CEO特征与企业研发投入关系的实证研究  

Empirical Study on the Relationship between CEO Characteristics and Firms' R&D Investment

作　　者：李国勇[1] 蒋文定[1] 牛冬梅[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《统计与信息论坛》2012年第1期77-83,共7页Journal of Statistics and Information

基　　金：中国博士后科学基金项目<中国上市公司治理对公司成长能力的影响机理及实证分析>(20100471291)

摘　　要：CEO作为企业投资决策的核心制定者,其自身特征无疑会对企业的研发活动产生重要影响。利用世界银行2005年对中国120个城市12 065家企业的调研数据,分析了CEO受教育水平、CEO任期、CEO自主权等三个因素对企业研发投入水平的影响,在控制了企业特征、行业等因素后,实证结果发现:(1)CEO受教育水平与企业研发投入水平显著正相关,即教育程度高的CEO更加重视研发活动;(2)CEO任期同企业研发投入水平显著正相关,即较长的任期有助于CEO着眼于长远目标,进而加大研发投入;(3)CEO自主权也同企业研发投入水平显著正相关,说明较高的CEO自主权有利于CEO通过努力实现自身人力资本价值,从而激励其加大研发的投入。CEO is the central decision maker of firm＇s investment decisions. No doubt that his/her own charaeteristies will have important impact on firm＇s R＆D investmenL Using a unique World Bank survey of 12065 Chinese firms in 120 cities, this paper investigates the impacts of CEO education, CEO tenure and CEO autonomy on firm＇s R＆D investment. The results show that： （1） CEO education is positively associated with firm＇s R＆D investment, indicating that CEO with high level education is more likely to engage in R＆D activities; （2） CEO tenure is positively associated with firm＇s R＆D investment, implying that CEO with longer tenure will pay more attention on long--term firm performance and thus is more prone to invest in R＆D project; （3） CEO autonomy is also positively associated with firm＇s R＆D investment, suggesting that CEO with high level autonomy has a stronger incentive to increase firm＇s R＆D investment.

关 键 词：CEO特征 CEO受教育水平 CEO任期 CEO自主权 研发投入 

分 类 号：F224.0[经济管理—国民经济]