摘要
以我国创业板企业为样本,根据高层梯队理论等,实证分析了高管团队特征和研发投入的关系,以及股权激励的调节效应。得出结论:①高管团队特征显著影响研发投入,女性高管比例越高、高管团队年龄越大、高管团队学历越低、研发背景高管比例越低、海外背景高管比例越低,研发投入越少。②股权激励在高管团队特征和研发投入的关系中有重要的调节效应。根据实证结论,提出创业板公司应增加研发投入、组建合理的高管团队结构、完善股权激励机制等相关建议。
Taking China’s GEM listed enterprises as samples and drawing on the high-level echelon theory,etc.,this paper empirically analyzes the relationship between the characteristics of executive team and R&D investment,and the moderating effect of equity incentives.The conclusions are as follows:①The characteristics of the executive team significantly affect R&D investment.The higher the proportion of female executives there is,the older the executive team gets,the lower the executive team’s education it is,the lower the proportion of executive team with R&D background there is,and the lower the proportion of executive team with overseas background there is,the less research and development investment it has.②Equity incentives have important regulatory effects in the relationship between the characteristics of the executive team and the R&D investment.According to the empirical conclusions,we propose that GEM companies should increase R&D investment,establish a reasonable executive team structure,and improve equity incentive mechanisms.
作者
张海燕
刘智狄
ZHANG Hai-yan;LIU Zhi-di(Business School,Hunan Normal University,Changsha,Hunan 410000)
出处
《商学研究》
2020年第2期23-33,共11页
Commercial Science Research
基金
国家自然科学基金项目(项目编号:71702054)。
关键词
创业板
高管团队特征
研发投入
股权激励
GEM
executive team characteristics
R&D investment
equity incentive
