经理管理防御对企业研发投资的影响——来自我国A股上市公司的经验证据  

The Impact of Managerial Entrenchment on the Firm Innovation Investment——Evidence Form Chinese A-shares of Listed Companies

作　　者：吴建祥[1,2] 李秉祥[1] 张春生 

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]西安财经学院统计学院,陕西西安710100 [3]中国石油长庆油田分公司,陕西西安751500

出　　处：《科技进步与对策》2017年第15期80-86,共7页Science & Technology Progress and Policy

基　　金：国家自然科学基金项目(71272118);高等学校博士学科点专项科研基金项目(20136118110008);陕西省教育厅科学研究项目(201610)

摘　　要：以2009-2014年我国A股上市公司为研究样本,采用回归分析方法探讨经济转型期经理人对企业研发投资水平的影响。将管理防御划分为管理者个人人力资本特征、激励特征和监督特征3个维度,每个维度选取一些特征变量分析其对企业研发投资水平的影响机理和经验证据。采用全样本实证研究发现:经理人年龄和工作转换成本与企业研发投资水平负相关,经理人任期与研发投资水平呈倒U型关系,其它特征变量如受教育程度、经理人年薪报酬、经理人持股比例、独立董事比例和股权制衡度与研发投资水平正相关。区分样本公司产权性质后实证发现,经理人年龄、任期和两职兼任仅在国有企业显著影响企业研发投资水平,在非国有企业其关系不成立。提供了不同产权性质企业经理人驱动因素对企业研发投资水平的影响机理和证据。应通过调整驱动因素降低经理人水平,提高企业研发投资水平,实现企业技术创新战略目标。The paper investigates the impact of managerial entrenchment on the firm innovation investment in the transition period by using the regression analysis method,using Chinese A-shares of listed companies 2009-2014 as samples.The managerial entrenchment is divided into three dimensions,including the characteristics of human capital,incentive and supervision characteristics about manager,to analyze the influence of characteristic variable in the three dimensions on the level of firm innovation investment.In the all samples,the results show that CEO's age and cost of conversion work are negatively correlated with the level of innovation investment,CEO's tenure presents an inverted U relations with the level of innovation investment,other characteristic variables are positively correlated with the level of innovation investment.By dividing samples into different groups based on property right,it finds that CEO's age,tenure and duality are significantly affect the level of enterprise innovation investment only in state-owned enterprises,and the relationship is not established in the non-state owned enterprises.This paper provides the mechanism and evidence of the influence of enterprise managers' management on the level of innovation investment in enterprises with different property rights,the results can help to improve the level of enterprise innovation investment by adjusting the driving factors of manager'entrenchment.

关 键 词：经理人 研发投资 经理人力资本 激励 监管 

分 类 号：F273.1[经济管理—企业管理]