资本结构、高管特征与研发投入——基于高新技术企业的经验证据

Capital Structure,Characteristics of Executives and R&D Investment——Empirical Evidence Based on High-tech Enterprises

本文实证分析了2016—2021年我国A股上市高新技术企业的资本结构对企业创新性投资决策的影响,并在此基础上分析了高管团队特征的调节作用。根据实证分析结果,可以得出以下结论:首先,资本结构与研发强度之间存在显著的线性关系,两者呈现明显的负相关性,当企业的资产负债率增加时,其研发支出显著减少;其次,高管团队的年龄和教育背景对资本结构与研发之间的关系具有明显的调节作用,高管团队的年龄越高,资本结构对研发的抑制作用越强;最后,高管的学历水平也对资本结构与研发之间的关系产生调节作用,高管的学历越高,资本结构对研发的抑制作用越强。文章揭示了我国A股上市高新技术企业资本结构对企业创新性投资决策的影响,并发现了高管团队特征在其中的调节作用。这些结果对企业管理层和政策制定者具有重要的启示意义。

This paper empirically analyzes the impact of the capital structure of A-share listed high-tech enterprises in China on the innovative investment decisions of enterprises from 2016 to 2021,and on this basis,the moderating role of the characteristics of the executive team is analyzed.Based on the results of the empirical analysis,the paper can draw the following conclusions.Firstly,there is a signifi cant linear relationship between capital structure and R&D intensity,with the two showing a signifi cant negative correlation.When a fi rm’s debt-to-asset ratio increases,its R&D expenditure signifi cantly decreases.Secondly,the age and educational background of the executives had a signifi cant moderating effect on the relationship between capital structure and R&D.The higher the age of the executives,the stronger the inhibiting effect of capital structure on R&D.The level of education of executives also has a moderating effect on the relationship between capital structure and R&D.The study shows that the higher the education level of executives,the stronger the inhibiting effect of capital structure on R&D.The article reveals the impact of capital structure on innovative investment decisions of A-share listed high-tech fi rms in China and fi nds a moderating role of the executive team in this.These results have important implications for corporate managers and policymakers.