高管持股对企业研发投资的影响研究——基于民营上市公司的实证

The Influences of Executives' Shareholding on R&D Investment——An Empirical Research from Listed Private Firms

选取2012—2014年民营上市公司为样本,运用面板数据实证分析了企业高管持股和现金流量对研发投资的影响。研究结果表明:企业高管持股与研发投资之间具有倒U型关系;企业自由现金流与研发投资正相关。因此,对企业高管进行适当的股权激励有利于提高企业的研发投资,但持股比例需控制在合理的范围内,否则会产生壕沟防守效应,保持充足的自由现金流对企业研发投资具有促进作用。

Selecting Chinese private listed firms from 2012 to 2014 as sample, using panel data, the paper analyzed the impact of corporate executives＇ shareholding and cash flow on R＆D investment. The resuhs show that corporate executives＇ shareholding and R＆D investment have inverted u-shaped relationship;enterprise free cash flow and R＆D investment are positively related. Therefore, proper equity incentive to executives will improve enterprise＇ s R＆D investment, but the ownership should be controlled within a reasonable range, otherwise, there will have a moat defensive effect, and maintaining adequate free cash flow can promote enterprises＇ R＆D investment.