不同产权性质企业的激励与约束对创新投资决策的影响研究——基于中国上市公司的经验证据  

The Impacts of the Incentives and Constraints of Ownership on the Innovation Investment Decisions: Empirical Evidence from the Data of the Listed Enterprises in China

作　　者：罗正英[1] 陆韫龙 高辉 

机构地区：[1]苏州大学东吴商学院,江苏苏州215021 [2]苏州银行高新区支行,江苏苏州215129

出　　处：《苏州大学学报（哲学社会科学版）》2014年第4期116-122,192,共7页Journal of Soochow University(Philosophy & Social Science Edition)

基　　金：国家自然科学基金项目"信贷配给约束下的企业家异质性特征与中小企业信贷融资研究"(项目编号:70872081);江苏省软科学基金项目"江苏创新型省份建设年度分析报告--基于工业企业研发投入对技术进步影响的测算"(项目编号:BR2011014)的阶段性成果

摘　　要：本文基于中国制度背景研究不同性质企业的高管激励、融资约束对企业创新投资决策影响,选择2007—2009年披露研发支出的中国A股上市公司为研究样本,从不同产权性质企业的高管激励对企业创新投资决策的影响和加入融资约束条件后不同产权性质企业经理人激励对企业创新投资决策的作用机理两个维度进行了实证检验。结果表明:(1)由于企业产权性质的异质性,使得不同产权性质企业的高管激励方案会对企业创新投资决策产生不同程度的影响,表现为民营企业的创新投资较国有企业的投资强度更大;(2)当金融发展程度较高时,融资环境明显改善的地区民营企业融资约束得到有效缓解,企业创新投资强度显著高于国有企业,在金融发展程度较低地区的企业这种差异不明显。Innovation investment is seen as the lifeline of a company's sustainability. This paper uses the data from the listed companies whose R&D expenditure were announced between 2007 and 2009, and explores how executive incentive mechanism and financing constraints influence innovation investment decisions in companies of different ownership structures. Results show that executive mechanisms in companies of different ownership structures have different effects on innovation investment decisions. Private-owned enterprises' R&D investment intensity is higher than state-owned enterprises'. We further demonstrate that in areas with high levels of financial development, private enterprises' R&D investment intensity is significantly higher than state-owned enterprises', while it is not significant in areas with low levels of financial development.

关 键 词：研发投资 产权性质 融资约束 高管激励 

分 类 号：F272[经济管理—企业管理] F224[经济管理—国民经济]