文献类型：期刊文献

中文题名：核心技术人员离职是企业外部技术依赖的信号吗?

英文题名：Is the Departure of Core Technical Personnel A Signal of External Technical Dependency for the Firm?

作者：於铃[1];阮永平[1];郑凯[1]

机构：[1]华东理工大学商学院

年份：2026

卷号：18

期号：2

起止页码：131

中文期刊名：金融评论

外文期刊名：Chinese Review of Financial Studies

收录：;北大核心:【北大核心2023】；

基金：国家社会科学基金项目《科创板核心技术人员信息披露的估值纠偏机制与分级监管研究》(项目批准号:25BGL102)的资助。

语种：中文

中文关键词：核心技术人员离职;技术战略;外部技术依赖;信号作用

外文关键词：Core Technical Personnel Departure;Technology Strategy;External Technical Dependency;Signaling Effect

摘要：本文立足于科创板的核心技术人员离职现象,探究人员变化是否映射企业技术战略的变化。研究发现,核心技术人员离职并非个人创新能力欠佳的被动选择,而是企业外部技术依赖的预警信号。而且,兼任董监高和年龄更低的核心技术人员离职会强化该信号作用。进一步地,核心技术人员离职蕴含的前瞻性信息能够有效传导至市场,提升股票定价效率。向前追溯外部技术依赖动机发现,以利润型标准上市的企业会因业绩压力而减少自主研发,增加技术引进。本研究论证了资本市场披露核心技术人员信息的重要意义,加深了投资者对企业外部技术依赖前因后果的认知。这不仅为投资者评估科创型企业价值提供新视角,而且为企业和监管方推广应用核心技术人员信息披露制度提供经验证据。
Independent innovation is a key driver of China’s high-quality economic development.The Sci-Tech Innovation Board(STAR Market)was established to support the listing of technology-based firms and provide capital backing for greater sci-tech self-reliance and strength.To improve the valuation of such firms and promote efficient resource allocation,the STAR Market introduced a disclosure system for the departure of the core technical personnel.As frontline participants in R&D,these individuals play a critical role in technological innovation,and their departure may signal underlying innovation-related risks.Compared with specialized indicators such as patents and technological progress,information on core technical personnel is more timely and easier for investors to understand,making it particularly valuable for the dynamic assessment of firm value.Against this backdrop,this paper examines whether the departure of core technical personnel on the STAR Market reflects changes in firms’technology strategies.Using departure announcements issued by STAR Market firms from 2019 to 2023,this paper reaches four main conclusions.First,the departure of core technical personnel signals a rising dependence on external technology rather than a passive outcome of market selection.Second,this signal becomes stronger when departing personnel also serve as directors,supervisors,or senior executives,because their departure entails higher costs.Likewise,younger core technical personnel,who generally have stronger career-development expectations,are more likely to leave when firms face innovation difficulties,further reinforcing the signal of external technology dependence.Third,investors do respond to these departure announcements and are able to identify the signal of greater external technology dependence.Finally,the paper traces the origins of such dependence after listing.It finds that this shift is driven not by pressure to catch up with industry peers,but by market performance expectations.In particular,firms listed under profit-based standards face greater post-listing performance pressure,which may induce them to adjust their technology strategies,reduce independent R&D,and rely more on technology acquisition.This study highlights the importance of disclosing information on core technical personnel in the capital market and deepens understanding of the causes and consequences of external technology dependence.It offers a new perspective for valuing technology-based firms and provides empirical evidence for firms and regulators seeking to improve this disclosure system.