高管特征对提升企业R&D投资效率的影响

A Study on Relationship between Executive Characteristics and Corporate R&D Investment Efficiency

文章以2008-2010年中国上市公司的经验数据为样本,实证分析了企业高管特征对企业R&D投资效率的影响。结果表明,高管任期和高管持股与企业R&D投资效率正相关,高管年龄与企业R&D投资效率负相关。通过对重庆市与东中西部典型地区(上海、湖北、四川)的对比分析发现,重庆市R&D投资规模和投资强度都远低于其他三个地区;同时,重庆市R&D投资经费来源渠道主要依靠企业,政府对R&D投资经费的投入严重不足。从描述性统计结果看,重庆上市公司存在严重的R&D投资效率低下的问题。

Based on the data of China listed companies which disclosed R＆D expenditure from 2008 to 2010, this paper explores the relationship between executive characteristics and corporate R＆D investment efficiency. The empirical evidence suggests that executive tenure and executive ownership positively affect R＆D investment efficiency. However, executive age is negatively related to R＆D investment efficiency. From the comparative analysis of Shanghai , Hubei, Sichuan and Chongqing, we find that the scale and intensity of Chongqing R＆D investment are far less than that of the other three regions. At the same time, Chongqing R＆D investment funds mainly rely on the enterprises, and the R＆D funds invested by government are serious insufficient. From the descriptive statistics of Chongqing listed companies, we find that there are serious problem of R＆D low efficiency investment.