摘要
本文以2008~2011年期间战略性新兴产业上市公司为样本,实证检验企业生命周期、经理自主权与R&D投入的关系,发现:在企业生命周期的成长阶段,公司会加大R&D投入水平;在整个企业生命周期中,经理在营运资金方面的自主权越大,企业R&D投入水平就会越高;在企业成熟阶段,两职合一的公司,经理会降低R&D投入水平;经理的报酬权越大,经理越可能降低企业R&D投入水平。因此,监督经理行为,完善经理的激励机制,提高经理对R&D投入,对战略性新兴产业的发展和升级具有重要作用。
Using the data of A-share listed companies of strategic emerging industries during the period of 2008-2011, this paper examined the relationships between corporate life cycle, managerial discretion and R&D expenditure. It is found that the level of R&D expenditure is greater during the growth period, and that the greater manager autonomy in working capital is, the higher the level of R&D expenditure will be through out the life cycle. It is also found that manager will reduce R&D expenditure with board duality and higher managerial remuneration rights during the mature period. Therefore, the strategic emerging industries will develop and upgrade through the supervising managerial behavior, improving the incentives of managers and increasing R&D expenditure.
出处
《证券市场导报》
CSSCI
北大核心
2013年第7期17-21,30,共6页
Securities Market Herald
基金
中国博士后科学基金项目"区域金融发展
融资约束与战略性新兴企业可持续增长"(批准号:2012M521511)
国家社会科学基金一般项目"民族地区战略性新兴产业的金融支持研究"(批准号:12BMZ073)
中南民族大学中央高校基本科研业务费专项资金项目"民族地区产业结构优化与资本市场资源配置研究"(批准号:CTS12025)
中南财经政法大学第六批博士后基金及湖北省民宗委民族文化研究课题资助项目"少数民族地区文化产业发展与金融支持体系研究(批准号:HBMW2012007)的资助
关键词
企业生命周期
经理自主权
R&D投入
corporate life cycle, managerial discretion, R&D expenditure