企业行为与管理层股权激励对研发投入影响的实证研究——以制造业上市公司为例  

Research Into the Effects of Behavioral Theory and Managerial Incentives on R&D Investment:Taking Manufacturing Industry for Example

作　　者：胡振华[1] 熊昱[1] 申婷[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《系统工程》2015年第7期1-11,共11页Systems Engineering

基　　金：国家社会科学基金重大资助项目(13&ZD169);国家自然科学基金资助项目(71072079);中南大学青年助推立项项目(ZYZX10QN30)

摘　　要：以企业行为理论、管理层激励理论以及技术创新理论为依据,以研发投入为切入点,从企业行为对研发投入的影响、管理层股权激励对研发投入的影响以及两者共同作用对研发投入的影响三个层次讨论了与企业研发投入的关系,并提出11项研究假设。实证结果表明,企业行为中组织冗余、绩效落差对研发投入有正向影响,而破产风险负向影响研发投入;管理层股权激励中,过低的管理层持股水平会负向影响企业的研发投入,股票期权激励会正向影响研发投入;从交互效应来看,破产风险与管理层激励之间的交互项对研发投入有正向影响,受目前薪酬水平与企业业绩倒挂的影响,绩效落差与股权激励的交互项对研发投入的影响不显著。两种理论之间共同作用的存在,表明一个更复杂的研发投资组织模式,企业行为、决策流程与公司治理的相互交叉融合。This paper studies organizational behavior variables and managerial ownership on the impact of R＆D investment,and opens up a new direction for exploring organizational behavior theory and principal-agent theory interactive effect on R＆D investment.To consider the interaction effects of corporate behavior and the management incentives on R＆D investment,it analyzes the relationship between corporate behavior variables and R＆D investment,between management incentives and R＆D investment based on extant theory.Then 11 corresponding research hypotheses are proposed,and the database of 581 listed companies of manufacturing industry from 2008 to 2012is analyzed in terms of normalization steps of econometric analysis model under the Eviews 6.0environment.The empirical results verify most of the proposed hypothesis：corporate behavior theories and management incentives have effects on the R＆D investment respectively;part of the interaction terms affect R＆D investment levels of the enterprise,which means more complicated investment decision-making behavior.

关 键 词：研发投资 企业行为理论 管理层股权激励 计量经济分析 

分 类 号：F240[经济管理—劳动经济]