文化企业团队特征、研发投入与财务绩效的实证研究

发布时间：2018-02-02 00:43

本文关键词： 团队特征文化企业研发投入财务绩效　出处：《天津商业大学》2016年硕士论文　论文类型：学位论文

【摘要】：进入21世纪以来,企业之间的竞争愈发激烈,技术创新在提升企业核心竞争力方面发挥着越来越重要的作用。作为企业研发战略和方针政策的制定者,核心管理团队是企业一项宝贵的智力资产,是影响企业财务绩效的重要因素。自1984年HambrickMason首次提出“高层梯队理论”以来,关于企业团队特征和财务绩效的相关性研究一直是学术界经久不衰的研究热点。目前,国内外学者关于团队特征对财务绩效独立影响的相关性研究十分丰富,他们将团队特征划分为同质性特征和异质性特征两大类来开展研究,但得出的结论不尽相同甚至截然相反,造成这种争议的因素众多,不同行业之间的差异性就是因素之一。目前学者们的研究对象主要集中在主板上市公司,很少有针对特定行业的研究,其中关于文化产业的研究更是严重匮乏。文化产业作为新兴产业,在经济发展中扮演着愈发重要的角色,纵观各国的经济发展报告,不难发现各国文化产业对经济增量的贡献都显著提升,同时研发投入对文化企业发展具有战略意义,因此团队特征、研发投入和企业的财务绩效之间的相关性研究对于文化产业来说具有现实意义。本文首先阐述了这一论题研究的背景和意义;其次按照时间序列对国内外相关文献进行了回顾整理,在此基础上,依据人力资本理论、决策理论和高层梯队理论,对企业核心团队的相关概念进行了界定、并对团队特征、研发投入和财务绩效的关系进行了理论分析,据此提出了六个研究假设。通过选取2010-2013年每年80家的文化产业上市公司作为研究样本,运用统计学知识依次进行了描述性统计、相关性分析、多重共线性检验、回归分析和稳健性检验。实证结果表明:在加入研发投资强度之前,相关性并不显著,在引入研发投资强度之后,教育程度均值、年龄异质性、任期时长异质性和财务绩效正相关且显著,教育程度异质性和财务绩效负相关且显著,说明文化企业团队特征并非独立作用于企业的财务绩效,而是通过影响企业的研发投入,进而对财务绩效产生影响。最后,本文对实证结论进行总结和分析,据此对我国文化产业未来在核心团队成员配备以及研发战略选择方面提出几点建议,并指出本文研究存在的不足之处。
[Abstract]:Since 21th century, the competition between enterprises is becoming more and more fierce, and technological innovation plays an increasingly important role in enhancing the core competitiveness of enterprises. The core management team is a valuable intellectual asset and an important factor to affect the financial performance of enterprises. Since 1984, HambrickMason first put forward the "high-level echelon theory". The research on the correlation between corporate team characteristics and financial performance has been a long-lasting research hotspot in academic circles. At present, domestic and foreign scholars on the independent impact of team characteristics on financial performance is very rich. They divided the team characteristics into homogeneity and heterogeneity to carry out the study, but the conclusions are not the same or even diametrically opposite, the causes of this controversy are many factors. The difference between different industries is one of the factors. At present, scholars mainly focus on the main board of listed companies, there is very little research on specific industries. Cultural industry, as a new industry, plays an increasingly important role in economic development. It is not difficult to find that the contribution of cultural industries to economic growth has been significantly enhanced, while R & D investment is of strategic significance to the development of cultural enterprises, so the characteristics of the team. The research on the correlation between R & D investment and enterprise financial performance is of practical significance to the cultural industry. Secondly, according to the time series of domestic and foreign literature review, on this basis, according to the human capital theory, decision-making theory and high-level echelon theory, the concept of the core team of enterprises is defined. And the relationship between team characteristics, R & D investment and financial performance is analyzed theoretically. According to this, six research hypotheses are put forward. Through selecting 80 listed companies of cultural industry each year from 2010 to 2013 as the research sample, we use statistical knowledge to carry on descriptive statistics in turn. Correlation analysis, multiple co-linear test, regression analysis and robustness test. The empirical results show that: before adding R & D investment intensity, the correlation is not significant, after the introduction of R & D investment intensity. The average educational level, age heterogeneity, tenure duration heterogeneity and financial performance are positively correlated and significant, and educational level heterogeneity and financial performance are negatively correlated and significant. It shows that the characteristics of the cultural enterprise team does not affect the financial performance of the enterprise independently, but by influencing the R & D investment of the enterprise, and then has an impact on the financial performance. Finally, this paper summarizes and analyzes the empirical conclusions. Based on this, some suggestions are put forward for the future of China's cultural industry in terms of core team members and R & D strategy selection, and the deficiencies of this study are pointed out.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F272.92;G124

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