治理结构、R&D投入与绩效的逻辑分析——兼议政府补助的作用路径  

A Logical Analysis on the Corporate Governance,R&D and Firm Performance:Discussion on the Path of Government Subsidies

作　　者：唐建荣 李晴 TANG Jianrong;LI Qing(School of Business,Jiangnan University,Wuxi 214122,China)

机构地区：[1]江南大学商学院,江苏无锡214122

出　　处：《审计与经济研究》2019年第2期67-78,共12页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71301061);中央高校基本科研业务费专项基金(2015JDZD11);江苏高校人文社会科学项目(2017ZSJD020)

摘　　要：以2010—2015年创业板上市公司为样本,采用面板数据及其稳健性标准误修正模型研究了治理结构、R&D投入与企业绩效三者的逻辑联系。实证结果表明:国有持股负向影响企业的R&D投入,股权制衡度正向影响企业的R&D投入,股权集中度、高管持股水平与R&D投入呈非线性关系;高管股权激励的"利益趋同效应"与"壕沟防御效应"共同调节政府补助对企业R&D投入的作用路径; R&D活动具有滞后效应,负向影响当期的企业绩效,但是对滞后两期的绩效水平有显著正向作用。优化公司治理结构,从根源上解决代理问题,是提高研发效率进而促进企业稳健发展的基本路径。Taking the 2010-2015 listed companies in GEM as a sample,we use panel data and its robustness standard mis-correction model to discuss the relationship of governance structure,R&D investment and corporate performance.The results show that:state-owned shareholding negatively influences the R&D investment,the balance ownership structure positively influences the R&D investment,the ownership concentration and managerial shareholding both have the nonlinear relationship with R&D investment;The“convergence of interest effects”and the“entrenchment effects”,based on the executive incentive,moderating the role of government subsidies;R&D activity has a significant hysteresis effect,which negatively affects the current corporate performance,however,it also has a significant positive effect on the two-stage lag performance.Optimizing the corporate governance structure and solving the agency problem from the root cause is the basic path to improve the efficiency of R&D activity and promote the steady development of enterprises.

关 键 词：代理问题 治理结构 R&D投入 企业绩效 政府补助 研发创新 利益趋同效应 壕沟防御效应 

分 类 号：F235.99[经济管理—会计学]