技术高管、研发投入与公司绩效——基于动态内生视角  

Technical Executives,R&D Investment and Company Performance——From the Perspective of Dynamic Endogenous

作　　者：郭立新 GUO Li-xin(School of Business,Huaiyin Institute of Technology,Jiangsu,Huai’an 223001,China;Nanjing University,Postdoctoral Station,Nanjing Jiangsu 210093,China)

机构地区：[1]淮阴工学院商学院,江苏淮安223001 [2]南京大学博士后流动站,江苏南京210093

出　　处：《技术经济与管理研究》2019年第4期55-60,共6页Journal of Technical Economics & Management

基　　金：国家自然科学基金项目(71172058);教育部人文社会科学研究一般规划基金项目(13YJA630022);教育部课题(17YJA630084);江苏省社会科学基金项目研究成果(17SHB006)

摘　　要：本文以2012-2017年中国沪深股市A股上市高科技企业为研究样本,实证检验了技术高管对公司研发投入的影响,深入分析和检验了研发投入对公司绩效的滞后影响以及技术高管对二者关系的调节作用。实证结果表明:技术高管对高科技上市公司研发投入具有显著的正向影响,研发投入的绩效效应具有明显的滞后性,研发投入在当期和前一期均对公司绩效具有负向影响,在前二期则对公司绩效具有显著的正向影响,技术高管对研发投入和公司绩效的关系具有显著的正向调节效应。本文提出了技术高管、研发投入和公司绩效间相互关系的一个新的分析视角,研究结论对上市公司高层团队构建和激励制度设计具有重要参考价值。Based on the data of listed high-tech enterprises in China's Shanghai and Shenzhen A-stock markets from 2012 to 2017, this paper empirically tests the impact of technical executives on R&D investment of a company, the lagging effects of R&D investment on company performance and the regulating effect of technical executives on the relationship between the R&D investment and company performance. The empirical results show that technical executives have a significant positive impact on the R&D investment of high-tech listed companies, and the performance effect of R&D investment has obvious lag: R&D investment has a negative impact on company performance in the current period and the previous period. It has a significant positive impact on company performance in the first two periods, and technical executives have a significant positive adjustment effect on the relationship between R&D investment and company performance. This paper proposes a new analytical perspective on the relationship between technical executives, R&D investment and company performance. The research conclusions have important reference value for the construction of high-level teams and design of incentive system in Chinese listed companies.

关 键 词：技术高管 研发投入 公司绩效 高管团队 

分 类 号：F273.1[经济管理—企业管理]