摘要
作为一种企业行为，创新投资最终源于决策者的个人意志和偏好，而这与决
策者的职业经历等背景特征密切相关。在现代企业中，CEO作为企业创新投资
的主要决策者，其背景特征势必会对企业创新投资决策产生重要影响。相比之下，
职业经历丰富的 CEO拥有综合的管理技能、丰富的社会资源和多维的认知结构，
更能满足企业实施创新投资战略的需求。
论文以 2010-2019年中国沪深A股上市公司为研究样本，基于高阶梯队理
论和资源依赖理论，理论分析和实证检验了 CEO职业经历与企业创新投资之间
的关系、经济政策不确定性和政府创新补贴对两者关系的调节效应以及 CEO职
业经历对企业创新投资的影响效应。结果表明：一是 CEO的职业经历越丰富，
则企业创新投资水平就越高。该结论在经过一系列内生性检验和稳健性检验后，
其结果依旧成立；二是在进一步检验中，文章从经济政策不确定性和政府创新补
贴两方面，考察了其对 CEO职业经历与企业创新投资两者关系的影响。结果显
示，经济政策不确定性越高，CEO职业经历与企业创新投资的正向关系越显著。
而在政府创新补贴的支持下，CEO职业经历与企业创新投资的正向关系越不显
著；三是在影响机制方面，CEO多元化的职业经历主要是通过信息效应，进而影
响了企业创新投资水平。
论文结论不仅丰富了现有关于 CEO职业经历影响效应的理论研究，同时也
为企业高管选聘和优化创新投资决策提供了新的经验证据和参考。
关键词：CEO职业经历；企业创新投资；社会网络关系；经济政策不确定
性；政府创新补贴
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ABSTRACT
As acorporate behavior, innovationinvestment ultimatelystems from the
decision-maker's personal will and preference, which is closely related to the decision-
maker's professional experience and otherbackground characteristics. In modern
enterprises, CEO, as the main decision maker of enterprise innovation investment, his
background characteristics will inevitably have an important impact on enterprise
innovation investment decision-making. In contrast, CEOs withrich professional
experience have comprehensive management skills, rich social resources and multi-
dimensional cognitive structures, which can better meet the needs of enterprises to
implement innovative investment strategies.
This paper takes the 2010-2019 A-share listed companies in China's Shanghai and
Shenzhen as a research sample, based on the high-level team theory and resource
dependence theory, theoretically and empirically test the relationship between CEO
careerexperienceandcorporateinnovationinvestment, andeconomicpolicy
uncertainty. and the moderating effect of government innovation subsidies on the
relationship between the two and the effect of CEO career experience on corporate
innovation investment. The results show that: First, the richer the CEO's professional
experience, the higher the level of corporate innovation investment. After a series of
endogeneity tests and robustness tests, this conclusion still holds. Second, in the further
test, the article examines the relationship between CEO career experience and corporate
innovation from the perspectives of economic policy uncertainty and government
innovation subsidies. The impact of the relationship between innovation investment.
The results show that the higher the economic policy uncertainty, the more significant
the positive relationship between CEO career experience and corporate innovation
investment. Withthe supportof governmentinnovation subsidies,the positive
relationship between CEO career experience and corporate innovation investment is
less significant; third, in terms of influence mechanism, CEO's diversified career
experience mainlyaffects the levelof corporate innovationinvestment through
information effects.
The conclusions of the paper not only enrich the existing theoretical research on
the influence of CEO career experience, but also provide new empirical evidence and
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reference for corporateexecutives to select andoptimize innovation investment
decisions.
Key Words: CEO Career Experience, Corporate Innovation Investment, Social
NetworkRelationship,EconomicPolicyUncertainty,GovernmentInnovation
Subsidies
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