战略决策，特别是能够影响企业生存和发展的具有长期导向的投资决策如突破式创新，仍是一个未被充分探索的研究问题。有鉴于此，本文基于委托代理理论框架，结合身份认同理论和社会声誉理论，探讨董事声誉对企业突破式创新的影响及其作用机制，旨在揭示董事声誉及其身份认同在推动企业突破式创新中的关键作用，为提升企业突破式创新提供理论支持和实践指导。 本文拟解决的核心科学问题是：董事声誉是否以及如何影响企业突破式创新？围绕这一核心问题，本文进一步分解为三个子问题：（1）董事声誉是否会影响企业的突破式创新，其核心机制是什么？（2）董事声誉影响企业突破式创新的中介路径是什么？（3）董事声誉影响企业突破式创新的边界条件有哪些？为回答子问题一，本文基于身份认同理论，构建了“董事声誉→身份认同→战略决策”的理论框架，系统阐释董事声誉如何通过强化董事的身份认同，进而影响企业突破式创新决策，从而揭示董事声誉影响突破式创新的内在机制。为回答子问题二，本文从企业风险承担水平、长期导向、资源获取能力与研发投入强度四个维度，探讨了董事声誉影响企业突破式创新的中介路径，回答了董事声誉影响企业突破式创新的路径机制问题。对于子问题三，本文从内部治理特征、外部市场以及社会文化和法律保护层面，选取了董事会多样性、市场竞争、社会信任、知识产权保护、企业冗余资源和企业性质六个调节变量，分析了董事声誉影响企业突破式创新的边界条件，回答了董事声誉影响企业突破式创新的边界机制。 为实证检验上述研究问题，本文选取2010到2020年沪深两市上市公司作为研究样本，并采用回归分析方法进行了实证检验，得到以下主要结论： 首先，关于董事声誉对企业突破式创新的影响的研究结果发现：董事声誉显著促进了企业的突破式创新，该结论经过更换变量测量方式、更换回归模型，倾向得分匹配法、DID模型、工具变量法，差分对差分分析（Change-On-Change），固定效应模型以及Heckman两阶段模型等一系列稳健性检验后依然成立。机制检验结果发现，董事声誉主要通过增加董事身份认同，从而促进企业的突破式创新。 其次，关于董事声誉对企业突破式创新的中介机制实证结果发现：（1）董事声誉通过增加企业的风险承担水平从而推动了企业的突破式创新。（2）董事声誉通过增强企业长期导向从而推动了企业的突破式创新。（3）董事声誉通过增加企业资源获取能力从而促进了企业的突破式创新。（4）董事声誉通过提高企业研发投入从而促进了突破式创新。这些影响机制检验结果进一步说明了董事声誉影响企业突破式创新的路径机制或者过程机制。 此外，关于董事声誉影响企业突破式创新的边界条件的实证结果发现：（1）董事会多样性正向调节了董事声誉与企业突破式创新之间的关系。（2）市场竞争强度正向调节了董事声誉与企业突破式创新之间的关系。（3）社会信任正向调节了董事声誉与企业突破式创新之间的关系。（4）知识产权保护正向调节了董事声誉与企业突破式创新之间的关系。（5）冗余资源正向调节了董事声誉与企业突破式创新之间的关系。（6）企业性质对董事声誉与企业突破式创新之间关系的调节作用不显著。本文的研究不仅丰富了董事声誉与企业创新领域的文献，还为政策制定者提供了重要的实践启示。 本文的创新点主要体现在以下四个方面：第一，丰富和拓展了董事声誉的相关研究。由于身份和利益关系的不同，董事声誉和高管声誉的作用及其的机制也存在显著差异。与已有高管声誉的研究不同，本文从身份认同理论视角分析了董事声誉对企业突破式创新的影响，从身份认同机制的视角拓展了有关董事声誉及其机制研究的文献。第二，从董事声誉视角丰富了企业突破式创新的前因研究。已有文献主要从知识基础观和资源依赖理论探讨突破式创新的影响因素，然而缺少关注企业决策核心主体董事及其声誉可能的影响。本文借鉴身份认同理论的核心观点，分析了董事身份认同如何影响企业的突破式创新，为突破式创新研究提供了一个新颖的视角，从而丰富了关于企业突破式创新前因及其影响机制的相关文献。第三，构建了董事声誉影响企业突破式创新的多路径理论框架。基于身份认同理论、资源依赖理论和和董事身份的特定内涵探究了董事声誉影响企业突破式创新的中介路径。即董事声誉能够通过增加企业风险承担水平、企业长期导向、增加资源获取能力和研发投入从而促进企业突破式创新，为学者理解董事声誉影响企业突破式创新的过程机制提供了有益的参考。第四，识别了董事声誉影响企业突破式创新的情境因素。
英文摘要：	As China enters a stage of high-quality economic development, innovation has become the core driving force for economic growth. The report of the 20th National Congress of the Communist Party of China explicitly emphasizes the acceleration of an innovation-driven development strategy and the central role of innovation in the modernization process. However, China’s current innovation model remains predominantly incremental, making it difficult to achieve breakthroughs in critical technologies, and the “bottleneck” problem persists. Against this backdrop, breakthrough innovation, as an innovation paradigm capable of breaking existing technological and market boundaries to create unique competitive advantages, has become a crucial pathway for enterprises to achieve technological self-sufficiency and enhance core competitiveness. Despite the importance of breakthrough innovation in strengthening corporate competitiveness, enterprises face numerous challenges in undertaking such initiatives, including risk aversion tendencies, short-term financial pressures, and principal-agent problems. Therefore, successful breakthrough innovation requires strategic commitment and planning from the firm’s core decision-making body—the board of directors. As the central entity in corporate governance and strategic decision-making, the board’s long-term orientation and innovation vision play a pivotal role in driving breakthrough innovation. Within the principal-agent framework, directors, as representatives of shareholders’ interests, are primarily responsible for overseeing management and providing strategic guidance, aligning their interests with those of shareholders. In contrast, the CEO, as an agent of shareholders, may exhibit self-serving motives and pursue personal goals at the expense of shareholder value. Consequently, directors and CEOs fundamentally differ in their interest alignment and role positioning. Existing