Abstract: This paper takes 313 listed companies on the Gem from 2013 to 2017 of Shenzhen Stock Exchange as samples to empirically analyze the impact of background differences among decision makers on technological innovation investment orientation of enterprises and the moderating effect of ownership structure (ownership concentration degree and ownership balance degree). The research shows that the three sub-dimensions of the background difference of decision makers (the educational level of decision makers, the rich level of industry experience and the technical level of job experience) have a significant positive impact on the investment orientation of technological innovation. The degree of ownership concentration has a significant negative impact on the level of industry experience and the level of technical experience. The ownership concentration has a negative regulating effect between the background difference of decision-making level and the investment orientation of technological innovation. The balance of ownership has a positive moderating effect between the background difference of decision-making level and the investment orientation of technological innovation. The conclusion of this study has positive reference significance and enlightenment for enterprises in equity structure optimization, decision-making level construction and technology innovation investment-oriented design.

Key words: background difference, investment orientation, equity structure, adjust the effect

摘要： 本文以深圳证券交易所2013~2017年创业板313家上市企业为样本,实证分析了决策层背景多样性对企业技术创新投资导向的影响以及股权结构(股权集中度和股权制衡度)的调节效应。研究表明:决策层背景多样性的三个分维度(决策层受教育程度、行业经验和任职经历的技术性背景)均对企业技术创新投资导向有显著正影响;股权集中度对决策层行业经验和任职经历的技术性背景均有显著负影响;股权集中度在决策层背景多样性与企业技术创新投资导向之间有负向调节效应;股权制衡度在决策层背景多样性与企业技术创新投资导向之间有正向调节效应。研究结论对于企业在股权结构优化、决策层建设以及技术创新投资导向的设计等方面具有积极的借鉴意义和启示。

关键词: 背景差异, 投资导向, 股权结构, 调节效应