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治理结构、研发投入与公司绩效

发表时间:2015-10-31  浏览量:1139  下载量:439
全部作者: 李伟,冒乔玲
作者单位: 南京工业大学经济与管理学院
摘 要: 研究了中国制造业上市公司治理结构与研发投入的交互效应对公司经营绩效的影响。结果表明研发投入能促进经营业绩提升,但是这一过程会受公司治理结构制约,其中:股权集中度达到一定水平时,研发投入才会对企业绩效产生正向促进作用;机构投资者持股比例和高管持股比例都对研发投入有显著正向的影响;而股权制衡程度与研发投入的交互效应不显著。同时, 治理结构与研发投入的交互作用在国企与非国企有显著的差异,其中股权集中度、机构持股有助于增加国企的研发投入,但是对公司绩效的提升作用不显著;而高管持股交互项在国企不显著。
关 键 词: 企业管理;研发投入;公司治理;公司绩效;交互效应
Title: Corporate governance, R&D investment and corporate performance
Author: LI Wei, MAO Qiaoling
Organization: School of Economics and Management, Nanjing University of Technology
Abstract: This essay studies the impacts on the corporate performance from interactive effects between corporate governance and R&D investment. The study shows that R&D investment contributes to corporate performance improvement but inclines to be swayed by corporate governance. The R&D investment can only be conducive to corporate performance when shareholdings are centralized to a certain level. Centralized shareholdings by institutions and managements significantly play a constant and positive role in R&D investment optimization, whereas the interactive effect between the shareholding commensuration and R&D investment is not noticeable. Meanwhile, the interactive effects greatly differ in state-owned enterprises and in private ones. In terms of state-owned enterprises, the centralized level of shareholdings and ownership by institutions are conducive to the R&D investment optimization, not withstanding the indistinctive contributing to the corporate performance improvement. Furthermore, the interactive effect of management’s ownership is not notable in state-owned enterprises.
Key words: business management; R&D investment; corporate governance; corporate performance; interaction effect
发表期数: 2015年10月第20期
引用格式: 李伟,冒乔玲. 治理结构、研发投入与公司绩效[J]. 中国科技论文在线精品论文,2015,8(20):2098-2905.
 
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