摘要
创新性是创业板上市公司最重要的特征,其中制造业上市公司在创业板中所占的比例达到66%左右。以创业板上市公司2009—2013年年报数据为样本,实证研究了创业板上市公司及其制造业企业治理结构中,不同董事类型结构对公司R&D投入的影响与差异。研究结果表明,创业板上市公司及其制造型企业R&D投入与内部董事结构显著正相关,与关联董事结构显著负相关;而在独立董事结构与R&D投入的关系方面,创业板上市制造企业与创业板整体样本表现出不同的异质性效应,但不显著。
Innovation is the most important feature in the companies listed on GEM, in which the share of the manufacturing companies listed on GEM accounts for about 66%. This paper selected the annual report data of companies listed on GEM in 2009--2013 ,compared and analyzed the different influences between the proportion of R＆D investment and the different type of the directors structure in the companies listed on GEM and the manufacturing companies listed on the GEM Corpo- rate Governance Structure. The results show that throughout the companies listed on GEM and the manufacturing companies listed on the GEM, there is a significant positive effect between the proportion of R＆D investment and inside director struc- ture, there is a negative effect between the proportion of R＆D investment and the associate director structure;but in the as- pect of the relationship between the independent director and the proportion of R＆D investment, the manufacturing compa- nies listed on the GEM exhibit different effects of heterogeneity, but not significant.
出处
《技术与创新管理》
2015年第5期443-448,511,共7页
Technology and Innovation Management
基金
国家自然科学基金项目(71371111)
高等学校博士学科点专项科研基金资助课题(20133718110009)
山东省博士后创新项目专项资金资助项目(201403008)
山东科技大学科研创新团队(2011KYTU104)