research has primarily focused on CEOs’ opportunistic behaviors as agents, while the role of director reputation has been largely overlooked. Furthermore, most studies on director reputation focus on independent directors striving for additional board appointments by enforcing strict oversight, thereby reducing agency costs. However, these studies neglect how individual directors’ reputations and identity identification influence board-level strategic decision-making and corporate actions. While existing research acknowledges that reputation mechanisms can effectively incentivize or constrain executive behavior, the question of whether director reputation affects directors’ identity identification and subsequently influences corporate strategic decisions—particularly long-term investment decisions, such as breakthrough innovation, which are critical to a firm’s survival and development—remains underexplored. Given this research gap, this study integrates principal-agent theory with identity theory and social reputation theory to examine the impact of director reputation on corporate breakthrough innovation and its underlying mechanisms. The study aims to reveal the critical role of director reputation and identity identification in fostering breakthrough innovation, thereby providing theoretical support and practical guidance for enhancing corporate innovation. The core research question of this study is: Does director reputation influence corporate breakthrough innovation, and if so, how? To address this question, the study is further divided into three sub-questions: (1) Does director reputation influence corporate breakthrough innovation, and what are the underlying mechanisms? (2) What are the mediating pathways through which director reputation affects breakthrough innovation? (3) What are the boundary conditions of the relationship between director reputation and breakthrough innovation? To answer the first sub-question, this study constructs a theoretical framework of “Director reputation → Identity identification → Strategic decision-making” based on identity theory. This framework systematically explains how director reputation strengthens directors’ identity identification, thereby influencing corporate breakthrough innovation decisions, and reveals the intrinsic mechanism of director reputation’s impact on breakthrough innovation. To address the second sub-question, this study explores the mediating pathways through which director reputation affects corporate breakthrough innovation from four dimensions: corporate risk-taking, long-term orientation, resource acquisition capability, and R&D investment intensity. Finally, to answer the third sub-question, this study examines six moderating variables—board diversity, market competition, social trust, intellectual property protection, corporate slack resources, and firm ownership—to analyze the boundary conditions of the relationship between director reputation and breakthrough innovation. To empirically test these research questions, this study selects publicly listed firms from the Shanghai and Shenzhen stock exchanges from 2010 to 2020 as the research sample and employs regression analysis for empirical testing. The key findings are as follows: First, regarding the impact of director reputation on breakthrough innovation, the study finds that director reputation significantly promotes corporate breakthrough innovation. This conclusion remains robust after a series of robustness tests, including alternative variable measurements, different regression models, propensity score matching (PSM), difference-in-differences (DID) models, instrumental variable approaches, change-on-change analysis, fixed-effects models, and the Heckman two-stage model. Mechanism