管理者短视、技术创新与企业价值——基于A股上市公司的实证研究

Managerial Myopia, Technological Innovation, and Corporate Value—An Empirical Study Based on A-Share Listed Companies

摘要: 全球宏观经济面临多重不确定性冲击，企业分化的趋势日益显著，具有长远发展理念的企业更能适应外部环境变革。管理者短视主义可能妨碍企业战略布局，进而损害企业长期价值，技术创新是增强企业市场竞争力和企业价值的关键。基于委托代理理论和高层梯队理论，本文以2018至2022年A股上市公司9448个样本为研究对象，构建模型探讨管理者短视、技术创新与企业价值之间的关系，并检验技术创新的中介效应。研究发现：第一，管理者短视显著抑制技术创新，且存在滞后性；第二，管理者短视通过抑制技术创新对企业价值产生负向影响，且该关系存在滞后性；第三，在非国有企业中，技术创新完全中介管理者短视与企业价值的关系，凸显了技术创新对弱化短视主义负面影响的重要性。最后，本文从强化政府监管和优化企业治理两方面提出建议，以期为提升企业长期价值提供实践参考。

Abstract: The global macroeconomic landscape faces multiple uncertainties and shocks, leading to an increasingly pronounced trend of corporate divergence. Enterprises with a long-term development vision are better able to adapt to external changes, while managerial myopia may hinder strategic planning and harm long-term corporate value. Technological innovation is key to enhancing market competitiveness and corporate value. Based on agency theory and the upper echelons theory, this study examines the relationship between managerial myopia, technological innovation, and corporate value using a sample of 9,448 A-share listed companies from 2018 to 2022. The model tests the mediating effect of technological innovation. The findings are as follows: Managerial myopia significantly suppresses technological innovation, with a lag effect; Technological innovation mediates the relationship, with managerial myopia negatively affecting corporate value through its suppression of innovation, and this effect also exhibits a lag. In non-state-owned enterprises, technological innovation fully mediates the relationship between managerial myopia and corporate value, highlighting the importance of innovation in mitigating the negative impact of myopia. Finally, the paper offers suggestions for strengthening government regulation and optimizing corporate governance to provide practical insights for enhancing long-term corporate value.