摘要
现有R&D投资对企业绩效影响的相关研究得出的结论存在不一致,基于此,本文结合相关理论,利用2010年-2014年中国A股上市公司的非平衡面板数据,证明R&D投入与企业绩效呈先降后升又降的"倒N型"三次曲线关系;公司内部治理机制中第一大股东持股比例对R&D投入与企业绩效的倒N型关系有显著调节影响;董事会会议、董事会持股、执行层持股对二者的倒N型曲线关系调节影响不显著。
The existing study of relationship between R＆D investment and corporate performance are inconsistent. Data on 2062 Chinese firms over 5 years show a consistent inverted N-Shaped relationship between R＆D investment and corporate performance. Further, the largest shareholder with more equity ownerships achieved greater profitability gains from R＆D investment. Our framework and findings highlight complexity and temporal dynamics.
出处
《南京社会科学》
CSSCI
北大核心
2016年第1期32-38,共7页
Nanjing Journal of Social Sciences
关键词
R&D投入
企业绩效
倒N型关系
公司内部治理机制
R＆D investment
corporate performance
inverted N-shaped relationship
internal corporate governance
