创新发展、董事创新偏好与研发投入——基于中国制造业上市公司的经验证据

Innovative Development,Director's Innovative Preference and R&D Expenditure:Empirical Evidence from Listed Manufacturing Enterprises in China

论文以2004～2007年中国制造业上市公司为样本检验董事创新偏好与企业研发投入的关系。结果发现:董事创新偏好越强,企业的R&D投入越大;因为私有企业与国有企业在企业目标、所有权安排和资源及特权获取上的差异,所以私有企业有更强的动机利用董事创新偏好作为增加R&D投入的手段;这种效应主要发生在创新发展水平高的地区,而在创新发展水平低的地区,这种效应并不显著。这是因为,在创新发展水平较高(低)的地区,私有企业以较低(高)的成本获得较多(少)的创新资源,因而私有企业的所有者就有较强(弱)动机委托创新偏好高的人行使其R&D决策代理权,进而增加(减少)企业的R&D投入。本文从企业所有权性质和创新发展的视角拓展和深化了董事创新偏好与企业研发投入的关系研究;同时,从创新发展提高私有企业竞争力的角度,为创新体系通过何种具体渠道促进企业创新和发展提供了一种可能的解释。

Using a sample of China＇s listed manufacturing enterprises from 2004 to 2007, this paper empirically analyzes the relationship between director＇s Innovative preference and R＆D expenditure. The results show ： the stronger director＇s inno- vative preference, the greater R＆D expenditure; as the differences among enterprise goals, ownership arrangements and acces- ses to resources and privileges, private enterprises have the motivation to use director＇s innovative preference to increase R＆D expenditure more than state-owned enterprises; this effect occurs mainly in areas with high levels of innovative development, and is not significant in areas with low levels. Those reasons are that： in areas with high （low） levels of innovative develop- ment, private enterprises obtain more（less） innovation resources at a lower（higher） cost; and owners of private enterprises have great（less） motivation of entrusting persons with higher innovative preference to exercise the agency of R＆D decision, and then to increase（decrease） R＆D expenditure. This paper expands and deepens the relationship between director＇s Innova- tive preference and R＆D expenditure from the perspective of ownership and innovative development, and provides a new expla- nation of how innovation system promotes enterprise development and economic growth.