本文選題：經(jīng)理人 + 研發(fā)投資��； 參考：《科技進(jìn)步與對策》2017年15期

【摘要】：以2009-2014年我國A股上市公司為研究樣本,采用回歸分析方法探討經(jīng)濟(jì)轉(zhuǎn)型期經(jīng)理人對企業(yè)研發(fā)投資水平的影響。將管理防御劃分為管理者個(gè)人人力資本特征、激勵(lì)特征和監(jiān)督特征3個(gè)維度,每個(gè)維度選取一些特征變量分析其對企業(yè)研發(fā)投資水平的影響機(jī)理和經(jīng)驗(yàn)證據(jù)。采用全樣本實(shí)證研究發(fā)現(xiàn):經(jīng)理人年齡和工作轉(zhuǎn)換成本與企業(yè)研發(fā)投資水平負(fù)相關(guān),經(jīng)理人任期與研發(fā)投資水平呈倒U型關(guān)系,其它特征變量如受教育程度、經(jīng)理人年薪報(bào)酬、經(jīng)理人持股比例、獨(dú)立董事比例和股權(quán)制衡度與研發(fā)投資水平正相關(guān)。區(qū)分樣本公司產(chǎn)權(quán)性質(zhì)后實(shí)證發(fā)現(xiàn),經(jīng)理人年齡、任期和兩職兼任僅在國有企業(yè)顯著影響企業(yè)研發(fā)投資水平,在非國有企業(yè)其關(guān)系不成立。提供了不同產(chǎn)權(quán)性質(zhì)企業(yè)經(jīng)理人驅(qū)動(dòng)因素對企業(yè)研發(fā)投資水平的影響機(jī)理和證據(jù)。應(yīng)通過調(diào)整驅(qū)動(dòng)因素降低經(jīng)理人水平,提高企業(yè)研發(fā)投資水平,實(shí)現(xiàn)企業(yè)技術(shù)創(chuàng)新戰(zhàn)略目標(biāo)。
[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.
【作者單位】： 西安理工大學(xué)經(jīng)濟(jì)與管理學(xué)院;西安財(cái)經(jīng)學(xué)院統(tǒng)計(jì)學(xué)院;中國石油長慶油田分公司;
【基金】：國家自然科學(xué)基金項(xiàng)目(71272118) 高等學(xué)校博士學(xué)科點(diǎn)專項(xiàng)科研基金項(xiàng)目(20136118110008) 陜西省教育廳科學(xué)研究項(xiàng)目(201610)
【分類號】：F273.1;F832.51

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