摘要
2003年 6月自从独立董事制度在我国基本确立，独立董事便担当了中国企业管理的关键角色。
伴随着中国资本市场的快速扩张和当前独立董事供给严重不足的状况，独立董事多重兼任的现象
也日益增加，而多重兼任的独立董事是否能在现代企业管理中起到重要作用，也开始引起了学术
界和实践界的普遍关注。与此同时，在全球经济联系日益密切、区域经济往来愈发频发的背景下，
从国家层面而言创新能力已经成为了核心竞争力的代名词，较高的创新水平对于企业保持绝对竞
争优势，助推我国建设成为创 新型国家的话题，始终是现代公司治理中的一个重要议题。
中国证券监督管理委员会在《关于在上市公司建立独立董事制度的指导意见》 中提出，在上
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市公司担任独立董事时，最大兼任数量原则上不得超过 5 家。大量研究成果都证实完善的企业治
理体系能有效推动公司能力的增强，而独立董事机制则成为了企业治理机制的的重要组成部分，
其兼任数量与聘请单位的企业创新水平是否存在关系？又是通过怎样的传导机制进行影响？因
此，本文考察独立董事兼任数量与企业创新水平之间的关联关系，该话题在理论及现实层面都具
有重要的意义。
本文手工整理了 2007—2019年沪深 A股上市公司独立董事兼任的数据，与企业财务数据、专
利数据匹配后得到本文的研究样本，进而考察独立董事多重兼任行为是否会对企业创新水平产生
影响。实证研究发现：（1）独立董事多重兼任行为能够促进企业创新水平的提高；（ 2）在异质
性检验中本文发现，独立董事多重兼任行为对企业创新水平的促进作用在非国有企业、制度环境
相对较差的省份以及独立董事平均年龄相对较大的样本中更为显著；（3）接着本文对独立董事多
重兼任行为带来的资源效应、治理效应及综合效应进行了机制检验。进一步研究发现，独立董事
兼任可以通过缓解企业融资约束情况、抑制管理层短视行为以及通过多元化经历构建社会网络等
途径发生作用。
从理论上来说，本文丰富了独立董事兼任的数量特征和企业创新水平的研究，有助于打开多
重兼任独立董事是否能够提升企业创新水平的黑匣，从独立董事多重兼任的视角透视其内在逻辑；
从实务上来说，本文为上市公司聘用不同兼任数量的独立董事提供了一定的参考依据，为监管部
门完善监管机制提供数据支撑，不仅有助于利益相关者认识多重兼任背景的独立董事影响企业创
新的作用机制，同时也为监管部门进一步完善独立董事多重兼任的相关政策提供了实证依据；长
远来看，本文也为我国推进创新型企业、构建创新型国家发展战略提供了经验参考。
关键词：独立董事兼任；企业创新水平；社会资本；公司治理
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2001年证监会颁布了《关于在上市公司建立独立董事制度的指导意见》，下文称为《意见》。
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Abstract
Since the independent director system was basically established in our country in June 2003,
independent directorshave assumedthe important roleof corporategovernance. With therapid
expansion of China's capital market and the severe shortage of independent directors, the phenomenon of
multiple concurrent positions of independent directors is also increasing day by day. Whether multiple
concurrentpositions ofindependentdirectors canplay animportantrole inmodernenterprise
management has also begun to attract widespread attention in the academic and practical circles. At the
same time, under the development background of increasingly close global economic ties and frequent
regional economic exchanges, innovation capability has become asynonym for the country's core
competitiveness from the national level. High level of enterprise innovation is always an important topic
in modern corporate governance to maintain the absolute competitive advantage for enterprises and boost
China's construction into an innovative country.
The China Securities Regulatory Commission pointed out in its Guidance on the Establishment of
an Independent Director System in Listed Companies that the maximum number of concurrent positions
should not exceed five in principle when a listed company acts as an independent director. A large
number of studies show that good corporate governance can effectively promote the improvement of
enterprise innovation level.As an important partof corporate governance mechanism,is there a
relationship between the number of concurrent positions and the enterprise innovation level of the
employing unit? Through what kind of conduction mechanism is it influenced? Therefore, this thesis
examines the relationship between the number of independent director concurrent positions and the level
of corporate innovation. This topic is of great significance in both theoretical and practical aspects.
This thesis manually collates the data of independent director's concurrent positions in Shanghai and
Shenzhen A-share listed companies from 2007 to 2019, and obtains the research sample after matching
with corporate financialdata and patent datato examine whether independentdirector's multiple
concurrent positions will affect corporate innovation level. The empirical research finds that: (1) the
multiple concurrent actions of independent directors can promote the improvement of the innovation
level of enterprises; (2) In the heterogeneity test, we found that the promotion of independent directors'
multiple concurrent positions on corporate innovation level ismore significant in non-state-owned
enterprises, provinces with relatively poor institutional environment and samples with relatively large
average age of independent directors; (3) Then this thesis tests the mechanism of resource effect,
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