R&D投资与企业创新绩效:企业家冒险倾向和学历水平的影响——基于深沪中小板上市公司的实证研究  

R&D investment and firm innovation performance: the influence of entrepreneurs' risk-preference and education

作　　者：王素莲[1] 

机构地区：[1]山西大学经济与管理学院,山西太原030006

出　　处：《东岳论丛》2018年第4期50-60,共11页DongYue Tribune

基　　金：山西省软科学课题"科技金融政策对科技型中小企业技术创新的激励效应研究"(项目编号:2016041001-1)的阶段性研究成果

摘　　要：本文基于企业资源基础理论和高阶理论,以沪深两市中小企业板515家上市公司为研究样本,运用分层回归分析模型对R&D投资、公司创新绩效、企业家冒险倾向和学历水平的关系进行研究,并从产权属性视角对家族企业和国有企业的技术创新进行分组研究。全样本研究结果表明,R&D投资强度、企业家冒险倾向对公司创新绩效有正向促进作用,企业家冒险倾向是R&D投资与公司创新绩效关系的半调节变量,正向调节R&D投资与公司创新绩效的关系,高学历企业家的理性冒险倾向对R&D投资与公司创新绩效关系的调节效应更强。分组检验结果表明企业家冒险倾向、学历水平对研发投入与创新绩效关系的调节作用在国有企业和家族企业之间存在显著差异。本研究对深层次认识R&D投资对企业创新绩效影响的作用机理提供重要的实证依据,对正确认识企业家冒险倾向这一心理偏好对于企业财务决策的影响以及对企业管理者的聘任决策有重要的理论和实践意义。Based on the enterprise resource theory and upper echelons theory and using 515 listed small and medium firms,the paper studies the relations among entrepreneurs’risk-preference and education,firm’s R&D investment and innovation performance with method of hierarchical regression.It also analyzes the technological innovation differences between family and state-owned firms.It finds out that firm’s innovation performance is positively related to the entrepreneurs’risk-preference and R&D investment.Entrepreneurs’risk-preference is a semi adjustable variable in the relationship between firm’s R&D investment and innovation performance,especially for the entrepreneurs who have higher level education and more rational risk-preference.Moreover,there are significant differences between the family and state-owned enterprises concerning the moderating effect of entrepreneurs’risk-preference and education on firm’s R&D investment and innovation performance.

关 键 词：R&D投资 企业家冒险倾向 企业创新绩效 产权性质 

分 类 号：F273.1[经济管理—企业管理]