| Under the influence of economic globalization,the speed of China’s economic development has been significantly improved,and the country pays more and more attention to the development of science and technology.It continues to emphasize that innovation is the fundamental driving force to change the mode of economic development and enhance China’s comprehensive national strength.The strategy of innovation driven development has become one of the major strategies to promote China’s economic development.From a micro perspective,innovation is an inexhaustible driving force for the long-term development of private enterprises.It can provide enterprises with sustainable competitive advantage and is the fundamental cornerstone of the survival and development of enterprises.CEOs,as decision-makers and executors of private enterprises,are important to the survival and development of private enterprises.This paper takes the source of CEO as the research starting point,based on the data of A-share private listed enterprises from 2007 to 2018 as the research sample,divides the source of CEO into "relative CEO","acquaintance CEO" and "outsider CEO" according to the differential pattern theory,and then empirically tests its impact on the innovation investment of private enterprises by using multiple regression model.By analyzing the empirical test results,it is found that the more distant the source of CEO is,the lower the level of enterprise innovation investment is,and vice versa.This result shows that the governance model of private listed enterprises has certain limitations.Blood and kinship closely connect the "family CEO" with the enterprise,and their interests tend to be consistent.The "family CEO" may have higher enthusiasm for carrying out innovation activities conducive to the long-term development of the enterprise out of consideration of the long-term interests of the family and the enterprise.In contrast,the "acquaintance CEO" and "outsider CEO" who are relatively estranged may pay more attention to their own job performance,hate the risks brought by innovation and have low enthusiasm for carrying out innovation activities.In addition,the empirical results show that management compensation incentive can inhibit the negative impact of CEO source on innovation investment of private enterprises,and has a significant regulatory effect.In the current trust environment of private enterprises,strengthening the cultivation of innovation ability of family members and internal employees,and selecting relatives,acquaintances or outsiders to manage the enterprise in an appropriate way suitable for the current development of the enterprise can effectively promote the innovation investment of enterprises,be conducive to the sustainable development of private enterprises and enhance their contribution to the transformation and development of China’s economy. |
