会计学院知识库

      要素生产率作为经济发展的主要动力，有单要素和全要素生产率两种类型。单要素生产率由于投入要素之间可能存在相互替代关系，影响最终生产率的测算与评价，故而，全要素生产率成为研究的主流。更重要地，习近平总书记在中共中央政治局第十一次集体学习时强调：“高质量发展需要新的生产力理论来指导，新质生产力已经在实践中形成并展示出对高质量发展的强劲推动力。新质生产力，以全要素生产率大幅提升为核心标志。”企业作为国民经济微观主体之一，其全要素生产率受到高管成员价值理念、人格特质和决策偏好的影响。长期的学术经历使企业 CEO 形成优良的道德品质和较高的创新意识水平，能够发挥信息效应、道德约束效应以及资源效应，不仅有助于提升企业的运营效率，还能在道德层面上规范企业的行为，进而影响企业的全要素生产率。

       文章以 2008-2022 年我国 A 股上市公司为研究样本，探讨 CEO 学术经历对全要素生产率的影响，以帮助企业充分利用 CEO 学术经历在企业中发挥优势，找寻提升全要素生产率的路径。研究发现：首先，在其他条件相同的情况下，CEO 学术经历能够有效提高企业全要素生产率；其次，研发投入和融资约束在 CEO 学术经历促进企业全要素生产率的过程中发挥了中介作用。最后，在较高产品市场竞争、较低内部控制及 CEO 未两职合一的情况下，CEO 学术经历对全要素生产率的促进效果更好。

       综上所述，文章构建了 CEO 学术经历影响企业全要素生产率的理论模型，从CEO 个人特征层面扩展了全要素生产率的影响因素。理论上，丰富了 CEO 学术经历的经济后果和企业全要素生产率影响因素的相关内容；实践上，为我国企业重视和招聘具有学术经历的 CEO 提供实证参考。

As the main driving force of economic development, factor productivity has two types : single factor and total factor productivity. Due to the possible substitution relationship between input factors, single factor productivity affects the measurement and evaluation of final productivity. Therefore, total factor productivity has become the mainstream of research. New quality productivity is marked by a significant increase in total factor productivity. As one of the micro-subjects of the national economy, the total factor productivity of enterprises is affected by the value concept, personality traits and decision-making preferences of executive members. Long-term academic experience enables CEOs to form excellent moral quality and high level of innovation consciousness, which can exert information effect, moral constraint effect and resource effect. It not only helps to improve the operational efficiency of enterprises, but also regulates the behavior of enterprises at the moral level, thus affecting the total factor productivity of enterprises.

Taking China 's A-share listed companies from 2008 to 2022 as research samples, this paper explores the impact of CEO academic experience on total factor productivity, so as to help enterprises make full use of CEO academic experience to give full play to their advantages in enterprises and find ways to improve total factor productivity. The study found that: First of all, under the same conditions, CEO academic experience can effectively improve the total factor productivity of enterprises ; secondly, R&D investment and financing constraints play an intermediary role in the process of CEO academic experience promoting enterprise total factor productivity. Finally, in the case of higher product market competition, lower internal control and CEO 's non-duality, CEO 's academic experience has a better effect on total factor productivity.

To sum up, this paper constructs a theoretical model of CEO academic experience affecting the total factor productivity of enterprises, and expands the influencing factors of total factor productivity from the perspective of CEO personal characteristics. Theoretically, it enriches the relevant content of the economic consequences of CEO academic experience and the influencing factors of total factor productivity of enterprises ; in practice, it provides empirical reference for Chinese enterprises to attach importance to and recruit CEOs with academic experience.