军转民活动与军工企业成长: 来自十大军工集团A股上市公司的证据

基于开放式创新理论和代理理论，研究军工企业已吸收冗余对不同模式军转民活动的差异化影响以及高管联结的调节效应。采用中国十大军工央企集团A股上市公司2007—2019年的经验数据，对构建的主效应和调节效应进行实证检验。结果表明：军工企业已吸收冗余对内向型军转民活动具有倒“U”型影响，但对外向型军转民活动具有正向影响；高管联结正向调节已吸收冗余与内向型军转民活动的倒“U”型关系，即随着高管联结的增多，军工企业已吸收冗余对内向型军转民活动的倒“U”型曲线拐点向右移动；高管联结对已吸收冗余与外向型军转民活动间关系的调节效应不显著。

The diffusion of military technology

Based on open innovation theory and agency theory, this paper analyzes the impact of absorbed slack on different modes of military-to-civilian activities (MCAs) and the moderating effect of top management team (TMT) ties. It employs empirical data of A-share listed companies of China’s ten military industry groups from 2007 to 2019 to test the main effects and moderating effects of the above-mentioned factors. The results indicate that the absorbed slack of military enterprises has an inverted U-shaped relationship with inbound MCAs, while their absorbed slack facilitates outbound MCAs; TMT ties positively moderate the inverted U-shaped relationship between the absorbed slack and inbound MCAs; that is, with the increase of TMT ties, the inflection point of the inverted U-shaped curve moves to the right. In contrast, TMT ties have no significant moderating impact on the relationship between the absorbed slack and outbound MCAs.