成本粘性对企业研发投入影响的实证研究——基于管理层激励的调节作用
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摘要
通过运用2010—2016年沪深两市A股制造业上市公司的面板数据,实证检验了成本粘性对企业研发投入的影响,以及管理层激励对成本粘性影响研发投入的调节作用,验证管理层激励调节作用大小的差异。研究结果表明:成本粘性的存在对研发投入有积极影响;管理层股权激励正向调节成本粘性与研发投入的关系,但货币薪酬激励的调节效应并不显著;非国有企业的成本粘性对研发投入的影响强于对国有企业的影响,并且非国有企业的股权激励在成本粘性与研发投入之间的调节效应更显著。
Based on data of Shanghai's and Shenzhen's Chinese manufacturing listed firms from 2010 to 2016,an empirical test was made to testify the relationship between cost stickiness and R&D investment,moderate effect of the top management incentives in this relationship and verify the difference of top management incentive's moderate effect. The results showed that: cost stickiness has a positive effect on R&D investment; equity incentives played a positive moderating role in R&D investment,but the compensation incentives effect was not obvious; the property right nature moderated this relationship through cost stickiness. Compared to the state-owned enterprises,equity incentives had more obvious moderate effect in non-state enterprises.
Based on data of Shanghai's and Shenzhen's Chinese manufacturing listed firms from 2010 to 2016,an empirical test was made to testify the relationship between cost stickiness and R&D investment,moderate effect of the top management incentives in this relationship and verify the difference of top management incentive's moderate effect. The results showed that: cost stickiness has a positive effect on R&D investment; equity incentives played a positive moderating role in R&D investment,but the compensation incentives effect was not obvious; the property right nature moderated this relationship through cost stickiness. Compared to the state-owned enterprises,equity incentives had more obvious moderate effect in non-state enterprises.
引文
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[23]徐海峰.高新技术企业股权激励与创新投入的协同效应研究[J].科学管理研究,2014,(4):92.
[24]胡振华,熊昱,申婷.企业行为与管理层股权激励对研发投入影响的实证研究:以制造业上市公司为例[J].系统工程,2015,33(7):1.
[25]江伟.市场化程度、行业竞争与管理者薪酬增长[J].南开管理评论,2011,14(5):58.
[26]李培功,肖珉.CEO任期与企业资本投资[J].金融研究,2012(2):127.
[27]胡华夏,洪荭,肖露璐,等.税收优惠与研发投入:产权性质调节与成本粘性的中介作用[J].科研管理,2017,38(6):135.
[28]温忠麟,侯杰泰,张雷.调节效应与中介效应的比较和应用[J].心理学报,2005(2):268.
[2]胡华夏,洪荭,李真真,等.成本粘性刺激了公司研发创新投入吗?[J].科学学研究,2017,35(04):633.
[3]梁上坤.股权集中度与成本费用粘性[J].经济研究,2013(1):144.
[4]BANKER R D,BYZALOV D,CIFTCI M,et al.The moderating effect of prior sales changes on asymmetric cost behavior[J].Journal of Management Accounting Research,2014:26.
[5]孙铮,刘浩.中国上市公司费用“粘性”行为研究[J].经济研究,2004(12):26.
[6]孔玉生,朱乃平,孔庆根.成本粘性研究:来自中国上市公司的经验数据[J].会计研究,2007(11):58.
[7]万寿义,王红军.管理层自利、董事会治理与费用粘性:来自中国制造业上市公司的经验证据[J].经济与管理,2011,25(3):26.
[8]CHEN C X,LU H,SOUGIANNIS T.The agency problem,corporate governance,and the asymmetrical behavior of selling,general,and administrative costs[J].Contemporary Accounting Research,2012(29):252.
[9]KAMA ITAY,WEISS D.Do earnings targets and managerial incentives affect sticky costs?[J].Journal of Accounting Research,2013:51.
[10]王琼瑶.成本粘性影响因素的实证研究:基于结构视角[D].南京:南京航空航天大学,2012:1.
[11]周丽,李水力,许琼月.宏观政策抑制了成本粘性效应吗?[J].中国注册会计师,2013(8):72.
[12]WEISS D.Cost behavior and analysts’earnings forecasts[J].The Accounting Review,2010,85(4):1441.
[13]苏文兵,李心合,段治翔.基于成本粘性的盈利预测及其精度检验[J].数理统计与管理,2012,31(5):930.
[14]葛尧.成本粘性对企业绩效的影响研究:来自我国上市公司的经验证据[J].价格理论与实践,2017(6):105.
[15]阳双梅,孙锐.论技术创新与商业模式创新的关系[J].科学学研究,2013,31(10):1572.
[16]NOHRIA N,GULATI R.Is slack good or bad for innovation?[J].Academy of Management Journal,1996,39(5):1245.
[17]赵亚普,张文红,陈斯蕾.动态环境下组织冗余对企业探索的影响研究[J].科研管理,2014,35(2):10.
[18]赵息,林德林,郝婷.财务资源冗余对研发投入的影响研究:股权激励的调节效应[J].预测,2017,36(3):36.
[19]HEROLD D M,JAYARAMAN C R,NARAYANASWAMY N.What is the relationship between organizational slack and innovation?[J].Journal of Managerial Issues,2006,18(3):372.
[20]梁彤缨,雷鹏,陈修德.管理层激励对企业研发效率的影响研究:来自中国工业上市公司的经验证据[J].管理评论,2015,27(5):145.
[21]王燕妮,宫春婧.高管激励与研发投入:公司风险与独立董事的调节效应[J].现代商业,2014(30):163.
[22]WU J,TU R.CEO stock option pay and R&D spending:a behavioral agency explanation[J].Journal of Business Research,2007,60(5):482.
[23]徐海峰.高新技术企业股权激励与创新投入的协同效应研究[J].科学管理研究,2014,(4):92.
[24]胡振华,熊昱,申婷.企业行为与管理层股权激励对研发投入影响的实证研究:以制造业上市公司为例[J].系统工程,2015,33(7):1.
[25]江伟.市场化程度、行业竞争与管理者薪酬增长[J].南开管理评论,2011,14(5):58.
[26]李培功,肖珉.CEO任期与企业资本投资[J].金融研究,2012(2):127.
[27]胡华夏,洪荭,肖露璐,等.税收优惠与研发投入:产权性质调节与成本粘性的中介作用[J].科研管理,2017,38(6):135.
[28]温忠麟,侯杰泰,张雷.调节效应与中介效应的比较和应用[J].心理学报,2005(2):268.