管理防御、R&D投入与公司治理机制关系研究

科研管理 ›› 2014, Vol. 35 ›› Issue (7): 99-106.

管理防御、R&D投入与公司治理机制关系研究

李秉祥, 陈英, 李越

西安理工大学经济与管理学院, 陕西西安 710054

收稿日期:2012-09-12 修回日期:2013-08-27 出版日期:2014-07-25 发布日期:2014-07-15
作者简介:李秉祥（1964-），男（汉），陕西扶风人，西安理工大学经济与管理学院（教授、博士生导师），研究方向：公司财务与资本管理等。
陈英（1974-），女（汉），陕西汉中人，西安理工大学经济与管理学院（博士研究生），研究方向：公司财务与资本管理等。
李越（1986-），女（汉），陕西西安人，西安理工大学经济与管理学院（博士研究生），研究方向：公司财务与资本管理等。
基金资助:
国家自然科学基金项目“中国上市公司经理层管理防御行为与激励约束机制的实验研究”（71272118）；陕西省高校重点学科专项资金建设项目（107-00X902）；陕西省软科学项目（2013KPZ27-02）。

An empirical study on the relationship between managerial entrenchment, R&D investment and corporate governance

Li Bingxiang, Chen Ying, Li Yue

School of Economics and Management, Xi'an University of Technology, Xi'an 710054, Shanxi, China

Received:2012-09-12 Revised:2013-08-27 Online:2014-07-25 Published:2014-07-15

摘要/Abstract

摘要： 本文以2008-2010年我国制造业上市公司为研究样本，采用层次回归分析法探讨转型期公司治理机制下经理管理防御对企业R&D投入的影响。首先研究经理管理防御与R&D投入之间的关系，然后引入激励机制与约束机制作为调节变量，研究公司治理对二者之间关系的调节作用。实证研究结果表明：经理管理防御与R&D投入具有显著负相关关系；经理人薪酬、股权集中度的提高可以有效抑制管理防御下的低R&D投入，独立董事比例提高会促进管理防御下的低R&D投入，经理人持股对管理防御与R&D投入之间的关系没有明显调节作用。

关键词: 经理管理防御, R&D投入, 公司治理机制, 调节效应

Abstract: Based on Chinese listed companies in the manufacturing industry 2008-2010, the hierarchical regression analysis method was used to investigate the impact of managerial entrenchment on R&D investment under corporate governance mechanism in the transition period. Firstly, the relationship between managerial entrenchment and R&D investment was estimated; Secondly, incentive mechanism and restrictive mechanism as moderator were introduced into this research. They were used to study the impact of corporate governance mechanism on the relationship between the two others.The empirical findings indicated that there was a significant negative correlation between managerial entrenchment and R&D investment. Moreover, the low R&D investment under managerial entrenchment could be effectively inhibited by increasing managers' compensation and ownership concentration, while it would be promoted by the raise of the proportion of independent directors. And managerial ownership has no significant regulating effect on the relationship between managerial entrenchment and R&D investment.

Key words: managerial entrenchment, R&D investment, corporate governance mechanism, regulating effect

中图分类号:

F272.3

李秉祥, 陈英, 李越. 管理防御、R&D投入与公司治理机制关系研究[J]. 科研管理, 2014, 35(7): 99-106.

Li Bingxiang, Chen Ying, Li Yue. An empirical study on the relationship between managerial entrenchment, R&D investment and corporate governance[J]. Science Research Management, 2014, 35(7): 99-106.

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