摘要
基于前景理论的"损失厌恶"和"参照系依赖"观点,从CEO接班人的视角分析CEO变更对企业R&D投入的影响,并以2006—2012年沪深两市年报披露R&D投入的1884家上市公司为样本,构建多元回归模型进行实证检验。结果表明:CEO变更与企业R&D投入显著负相关;CEO变更时业绩低于行业平均水平的企业后续R&D投入更低,并且CEO变更时业绩与行业平均业绩水平的差距对企业后续R&D投入具有显著的负效应。
Based on thesis of ＂loss aversion＂ and ＂reference dependence＂ included in prospect theory, the paper attempts to explain the CEO successor＇s decision on R＆D investment. With 1884 Chinese list companies from 2006 to 2012 in Shenzhen and Shanghai stock markets, by exploring multiple regress mod- els, this paper studies the mechanism hidden behind the CEO successor＇s decision on R＆D investment. The results indicate that CEO succession presents a significant negative correlation to the fh-m＇s R＆D investment. Besides, in those ftrrns experiencing CEO succession, ones with the performance lower than the industry av- erage level have lower R＆D investment after CEO succession;and the gap between the performance of the firm CEO successor faces when he or she assumes office and the industry average performance level exerts a significantly negative effect on the R＆D investment afterwards.
出处
《财贸研究》
CSSCI
北大核心
2015年第2期118-127,共10页
Finance and Trade Research
基金
国家自然科学基金面上项目"企业战略转型路径及其选择研究:以公司治理环境的约束性为视角"(71372092)
国家自然科学基金青年项目"基于网络化成长分析框架的子公司主导行为机理研究"(71402015)
对外经济贸易大学中央高校基本科研业务费专项资金资助项目"中国企业基于顾客的品牌战略转型研究"(14QD22)
