总经理离任前的公司研发投入变动研究

Changes of R&D Investment before Departure of General Manager

以2007—2015年我国A股上市公司为样本,研究总经理离任前是否会削减研发投入,并从"想不想"(行为动机)和"能不能"(个人权力)两方面分组检验。研究结果发现:总经理离任与公司上年度研发投入负相关;当总经理未持有本公司股份或兼任董事长时,其具有离任前削减研发的动机、权力,两者负相关关系显著成立;当总经理持有公司股份或未兼任董事长时,其离任前削减研发的动机、权力受限,两者负相关关系不成立。研究发现总经理持股和两职合一在总经理离任前消极研发行为中的关键作用,为公司获取长期利益提供新的证据。

Taking the Chinese A-share companies from 2007 to 2015 as the sample, this research studies whetherthe outgoing general manager would reduce R＆D investment, and tests that from the two aspects of ＂want or not＂（ behavioral motive ） and ＂can or not＂ （ individual power ）. The result shows that the general manager＇s departureis negatively related to the previous year＇s Ik＆D investment. When the general manager does not hold shares inthe company or concurrently is the chairman of the board, he/she has the motives and power to reduce the R＆Dinvestment. The negative relationship is significant. When the general manager holds shares in the company or isnot the chairman of the board, his/her motives and power to reduce the lk＆D investment are limited. The negativerelationship is not established. This study finds that the general manager shareholding and general manager duality playkey roles in the relationship between general manager＇s departure and the native behavior of the tI.＆D investment,and provides new evidence for the long-term interests.