技术内部董事、财务冗余与研发投资--来自中国高新技术企业的经验证据  

Technical Internal Directors, Financial Redundancy and R&D Investment:An Empirical Research Based on Hi-Tech Enterprises

作　　者：姚晓林[1] 李井林[2,3] 梁雯[4] YAO Xiao-lin;LI Jing-lin;LIANG Wen

机构地区：[1]大连东软信息学院信息与商务管理学院 [2]中国社会科学院工业经济研究所 [3]湖北经济学院会计学院 [4]东北财经大学会计学院

出　　处：《科学决策》2018年第6期21-40,共20页Scientific Decision Making

基　　金：辽宁省社会科学规划基金项目“技术并购对企业创新能力的影响及经济后果研究”阶段性研究成果(项目编号：L17CGL004); 中国博士后科学基金面上资助项目(项目编号：2017M611105); 国家社会科学基金青年项目(项目编号：17CGL013)

摘　　要：财务冗余作为未被吸收的超额储备,管理者对其配置具有很强的自由裁决力,是极其关键的创新资源,财务冗余下创新投资不足对高新技术企业是更严重的代理问题。文章以2012-2016年沪深两市高新技术企业面板数据为样本,运用系统GMM估计实证检验技术内部董事对财务冗余和创新投资关系的调节作用。研究发现:(1)财务冗余能够促进高新技术企业的研发投资;(2)技术内部董事能够增强财务冗余与研发投资之间的正相关关系;(3)当高新技术企业受到负面冲击时,技术内部董事能够确保财务冗余持续分配给研发投资,减轻风险规避下的创新投资不足。文章进一步拓展代理理论,强调在企业创新投资中,技术内部董事在抑制CEO的风险规避决策和减轻独立董事的信息不对称方面所发挥的关键作用。Financial redundancy as an excess reserve that has not been absorbed is the most critical innovation resource, managers have strong discretion in their allocation, the lack of innovative investment under financial redundancy is a more serious agent problem for hi-tech enterprises. Using a panel-data set of hi-tech enterprises in RD-intensive industries from 2012 to 2016, this paper examines the effect of technical internal directors on financial redundancy and RD investment relationship by GMM estimation method. The findings are as follows：（1） financial redundancy can promote the RD investment of hi-tech enterprises;（2） the technical internal directors can enhance the positive correlation between financial redundancy and RD investment;（3） when the hi-tech enterprises encounter negative shocks, the technical internal directors can ensure the financial redundancy continuously allocated to RD investment during periods of negative shocks. This paper expands the agency theory and emphasizes the key role of the technical internal directors in reducing the risk aversion decision of CEO and reducing the information asymmetry of independent directors in the innovation investment of hi-tech enterprises.

关 键 词：技术内部董事 财务冗余 研发投资 高新技术企业 

分 类 号：F275.1[经济管理—企业管理]