高管团队异质性对资本结构与研发投入关系的影响研究

Research on the Impact for the Relationship Between Capital Structure and R&D Investment By the Heterogeneity of Executive Team

本文采用OLS回归分析方法,利用2017年信息技术产业上市公司截面数据,研究了资本结构与研发投入的关系以及高管团队异质性对二者关系的调节作用。实证研究结果发现,企业资本结构对研发投入具有显著抑制作用;高管团队的性别结构会加重上述抑制作用;高管团队的年龄结构、任期差异将会显著缓解这种抑制作用;而高管团队受教育程度对两者关系无影响。基于上述研究结论,本文提出了若干优化高管团队结构的建议。

Using the OLS regression analysis method,this paper studies the connection between capital structure and R&D investment and the moderating effect for the relationship of them by the heterogeneity of executive team based on the cross-sectional data of IT industrial quoted companies in 2017.According to the conclusion of research,the paper illustrates a discovery that the capital structure contains significant negative impact on R&D investment;the gender structure of the executive team will aggravate the negative effect;the age structure and tenure differences of the executive team will significantly alleviate this negative effect,while the education level of the executive team has no effect on the relationship. Above all the conclusions,this paper puts forward some suggestions to optimize the structure of executive team.