高管团队垂直对异质性与R&D投资行为研究——基于生物医药行业的实证分析  

Research on the Correlation between Top Management Team Vertical Dyads Heterogeneity and R&D Investment: Based on Empirical Analysis of Bio- pharmaceutical Industry

作　　者：郭葆春[1] 刘艳 

机构地区：[1]暨南大学管理学院会计系,广东广州510632 [2]安永华明会计师事务所广州分所,广东广州510600

出　　处：《科技管理研究》2015年第21期35-40,共6页Science and Technology Management Research

基　　金：国家自然科学基金青年项目"我国资本市场交叉持股行为研究:动因;路径与效应"(71102040);国家社会科学基金青年项目"机会不平等下的家族企业成长与治理优化研究"(12CGL034)

摘　　要：基于高层梯队理论和相似-吸引范式,将职位层级视为高管团队特征的一个重要因素,探讨高管团队中垂直对人口特征差异与生物医药上市公司R&D投资倾向的关系。研究发现:总经理-高管年龄异质性、教育水平异质性均与R&D投资强度负相关;总经理-高管任期异质性、职业背景异质性与R&D投资强度正相关。此外,管理费用率、资产负债率、总经理兼任董事长与R&D投资强度正相关,公司规模与R&D投资强度负相关。最后对生物医药企业合理配置高管团队以及促进和优化R&D投资等方面提出实践建议。Based on the upper echelons theory and similarity - attraction paradigm, this paper regards top management team （TMT） characteristics as an important factor and discusses the relationship between TMT vertical dyads heterogeneity and R＆D investment of the bio - pharmaceutical listed companies using the demographics differences between CEO and TMT to measure TMT vertical dyads heterogeneity. The conclusions are ： CEO - TMT age heterogeneity and CEO - TMT ed- ucation level heterogeneity are negatively related to R＆D investment intensity, while the CEO -TMT tenure heterogeneity and CEO - TMT career background heterogeneity are positively related. This paper also finds that the management expense ratio, asset- liability ratio and CEO concurrently be chairman are positively related to R＆D investment intensity, while firm size is negatively related in the bio - pharmaceutical industry. Finally, we give some suggestion for improving R＆D investment through rationally arranging the top management team （TMT） .

关 键 词：R&D投资 垂直对异质性 人口特征 生物医药行业 

分 类 号：F426.72[经济管理—产业经济]