管理者自利、R&D创新效率与企业投资价值——来自中国A股上市企业的经验证据  

Management Self-interest,R&D Innovation Efficiency and Enterprise Investment Value——Empirical Evidence from Shanghai and Shenzhen A-share Listed Companies

作　　者：王超发 王树斌 杨德林[3] WANG Chao-fa;WANG Shu-bin;YANG De-lin(School of Economics and Management, Xidian University, Xi’an 710126, China;School of Economics and Management, Xi’an University of Posts and Telecommunications, Xi’an 710061, China;School of Economics and Management, Tsinghua University, Beijing 100084, China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710126 [2]西安邮电大学经济与管理学院,陕西西安710061 [3]清华大学经济管理学院,北京100084

出　　处：《预测》2021年第3期17-24,共8页Forecasting

基　　金：国家重点研发计划资助项目(2017YFB1402001);国家自然科学基金重点资助项目(71834006);教育部人文社会科学重点研究基地项目(16JJD630004);国家自然科学基金青年资助项目(72002163);陕西省社会科学基金资助项目(2020R017)。

摘　　要：针对管理者自利对企业投资价值的影响问题,本文基于2013~2017年间沪深两市A股327家上市企业数据,实证研究了管理者自利对企业投资价值的影响。研究结果表明:管理者自利对R&D创新效率和企业投资价值都有显著的负影响;R&D创新效率在管理者自利与企业投资价值间具有中介作用;国有企业与非国有企业相比,其管理者自利对R&D创新效率和企业投资价值的影响更加明显。该研究结论从实践角度丰富了管理者自利对企业研发投资决策的影响研究,同时在我国企业投资价值提升和组织结构优化方面具有重要现实意义。Selected 327 samples of Shanghai and Shenzhen A-share listed companies from 2013 to 2017,this paper studies the impact of manager’s self-interest on investment value of the enterprise.The results show that managers’self-interest has a significant negative impact both on R&D innovation efficiency and investment value.R&D innovation efficiency plays an mediating role in the relationship of managers’self-interest and investment value.Compared to non-state-owned enterprises,the effect of management self-interest in state-owned enterprises on R&D innovation efficiency and enterprise investment value is more significant.The study enriches the research on the influence of managers’self-interest on R&D investment decisions from a practical perspective,and improves investment value of Chinese enterprises as well as optimizing the organizational structure.

关 键 词：管理者自利 R&D创新效率 企业投资价值 股权性质 

分 类 号：F272.3[经济管理—企业管理]