摘要：采用世界银行投资环境调查（ICS）中来自中国、巴西、南非企业的数据，研究CEO人口统计学特征对R&D强度的影响，以及社会文化、政府政策、法律体系在二者关系中的调节作用。实证分析的结果表明，CEO教育水平、工作经验（担任CEO前在本产业的工作时间）和R&D强度之间并无显著相关关系。社会文化对CEO特征和R&D强度之间的关系有显著的调节作用，中国、巴西两国的CEO教育水平、工作经验和R&D强度之间的正相关性显著高于南非。政府政策在CEO教育水平和R&D强度之间发挥负向调节作用，政府政策越不稳定，CEO的教育水平和R&D强度之间的正相关性越强；但政府政策对CEO工作经验和R&D强度之间关系的调节作用不显著。法律体系并未在CEO特征和R&D强度之间发挥调节作用。

Abstract: Using firm-level data from the Investment Climate Surveys conducted by the World Bank in China, Brazil, and South Africa, the relationships between CEO’s demographic characteristics and R&D intensity and the moderating effects of social culture, and government policy, and legal system on the relationship are investigated. Neither CEO’s education level nor his/her work experience (the years of experience working in same sector before they become CEO’s) was found to have a significant impact on R&D intensity. Social culture significantly moderated the relationship between CEO’s education level and R&D intensity and that between CEO’s work experience and R&D intensity; the positive relationship between CEO’s education level and R&D intensity and that between CEO’s work experience and R&D intensity in China and Brazil were both significantly stronger than those in South Africa. The government policy negatively moderated the relationship between CEO’s education level and R&D intensity; the more unstable the government policy, the stronger positive relationship between CEO’s education level and R&D intensity. But the government policy didn’t moderate the relationship between CEO’s work experience and R&D intensity. Legal system didn’t moderate the relationship between CEO’s education level and R&D intensity or that between CEO’s work experience and R&D intensity.