经理自主权与公司R&D投入关系的实证研究——股权集中度的调节效应  

Empirical Study on the Relationship between Managerial Discretion and R&D Expenditure——Equity Concentration as the Moderating Variable

作　　者：张长征[1] 吕悦凡 

机构地区：[1]西安理工大学经济与管理学院,西安710054

出　　处：《软科学》2017年第9期110-114,共5页Soft Science

基　　金：国家社会科学基金项目(15BGL109);教育部人文社会科学研究专项(14YJA630089;13YJAZH123)

摘　　要：突破已有研究仅孤立地关注经理自主权与股权集中度各自对R&D投入影响的现状,将二者纳入到同一框架中更全面地探讨公司R&D投入的决定机制。结果表明:以职位权、所有权和专家权度量的经理自主权对公司R&D投入强度呈现显著的正向促进效应;以第一大股东持股比例、赫芬戴尔指数或前三大股东持股比例之和度量的股权集中度对R&D投入强度虽无显著直接效应,但对经理自主权与R&D投入强度的正相关性呈现显著正向调节效应。It is necessary for the scholars to bring these two factors in a same framework and further discuss the determining mechanism of the R＆D expenditure in a comprehensive manner. Theoretical analyses and empirical data demonstrate that, managerial discretion which is measured by position power, ownership power and expert power has a significantly positive promotion on R＆D expenditure intensity, while equity concentration which is measured by the proportion of the first larger shareholder has not a remarkable and direct effect on the intensity of the R＆D expenditure, instead, equity concentration has a positive adjusting effect on the positive correlation between the R＆D expenditure and managerial discretion. Robust test indicates that, whether considering the control variable or not, the conclusions above will not change as the measure- ment index of the managerial discretion and R＆D expenditure or the samples change.

关 键 词：经理自主权 R&D投入 股权集中度 技术创新 

分 类 号：F272[经济管理—企业管理]