公司治理与R&D效率:基于创业板上市公司的经验证据

Study on the Efficiency of R&D of Listed Companies on GEM and Corporate Governance

运用DEA-Tobit模型对创业板上市公司R&D效率及影响因素进行了分析,研究发现:R&D效率整体水平较低,但R&D活动大都处于规模报酬递增阶段,增长空间较大;公司治理机制对R&D效率的影响程度较小;董事长与总经理两职合一以及董事会持股、经营者平均薪酬的提高均有利于R&D效率提高;高管持股数量与R&D效率负相关;董事会成员多少、独立董事的增减对R&D效率的影响不显著。

This paper analyses the factors that influence the efficiency of R＆D of 140 listed companies on GEMbased on the DEA - Tobit model. The results show that the R＆D efficiency of listed companies on GEM is whollylow. But the activities of R＆D are mostly in the stage of increasing returns to scale, which has plenty of room togrow. The governance mechanism has less influence on the activities of R＆D. CEO - Chairman Duality,board ofdirector＇ s share holding and the average salary of managers help to improve the efficiency of R＆D. Managerial ownership is significantly negative related to the efficiency of R＆D. But the number of members of the board of directorsand the ratio of independent directors are not significantly related to the efficiency of R＆D.