公司治理、研发支出与企业绩效

Corporate Governance, R & D Expenditure and Corporate Performance

文章以2001-2016年间部分A股上市公司为样本,从董事会特征和股权结构两个不同的研究视角出发,探讨公司治理、研发支出与企业绩效之间的关系。研究发现:研发支出与企业绩效在滞后一期内呈显著正相关关系;在滞后一期内,董事会规模及委员会个数负向调节研发支出与企业绩效的关系,高管股权激励和监事股权激励正向调节研发支出与企业绩效的关系;在滞后一期内,股权集中度与股权制衡度对研发支出与企业绩效之间关系具有相反的调节作用,其中股权集中度具有正向调节作用,股权制衡度具有负向调节作用。基于此,建议公司加强研发创新投入,适当控制董事会规模,强化各委员会的职责,同等看待高管和监事的股权激励效果以完善股权激励体制,适当增强股权集中度以优化股权配置。

Based on the sample of all A-share listed companies from 2001 to 2016, this paper selects three characteristic factors of board of directors: board size, number of committees, equity incentive and two equity structure perspectives of equity concentration and equity balance to measure the level of corporate governance. The results show that there is a significant positive correlation between R & D expenditure and corporate performance in the lag period;in the lag period, the size of the board of directors and the number of committees negatively regulate the relationship between R & D expenditure and corporate performance;the executive equity incentive and the supervisor equity incentive positively regulate the relationship between R & D expenditure and corporate performance;in the lag period, the equity concentration and equity balance have a positive correlation with R & D expenditure The relationship between export and enterprise performance has an opposite regulatory role, in which the equity concentration has a positive regulatory role and the equity balance has a negative regulatory role. Based on this, this paper suggests that companies should strengthen investment in R & D innovation, appropriately control the size of the board of directors, strengthen the responsibilities of each committee, treat the equity incentive effect of executives and supervisors equally to improve the equity incentive system, and appropriately enhance the equity concentration to optimize the equity allocation.