Can the Research Work Experience of Executives Alleviate the Agency Problem and Financing Constraints of Enterprises?
Based on data from listed companies in China,this paper analyzes the impact of executives with scientific re-search work experience include academic and technical research experience on corporate agency issues and financing con-straints.Research has found that an increase in the proportion of executives with two types of research experience can significant-ly reduce the agency costs of enterprises,while academic research experience alone has a significant effect on reducing financing constraints;The analysis of the mechanism of action shows that both types of scientific research experiences contribute to the for-mation of a rigorous work attitude and noble moral qualities,which can effectively constrain management behavior and reduce agency costs;In addition,both types of scientific research work experience contribute to improving profitability and performance expectations,thereby alleviating corporate financing constraints,while academic research experience has a stronger promoting ef-fect on improving corporate performance expectations.The above conclusion still holds true in sub-samples of different owner-ship enterprises,high-tech industries,and executives in different positions.In the future,enterprises should further attach impor-tance to the cultivation of scientific research talent teams,improve the promotion and incentive mechanisms for scientific re-search talents,and achieve a comprehensive improvement in the technological research and development strength and operation-al management efficiency of enterprises;The relevant government departments should further improve the legal protection system for intellectual property rights,safeguard the legitimate rights and interests of scientific research personnel,and promote techno-logical exchange and cooperation.
NETL
NSTL
万方数据
维普
