随着2015年5月《中国制造2025》和2016年5月《国家创新驱动发展战 略纲要》的发布实施，实施创新驱动发展已成为我国的一项基本国策。相关创新 政策涵盖了产业技术创新、原始创新、区域创新、企业创新等主体，同时提出了 在改革创新治理体系、增加创新投入、开放创新等方面的改革保障举措。《纲要》 特别提到了发挥企业家在创新创业中的重要作用，明确了创新驱动实质上是人才 驱动。它还指出，只有明确各类创新主体在创新链不同环节的功能定位，激发主 体活力，系统提升各类主体创新能力，才能夯实创新发展的基础，增强创新的源 头性供给，使国内企业形成国际上的比较竞争核心优势。在当前国内外市场激烈 竞争的环境中和知识产权保护的大背景下，差异化生产要素的配置已无法通过人 口红利、无附加值代工制造、逆向工程和消化吸收再利用来取得。企业技术创新 所产生的变革性生产要素以及差异化核心竞争能力对于企业的长期发展和稳定 运行至关重要。企业的技术创新是完全的市场化行为，其面临着因投入产出周期 较长而存在的资源长期占有性，因面临创新产出的不确定性而承担风险的可能， 因关系到企业未来发展而必须具备对企业长期控制的决策权限。根据利益相关者 理论，董事会是满足以上条件的创新主体。因此在企业技术创新的众多影响因素 中，公司治理特别是董事会治理发挥了根本性作用。董事会成员通过其拥有的社 会资本和人力资本发挥董事会效能，积极履行监督控制职能和资源提供职能，从 而减少对外部环境的资源依赖，降低交易成本，提升技术创新的决策水平和公司 绩效。从以往的研究成果看，学者们大多在董事会结构和董事会运行机制的视角 之下进行分析，但从董事会成员特质角度切入较少。同时，学术界的理论分析已 经揭示了董事会资本对公司竞争性行为、战略变革、技术创新产生影响，进而作 用于公司绩效，但其中的定量分析仍有待进一步加强。就技术创新的研究视角而 言，国内外学者已尝试从董事会资本对公司绩效的影响和对技术创新的影响两个 方面分阶段进行了相关研究，但整个作用链条的“黑箱”仍未能打开。因此，本文 在已有研究的基础上，对董事会—技术创新—公司绩效进行串联分析，并重点考 ii 察技术创新在董事会资本作用于公司绩效过程中起到的作用。本文使用“董事会 资本”对董事会治理情况进行综合评估，依据现有理论将其分解为董事会资本广 度和深度两个维度。其中，董事会资本广度分解为董事会成员职能背景、职业背 景和兼任情况的异质性三方面；董事会资本深度分为董事会成员在本行业嵌入度 和外部董事在本行业嵌入度两个方面。对于企业技术创新水平的度量，本文选取 学界常用的研发强度（研销比）进行衡量。在此基础上，本文考察了董事会资本 与公司绩效的关系，董事会资本与技术创新的关系和技术创新的中介作用，以期 打开董事会资本对公司绩效产生影响的“谜团”，分析作用机制，为我国上市公司 董事会治理的理论与实践提供参考。 本文通过理论剖析与实证检验，得出以下主要研究结论： （1）董事会资本的广度以及董事会成员的职能背景异质性、职业背景异质 性和兼职情况异质性这些分项指标均能够帮助提升公司绩效； （2）外部董事在本行业的嵌入度不利于提升公司绩效，其他董事会资本深 度指标与公司绩效之间无显著相关关系； （3）董事会资本的广度及董事会成员的职能背景和兼职情况的异质性这些 分项指标均能够帮助提升企业技术创新能力； （4）董事会资本的深度及外部董事在本行业的嵌入度与技术创新水平负相 关，董事会成员在本行业的嵌入度与技术创新无显著相关关系； （5）技术创新作为中介变量，在董事会资本广度、董事会成员职能背景和 兼职情况异质性作用于公司绩效的过程中发挥了部分中介传导效应；在外部董事 行业嵌入度作用于公司绩效过程中发挥了完全中介传导效应。对其他指标无中介 传导效应； （6）不同的产权性质下，国有企业和非国有企业的公司绩效及董事会资本 深度存在显著差异，但在董事会资本广度方面未表现出明显不同。 通过得出以上研究结论，本文将原有的董事会资本与技术创新研究和董事会 资本与公司绩效研究成果联系在一起，把原来分两阶段解释的相似现象串联整合 起来，使已有董事会治理理论和董事会资本研究结论更为系统。同时全面考察了 董事会资本对公司绩效的资本投入—决策过程—资本产出影响路径，完善董事会 资本作用于公司绩效的作用机制和逻辑架构。同时，对董事会资本进行合理的界 iii 定和测度并通过实证研究，揭示了董事会资本对公司绩效、技术创新的影响水平 和作用方向，丰富了现有的相关理论研究成果，探寻了通过中介变量来解释董事 会治理效能的复杂内涵的新途径。 关键词： 董事会治理，董事会资本，技术创新，公司绩效，中介效应 v Research on the Intermediary Transmission Effect of Technological Innovation in the Process of Board Capital Influencing on Company Performance Abstract With the release and implementation of “Made in China 2025” in May 2015 and the “National Innovation Driven Development Strategy Outline”in May 2016, the implementation of innovation-driven development has become a basic national policy of China. Relevant innovation policies include industrial technology innovation, original innovation, regional innovation, enterprise innovation subjects and etc. At the same time, it proposes reform guarantee measures in terms of reform and innovation governance system, increasing innovation investment, and open innovation. The outline specifically mentions the important role of entrepreneurs in innovation and entrepreneurship and clarifies that the drive for innovation is essentially a talent drive. It also pointed out that only by clarifying the functional orientation of various innovation entities in different units of the innovation chain, stimulating the vitality of the main body, systematically improving