研发背景高管权力与企业脱虚向实  

Power of R&D Background Executives and the Enterprise"Return to Reality"

作　　者：李梦晓 董雅浩 贺晨 彭博 LI Meng-xiao;DONG Ya-hao;HE Chen;PENG Bo(School of Business,Chengdu University of Technology,Chengdu 610059)

机构地区：[1]成都理工大学商学院,成都3610059

出　　处：《软科学》2024年第6期137-143,共7页Soft Science

基　　金：教育部人文社会科学基金项目(23YJC630138);四川省社会科学基金项目(SCJJ23ND433);成都市哲学社会科学规划项目(2023BS129、2023BS123)。

摘　　要：利用手工收集的沪深A股上市公司年报中高管团队排名数据,实证检验了研发背景高管的权力增加能否促进企业脱虚向实。结果表明,研发背景高管在团队中的权力越大,企业金融化的程度越低,这一结论在控制内生性问题后仍然成立。机制检验发现,研发背景高管权力是通过提高研发投入和降低代理成本来降低企业金融化。进一步分析表明,研发背景高管权力促进企业脱虚向实的积极作用在高新技术企业中更显著.Using manually collected data on the ranking of executive teams in the annual reports of A-share listed compa-nies,this paper empirically tests whether the increase in power of R&D background executives can promote companies to fa-cilitate enterprise"return to reality",This paper discovered that the higher the power of R&D background executives,the lower the level of financialization,and this conclusion still holds after controlling for endogeneity issues.The results of the mechanism test show that the power of R&D background executives is intended to prevent company financialization by in-creasing R&D investment and decreasing agency costs.When a company is a high-tech enterprise,further analysis shows that the negative correlation above is more significant.

关 键 词：高管权力 企业金融化 代理成本 企业创新 

分 类 号：F832.51[经济管理—金融学] F273.1F272.91