企业家风险偏好对R&D投入与绩效关系的调节效应——基于中小企业板上市公司的实证研究  

A Empirical Study on Moderating Effects of Entrepreneurial Risk Preference on the Relation between R&D Input and Firm Performance:Based on the SME Board of Listing Corporation

作　　者：王素莲[1] 阮复宽 

机构地区：[1]山西大学经济与管理学院,山西太原030006

出　　处：《经济问题》2015年第6期80-83,124,共5页On Economic Problems

基　　金：山西省科学技术厅软科学研究项目(2013041021-03)

摘　　要：以2012年中小企业板的517家上市公司为研究样本,依据高层梯队理论,实证研究了企业家风险偏好对R&D投入和公司绩效之间关系的调节作用。研究发现:R&D投入对公司绩效有显著的影响,而企业家风险偏好对这一结果具有调节作用。企业家越偏好承担风险,则R&D投入与公司绩效之间的正相关关系越强。本研究对进一步明确R&D投入与企业绩效关系异质性的作用机理具有重要的理论意义,对企业管理层的任命决策提供重要的启示。This paper takes the 517 listing corporation of small and medium-sized enterprises board in 2012 as the research sample, according to the upper echelon theory, it empirical studies the moderating effect of entrepre-neur risk preference of relationship between R＆amp;D input and corporate performance.The study found that：R＆amp;D in-put has a significant effect on firm performance, while the entrepreneur risk preference has a moderating effect on the results.Entrepreneurs more preference to take risks, then they develop a stronger positive correlation between R＆amp;D input and corporate performance.This research has an important theoretical significance to further clarify the relationship between R＆amp;D input and firm performance heterogeneity mechanism, and provides an important inspira-tion to enterprise management’ s appointment and decisions.

关 键 词：企业家风险偏好 R& D投入 企业绩效 调节效应 

分 类 号：F272.91[经济管理—企业管理]