tests indicate that director reputation primarily fosters breakthrough innovation by enhancing directors’ identity identification. Second, regarding the mediating mechanisms through which director reputation influences breakthrough innovation, the empirical results show that: (1) Director reputation enhances corporate risk-taking, thereby promoting breakthrough innovation. (2) Director reputation strengthens firms’ long-term orientation, which in turn facilitates breakthrough innovation. (3) Director reputation improves firms’ resource acquisition capability, thereby enhancing breakthrough innovation. (4) Director reputation increases firms’ R&D investment, leading to greater breakthrough innovation. These findings further clarify the mechanistic pathways through which director reputation influences breakthrough innovation. Third, regarding the boundary conditions of the relationship between director reputation and breakthrough innovation, the empirical results show that: (1) Board diversity positively moderates the relationship between director reputation and breakthrough innovation. (2) Market competition intensity positively moderates this relationship. (3) Social trust positively moderates this relationship. (4) Intellectual property protection positively moderates this relationship. (5) Corporate slack resources positively moderate this relationship. (6) Firm ownership does not significantly moderate this relationship. This study not only enriches the literature on director reputation and corporate innovation but also provides valuable policy implications for regulators and corporate governance practitioners. This study makes four key contributions. First, it expands research on director reputation. Due to differences in identity and interest relationships, the effects and mechanisms of director reputation differ significantly from those of executive reputation. Unlike prior studies that focus on executive reputation, this study adopts an identity theory perspective to analyze the impact of director reputation on breakthrough innovation, thus extending research on director reputation and its underlying mechanisms. Second, from the perspective of director reputation, this study enriches research on the antecedents of breakthrough innovation. Previous studies primarily examined the drivers of breakthrough innovation through knowledge-based and resource dependence theories but overlooked the influence of corporate decision-makers—directors—and their reputation. Drawing on identity theory, this study explores how directors' identity identification influences breakthrough innovation, offering a novel perspective that enriches research on the antecedents and mechanisms of corporate breakthrough innovation. Third, this study establishes a multi-path theoretical framework for the impact of director reputation on breakthrough innovation. By integrating identity theory, resource dependence theory, and the unique role of directors, this study identifies the specific pathways through which director reputation influences breakthrough innovation. It finds that director reputation enhances risk-taking, long-term orientation, resource acquisition, and R&D investment, constructing a comprehensive multi-path framework that addresses gaps in the literature regarding how director reputation drives breakthrough innovation. Fourth, this study identifies the contextual factors that shape the impact of director reputation on breakthrough innovation. It systematically examines the boundary conditions under which director reputation influences breakthrough innovation, providing a more nuanced understanding of the conditions under which director reputation exerts its effects.
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