摘要
资本配置效率反映了企业从资源配置的优化出发对不同类型资产的偏好,表现出企业的投资风格。本文基于2004—2017年A股上市公司的样本进行实证研究,从资源优化理论出发探讨了资本配置过度和资本配置不足对创新投资的影响,并对比了企业创新投资与固定资产投资的变化趋势。研究发现:资本配置过度对创新投资的影响并不明显,但资本配置不足会显著抑制创新投资;当资本配置不足时,企业偏好缩减固定资产规模以保障研发投资;当独立董事积极发表投资意见时,因资本配置不足使得创新投资受抑制的情况得到缓解,显示独立董事基于公司整体发展出发更加强调创新投资的稳定性。本文为提升创新决策中资本配置有效性、促进治理机制在创新活动中发挥作用提供了启示。
Capital allocation efficiency reflects corporates’preference of resource allocation,which reveals the investment style.Based on the data of A-share companies from 2004 to 2017,it compared the transition of innovation investment and fixed assets investment in companies,and discussed how under-investment and over-investment affected the innovation investment.The research proves that over-investment does not have a robust effect on innovation investment,while under-investment has a remarkable impact on innovation investment.As the investment scale is limited,corporates reduce fixed assets investment to guarantee innovation investment.Independent opinion also functions as an important moderative variable between under-investment and innovation investment,which shows that independent directors care more about the stability of innovation investment from the company’s overall development.It provides enlightment for the resource allocation in innovation decision,and highlights the governance mechanism in innovation activities.
作者
马连福
高塬
MA Lian-fu;GAO Yuan(China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Business School,Nankai University,Tianjin 300071,China)
出处
《研究与发展管理》
CSSCI
北大核心
2020年第4期110-123,共14页
R&D Management
基金
国家自然科学基金面上项目“股东网络特征与投资决策权配置研究”(71772094)
教育部人文社会科学重点研究基地重大项目“多元利益主体参与的公司治理决策机制研究”(18JJD630002)。
关键词
独立董事投资意见
资本配置效率
资源优化
创新投资
independent investment opinion
capital allocation efficiency
resource optimization
innovation investment
