摘要
以沪深两市油气企业2012—2017年的数据为样本,运用因子分析法从偿债能力、发展能力、盈利能力、营运能力、现金流量能力、风险管控能力和社会责任履行能力等7个方面量化财务竞争力。基于董事会特征调节变量视角实证研究油气企业研发投入对财务竞争力的影响。结果表明:油气企业研发资金投入和研发人员投入都会正向促进财务竞争力;董事会规模不调节研发投入对财务竞争力的影响;独立董事比例正向调节研发投入对财务竞争力的影响。提高研发投入效率、增加独立董事人数和健全独立董事机制可提升油气企业财务竞争力。
Taking the data of 2012—2017 oil and gas enterprises in Shanghai and Shenzhen stock markets as a sample,this paper uses factor analysis method to quantify financial competitiveness from solvency,development,profitability,operational and cash flow capabilities,risk management and social responsibility performance capabilities.Based on the perspective of the characteristics of the board of directors,this paper empirically studies the impact of R&D investment on financial competitiveness of oil and gas companies.The research results show that oil and gas enterprises’R&D capital investment and R&D personnel investment will promote financial competitiveness;the size of the board of directors does not regulate the impact of R&D investment on financial competitiveness;the proportion of independent directors is positively adjusting the impact of R&D investment on financial competitiveness.Based on the conclusions of empirical research,it proposes policy recommendations such as improving the efficiency of R&D investment,increasing the number of independent directors and improving the mechanism of independent directors to enhance the financial competitiveness of oil and gas companies.
作者
朱志红
刘琦雯
薛大维
ZHU Zhihong;LIU Qiwen;XUE Dawei(Institute of Petroleum Economics and Management, Northeast Petroleum University, Daqing 163318, China)
出处
《华北水利水电大学学报（社会科学版）》
2020年第3期6-13,共8页
Journal of North China University of Water Resources and Electric Power(Social Science Edition)
基金
国家社会科学基金项目(19BJY068)阶段性研究成果。
关键词
油气企业
董事会特征
研发投入
财务竞争力
oil and gas enterprises
board characteristics
R&D investment
financial competitiveness
