摘要
通过运用2010—2016年沪深两市A股制造业上市公司的面板数据,实证检验了成本粘性对企业研发投入的影响,以及管理层激励对成本粘性影响研发投入的调节作用,验证管理层激励调节作用大小的差异。研究结果表明:成本粘性的存在对研发投入有积极影响;管理层股权激励正向调节成本粘性与研发投入的关系,但货币薪酬激励的调节效应并不显著;非国有企业的成本粘性对研发投入的影响强于对国有企业的影响,并且非国有企业的股权激励在成本粘性与研发投入之间的调节效应更显著。
Based on data of Shanghai＇s and Shenzhen＇s Chinese manufacturing listed firms from 2010 to 2016,an empirical test was made to testify the relationship between cost stickiness and RD investment,moderate effect of the top management incentives in this relationship and verify the difference of top management incentive＇s moderate effect. The results showed that： cost stickiness has a positive effect on RD investment; equity incentives played a positive moderating role in RD investment,but the compensation incentives effect was not obvious; the property right nature moderated this relationship through cost stickiness. Compared to the state-owned enterprises,equity incentives had more obvious moderate effect in non-state enterprises.
作者
叶红雨
张舒瑶
YE Hong-yu;ZHANG Shu-yao(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《科技与管理》
2018年第4期36-43,共8页
Science-Technology and Management
基金
国家自然科学基金项目(71371124)
关键词
成本粘性
研发投入
管理层激励
调节作用
cost stickiness
R＆D investment
top management incentives
moderate effect
