CEO差序来源对民营上市公司创新产出的影响

基于差序格局理论，将CEO来源按关系亲疏分为本人、亲人、熟人和外人CEO，以2007—2019年民营上市公司为样本，实证研究了CEO差序来源对企业创新产出的直接作用、中介作用和调节作用。结果表明：CEO差序来源对民营上市公司创新产出的影响显著为负，即CEO差序来源越疏远，民营上市公司创新产出越少；创新投入在CEO差序来源对企业创新产出的影响中起到了中介作用；企业的盈利能力和现金持有水平调节了CEO差序来源对企业创新产出的影响。据此，建议民营上市公司在聘请CEO时，优先选择亲人CEO和熟人CEO，在亲人CEO资源缺乏的情况下，可聘用熟人CEO，这样，更能提升企业的创新产出；同时，企业应提高自身盈利能力和现金持有水平，为企业创新活动奠定基础。

The Influence of CEO Differential Order Source on the Innovation Output of Private Enterprises

Based on the theory of differential order pattern, this paper divides CEO sources into personal, relative, acquaintance and outsider CEOs according to their relationship. Taking private listed companies from 2007 to 2019 as samples, this study empirically examines the direct, intermediary and moderating effect of CEO differential order source on the corporate innovation output. The results show that the CEO differential order source has a significant negative impact on the innovation output of private listed companies, that is, the more distant the CEO differential order source is, the less the innovation output of private listed companies is; the innovation input plays an intermediary role in the influence of CEO differential source on innovation output; the profitability and cash holding level play an mediating role in the impact of CEO differential source on innovation output. Therefore, it is suggested that private listed companies should give priority to relative CEOs and acquaintance CEOs when hiring CEOs. In case of lack of relative CEO resources, acquaintance CEOs can be hired, which can further enhance the innovation output of enterprises; at the same time, enterprises should improve their profitability and cash holding level to lay the foundation for innovation activities.