the innovation ability of various subjects, can we realize the foundation of innovation and development, enhance the source of innovation, and enable domestic enterprises to form competitive core advantage among the international competition. In the current fiercely competitive environment of domestic and foreign markets and the protection of intellectual property rights, the allocation of differentiated production factors can not be achieved through demographic dividends, no-value-added manufacturing, reverse engineering and digestion and absorption. The transformative production factors and differentiated core competitiveness generated by technological innovation of enterprises are crucial to the long-term development and stable operation of enterprises. The technological innovation of enterprises is a completely market-oriented behavior. It faces the long-term possession of resources due to the long input-output cycle, the possibility of taking risks due to the uncertainty of innovation output, which is related to the future vi development of the enterprise and the decision authority for long-term control of the enterprise due to the future development of the company. According to the stakeholder theory, the board of directors is the innovation subject that satisfies the above conditions. Therefore, among the many influencing factors of enterprise technology innovation, corporate governance, especially the governance of the board of directors, played a fundamental role. Board members play the role of the board of directors through their social capital and human capital, and actively perform supervisory and control functions and resource provision functions, thereby reducing resource dependence on the external environment, reducing transaction costs, and improving technological innovation and company performance. From the past research results, most scholars analyze the board structure and the operating mechanism of the board of directors. However,few had discussed from the perspective of board members. Meanwhile, the theoretical analysis has revealed that the board of directors has an impact on the company's competitive behavior, strategic changes, technological innovation. In turn, it influences on company performance, but the quantitative analysis still needs to be further enhanced. Scholars in China and abroad have conducted relevant researches in different stages of the impact of board capital on company performance and the impact on technological innovation. But the “black box” of the entire chain of actions has not yet been opened. Therefore, based on the existing research, this paper analyzes the board-technical innovation-company performance in tandem, and focuses on the role of technological innovation in the process of board capital acting on company performance. This paper uses “Board Capital” to comprehensively evaluate the governance of the board of directors and breaks it down into two dimensions: board capital breadth and board capital depth, according to existing theories. Among them, the