摘要
以2004—2008年披露的R&D支出的602个中国上市公司为样本,实证研究了上市公司CEO任期与R&D强度的关系。研究结果表明,CEO的任期与R&D强度呈倒U型关系,且这一转折点发生在CEO任期约为7年的时候。不同年龄层次和教育层次的CEO,其任期与R&D强度的关系存在显著差异:年龄小于45岁的CEO,其任期与R&D强度显著正相关,年龄大于等于45岁的CEO,其任期与R&D强度显著负相关;学历低于本科的CEO,其任期与R&D强度呈倒U型关系,学历高于本科的CEO,其任期与R&D强度显著正相关,而学历为本科的CEO,其任期与R&D强度无显著关系。
This paper investigates the relationship between CEO tenure and R&D intensity by drawing on the data of 602 Chinese listed companies during the period of 2004-2008.The result shows that CEO tenure has a significant inverted U-shaped relationship with R&D intensity.CEO's age level and education level significantly affect the relationship between tenure and R&D intensity.The two variables are positively correlated when CEOs are less than 45 years old,negatively correlated when CEOs are equal to or more than 45 years old.For CEOs with a degree lower than bachelor,CEO tenure has a significant inverted U-shaped relationship with R&D intensity.For CEOs with a degree higher than bachelor,CEO tenure is positively related to R&D intensity.However,we do not find a significant association between tenure and R&D intensity when CEO has a bachelor degree.
出处
《科学学与科学技术管理》
CSSCI
北大核心
2011年第6期159-165,共7页
Science of Science and Management of S.& T.
基金
国家自然科学基金重点项目"服务管理理论
方法和关键技术研究"(70832005)
上海市科技发展基金软科学研究项目"中国科技管理若干重大战略问题研究"(066921084)
