董事会层级、研发投入与创新绩效许晓娜1，肖宇佳2（1.沈阳航空航天大学经济与管理学院，辽宁沈阳110136；2.辽宁大学商学院，辽宁沈阳110136）摘要：中国情境下董事会的纵向结构对创新绩效的影响尚不明确。将董事会层级引入企业创新研究中，考察董事会正式层级和非正式层级对创新绩效的影响及异质性，并关注研发投入的中介作用。研究发现，董事会正式层级负向影响开放式与封闭式创新绩效，而董事会非正式层级正向影响开放式与封闭式创新绩效，并且在不同性质与规模的企业中存在异质性。此外，研发投入在董事会正式层级对开放式创新绩效的影响中具有完全中介作用，同时对董事会正式层级与封闭式创新绩效的关系，以及董事会非正式层级与开放式、封闭式创新绩效的关系具有部分中介作用。关键词：董事会正式层级；董事会非正式层级；研发投入；创新绩效中图分类号：F270文献标识码：A文章编号：1004-292X（2023）02-0037-06BoardHierarchy，R&DInvestmentandInnovationPerformanceXUXiao-na1，XIAOYu-jia2（1.SchoolofEconomicsandManagement，ShenyangAerospaceUniversity，ShenyangLiaoning110136，China；2.BusinessSchool，LiaoningUniversity，ShenyangLiaoning110136，China）Abstract：TheimpactofboardverticalstructureoninnovationperformanceintheChinesecontextisunclear.Thisstudyintroducestheboardhierarchyintotheresearchofenterpriseinnovation,examinestheimpactofboardformalhierarchyandinformalhierarchyontheinnovationperformanceandtheirheterogeneity,andfocusesonthemediatingroleofR&Dinvestment.Thestudyfindsthattheboardformalhierarchyhasanegativeimpactontheopeninnovationperformance,whiletheboardinformalhierarchyhasapositiveimpactonopeninnovationperformance,andtheseeffectsareheterogeneousamongenterprisesofdifferentnaturesandsizes.Inaddition,R&Dinvestmentplaysacompletelymediatingroleintheimpactofboardformalhierarchyonopeninnovationperformanceandapartiallymediatingroleintheimpactofboardinformalhierarchyonclosedinnovationperformance.Moreover,R&Dinvestmentplaysapartiallymediatingroleintheimpactofboardinformalhierarchyonbothopenandclosedinnovationperformance.Keywords：Boardformalhierarchy；Boardinformalhierarchy；R&Dinvestment；Innovationperformance基金项目：国家...
