高管团队风险偏好对上市公司研发投入的影响研究

The Research on the Influence of Executive Team's Risk Preference on R&D Investment of Listed Companies

面对复杂多变的市场环境,研发创新已成为企业增强发展能力应对市场竞争,维持企业生存和发展的必然选择。高级管理人员作为上市公司的“领航者”,在企业决策与发展过程中扮演着不可或缺的角色,其风险倾向在一定程度上影响着企业研发投资。以2013—2017年全部A股上市公司的数据为研究样本,对高管团队风险偏好与公司研发投入的关系进行了实证研究。研究发现,高管团队的风险偏好对公司的研发投入具有正向影响。进一步研究表明,在两职兼任的企业,高管团队的风险偏好对研发投入的影响更小。

In recent years,with the deep implementation of the concept of innovation-driven development and the competition in the international market,R&D innovation has increasingly become the core competitiveness of listed companies.As the“leader”of listed companies,senior managers play an indispensable role in the decision-making and development process of enterprises,and their risk tendencies affect the R&D investment of enterprises to a certain extent.Based on the data of all A-share listed companies in 2013-2017,this paper conducts an empirical study on the relationship between executive team’s risk appetite and company R&D investment.The study found that the risk appetite of the executive team has a positive impact on the company's R&D investment.Further research shows that in companies with the duality of senior executive and chairman,the risk appetite of the executive team has less impact on R&D investment.This paper examines the impact on the R&D investment of enterprises from the perspective of decision makers'risk attitudes and corporate leadership structure,and expands the research on the factors affecting the R&D investment level of enterprises.