经理管理防御对企业研发投资的影响——来自我国A股上市公司的经验证据

发布时间：2018-04-30 20:24

本文选题：经理人 + 研发投资　；参考：《科技进步与对策》2017年15期

【摘要】：以2009-2014年我国A股上市公司为研究样本,采用回归分析方法探讨经济转型期经理人对企业研发投资水平的影响。将管理防御划分为管理者个人人力资本特征、激励特征和监督特征3个维度,每个维度选取一些特征变量分析其对企业研发投资水平的影响机理和经验证据。采用全样本实证研究发现:经理人年龄和工作转换成本与企业研发投资水平负相关,经理人任期与研发投资水平呈倒U型关系,其它特征变量如受教育程度、经理人年薪报酬、经理人持股比例、独立董事比例和股权制衡度与研发投资水平正相关。区分样本公司产权性质后实证发现,经理人年龄、任期和两职兼任仅在国有企业显著影响企业研发投资水平,在非国有企业其关系不成立。提供了不同产权性质企业经理人驱动因素对企业研发投资水平的影响机理和证据。应通过调整驱动因素降低经理人水平,提高企业研发投资水平,实现企业技术创新战略目标。
[Abstract]:Taking the A-share listed companies in China from 2009-2014 as the research sample, the effect of managers on R & D investment level of enterprises in economic transition period was studied by regression analysis. The management defense is divided into three dimensions: individual human capital characteristics, incentive characteristics and supervision characteristics. Each dimension selects some characteristic variables to analyze its influence mechanism and empirical evidence on the R & D investment level of enterprises. The empirical study shows that the age of manager and the cost of job conversion are negatively correlated with the level of R & D investment, the tenure of manager is inversely U-shaped with the level of R & D investment, and other characteristic variables such as education level, annual salary of manager are negative. The proportion of managers holding shares, the proportion of independent directors and the degree of equity checks and balances are positively related to R & D investment level. After distinguishing the nature of the property right of the sample company, it is found that the age of manager, the term of tenure and the concurrent appointment of the manager only significantly affect the R & D investment level of the enterprise in the state-owned enterprise, but the relationship between them is not established in the non-state-owned enterprise. This paper provides the mechanism and evidence of the influence of managers' driving factors on R & D investment level of enterprises with different property rights. It is necessary to reduce the level of managers by adjusting the driving factors, improve the level of R & D investment of enterprises, and realize the strategic goal of technological innovation of enterprises.
【作者单位】：西安理工大学经济与管理学院;西安财经学院统计学院;中国石油长庆油田分公司;
【基金】：国家自然科学基金项目(71272118) 高等学校博士学科点专项科研基金项目(20136118110008) 陕西省教育厅科学研究项目(201610)
【分类号】：F273.1;F832.51

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