摘要
以2008-2012年中小板上市公司为对象,实证分析了熊市背景下高层管理者持股数量、年薪总额和研发投资关系。利用多元回归分析研究发现,在熊市背景下高管持股数量与研发投入显著负相关,高管年薪与研发投入显著正相关。相对于非高科技企业,高管持股对高科技企业研发支出负面影响更显著;股权集中将降低高管持股对研发支出的负面影响。相对于高盈利企业,高管持股对低盈利企业的研发支出负面影响更显著;相对于低成长企业,高管持股对高成长企业研发支出负面影响更显著。
This study,using multiple regression analysis,researched on the relationship between executive stock ownership,annual salary and RD investment in the bear market,based on the data of SME board listed companies during 2008-2012. The results indicated that executive stock ownership had a strong negative correlation with RD expenditure,but annual salary had an obvious positive correlation with it. Compared with non-high-tech companies,executive stock ownership of high-tech companies had a stronger negative correlation with RD expenditure. Ownership concentration would reduce the negative impact of managerial stock ownership on RD expenditures. Compared with high-profit entities,executive stock ownership of low-profit entities had a negative correlation with RD expenditure more obviously. Compared with high-growth enterprises,executive stock ownership of low-growth enterprises had a negative correlation with RD expenditure more remarkably.
出处
《集美大学学报（哲学社会科学版）》
2014年第4期46-54,共9页
Journal of Jimei University：Philosophy and Social Sciences
基金
福建省社会科学规划项目(2014C124)
福建省教育厅社会科学研究项目(JB13473S)
关键词
研发
高管持股
年薪
中小板
熊市
R＆D
executive stock ownership
annual salary
SME board
bear market
