机构地区: 西安理工大学经济与管理学院,西安710054
出 处: 《软科学》 2017年第9期110-114,共5页
摘 要: 突破已有研究仅孤立地关注经理自主权与股权集中度各自对R&D投入影响的现状,将二者纳入到同一框架中更全面地探讨公司R&D投入的决定机制。结果表明:以职位权、所有权和专家权度量的经理自主权对公司R&D投入强度呈现显著的正向促进效应;以第一大股东持股比例、赫芬戴尔指数或前三大股东持股比例之和度量的股权集中度对R&D投入强度虽无显著直接效应,但对经理自主权与R&D投入强度的正相关性呈现显著正向调节效应。 It is necessary for the scholars to bring these two factors in a same framework and further discuss the determining mechanism of the R&D expenditure in a comprehensive manner. Theoretical analyses and empirical data demonstrate that, managerial discretion which is measured by position power, ownership power and expert power has a significantly positive promotion on R&D expenditure intensity, while equity concentration which is measured by the proportion of the first larger shareholder has not a remarkable and direct effect on the intensity of the R&D expenditure, instead, equity concentration has a positive adjusting effect on the positive correlation between the R&D expenditure and managerial discretion. Robust test indicates that, whether considering the control variable or not, the conclusions above will not change as the measure- ment index of the managerial discretion and R&D expenditure or the samples change.