企业负责人年龄与科技创新投入的关系:时限问题的实证研究  

The Relationship between CEO's Age and R&D Expense: an Empirical Investigation of Horizon Problem

作　　者：黄湛冰[1] 万迪昉[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《科学学与科学技术管理》2005年第9期57-62,共6页Science of Science and Management of S.& T.

基　　金：国家自然科学基金(70371036);博士点基金(20020698043)项目资助

摘　　要：使用西安高新区794家企业2年的平衡面板数据,通过固定效应模型对企业负责人年龄与企业创新支出之间的关系分年龄段回归发现:35岁以下年龄段时二者呈正相关,35～60岁年龄间二者呈负相关,60岁以上二者呈正相关。该结果表明时限问题在这些企业中客观存在,并部分支持变动时间贴现理论。This article analyzed the relationship between CEO＇s age and R＆D expense according to a balanced panel data that consists of 794 firms in two years. We found that the two variables are positive correlated when CEOs are less than 35 years old, negative correlated when CEOs less 60 but greater than 35 years old, and positive correlated when CEOs greater than 60 years old. This result shows that horizon problem does exist in our data, which also partially supports the prediction of inconstant time discounting theory.

关 键 词：时限问题 变动时间贴现 强制退休年龄 创新支出 面板数据 

分 类 号：F270[经济管理—企业管理] F224.32[经济管理—国民经济]