硕士学 位论文
高管学术经历及其异质性对企业创新绩效的影
响研究
Research on the Impact of Executives’ Academic Experience and
its Heterogeneity on Enterprise Innovation Performance
作 者 姓 名： 战明娟
学 科 专 业： 工商管理
学 号： 1120190519
指 导 教 师： 周显文
学 位 类 别： 管理学硕士
培 养 单 位：大连海事大学
答 辩 时 间：2022 年 6 月 8 日
大连海事大学
Dalian Maritime University 大连海事大学
研究生学位论文原创性声明
本人郑重声明：所呈交的学位论文，是本人在导师的指导下进行研究
工作所取得的成果。尽我所知，除文中已经注明引用内容和致谢的地方外，
本论文不包含任何其他个人或集体已经发表或撰写过的研究成果。对论文
所涉及的研究工作做出贡献的其他个人和集体，均已在论文中以明确的方
式标明或致谢。
若有不实之处，本人愿意承担相关法律责任。
作 者 签 名 ： 日期：2022 年 6 月 8 日大连海事大学硕士学位论文
摘 要
当前，中国正处在经济转型的关键阶段，为保证创新型国家的加速建设，我国发布
了一系列鼓励企业加强创新能力的政策，其中便包括鼓励事业单位专职人员到企业中任
职，推动科研成果的转化。作为企业创新决策的关键决定者，高层管理者对企业创新的
影响受到越来越多学者的关注。高管的工作经历会对高管的人格特征和行为方式产生影
响，而高管的个性特征及行为方式又会影响其对公司的管理风格和决策行为。基于此，
学者们展开了高管特征与企业创新的相关研究，其中学术经历这一特征却少有关注。20
世纪末邓小平同志南巡讲话后出现的“下海潮”现象使得大批高校教师和科研机构的科
研人员进入企业全职或兼职工作，增加了高管团队中学者型高管的数量，学者型高管具
备专业知识和管理能力，其进入企业后势必会对企业创新决策的实施产生影响。
基于当前背景，本文选取了 2010—2019 年我国创业板上市公司的相关数据，以理
论结合实证的行文思路，深入探究了具有学术经历的高管以及高管学术经历异质性与企
业创新绩效的关系，并细分了不同来源的学者型高管，分别探究了高校来源、科研机构
来源以及协会来源的高管对企业创新绩效的影响。此外，本文进一步加入高管层面和企
业内部治理层面的情景因素，考察了过度自信与财务冗余在学者型高管与创新绩效关系
中所发挥的调节作用。
研究结果显示：（1）高管学术经历会提高企业创新绩效，且三种来源的学者型高
管对企业创新绩效的提高效果有所差异，在科研机构中任职的学者型高管对创新绩效的
提高效果最强，高校任教高管次之，协会从事研究高管对创新绩效的提高效果最弱；（2）
高管学术经历来源异质性对企业创新绩效有正向影响；（3）相对于过度自信程度较低
的学者型高管，过度自信程度较高的学者型高管对于提高企业创新绩效的正向作用更显
著；（4）财务冗余削弱了高管学术经历与企业创新绩效之间的正向关系。
由此，引导企业根据自身治理结构合理聘任高管，优化管理层结构，进而促进科研
成果的转化，为企业提高创新绩效贡献了新思路。
关键词：企业创新绩效；高管学术经历；异质性；过度自信；财务冗余
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Research on the Impact of Executives’ AcademicExperience and its
Heterogeneity on Enterprise Innovation Performance
Currently, China is in a critical staAgebsotfraeccotnomic transformation, and to ensure the
accelerated construction of an innovative country, China has issued a series of policies to
encourage enterprises to strengthen their innovation capabilities, including encouraging
full-time employees of institutions to work in enterprises to promote the transformation of
research results. As a key decision maker in corporate innovation decisions, the influence of
top managers on corporate innovation has received increasing attention from scholars. The
work experience of executives affects their personality traits and behaviors, which affect their
management styles and decision-making behaviors. Based on this, scholars have carried out
research on executive characteristics and corporate innovation, the characteristic of academic
experience has received less attention. The "sea-going wave" that emerged after Comrade
Deng Xiaoping;s Southern Tour speech at the end of the 20th century has led to a large
number of university teachers and researchers from research institutions entering the
corporate world. This has increased the number of academic executives of the executive team,
with their professional knowledge and management ability, they are bound to have an impact
on the implementation of enterprise innovation decisions .
Based on the current background, this thesis selects the relevant data of China;s GEM
listed companies from 2010-2019, and explores in depth the relationship between executives
with academic experience and the heterogeneity of executives; academic experience and
corporate innovation performance with the line of theory combined with empirical evidence,
and subdivides the academic executives from different sources, and explores the effect of
university source, research institution source and association-sourced executives on the
innovation performance of firms. In addition, the thesis further incorporates executive-level
and internal corporate governance scenarios to examine the moderating role of
overconfidence and financial slack in the relationship.
The findings show that: (1) executive academic experience improves corporate
innovation performance, and the effect of academic executives from three sources on
improving corporate innovation performance varies, with academic executives serving in
research institutions having the strongest effect on improving innovation performance,
followed by executives engaged in research in associations, and executives teaching in
universities having the weakest effect on improving innovation performance; (2) the
- II -大连海事大学硕士学位论文
heterogeneity of the sources of academic experience of executives has a positive effect on
corporate innovation performance; (3) executives with higher levels of overconfidence have a
more significant positive effect on improving firm innovation performance relative to
academic executives with lower levels of overconfidence; (4) financial slack weakens the
positive relationship between executive academic experience and firm innovation
performance.
As a result, enterprises are guided to appoint executives in a rational manner according
to their own governance structure, optimise their management structure, promote the
transformation of research results and contribute new ideas to improve their innovation
performance.
Key Words: Enterprise Innovation Performance; Academic Experience; Heterogeneity;
Overconfidence; Financial Slack
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