高管团队异质性对资本结构与研发投入关系的影响研究
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摘要
本文采用OLS回归分析方法,利用2017年信息技术产业上市公司截面数据,研究了资本结构与研发投入的关系以及高管团队异质性对二者关系的调节作用。实证研究结果发现,企业资本结构对研发投入具有显著抑制作用;高管团队的性别结构会加重上述抑制作用;高管团队的年龄结构、任期差异将会显著缓解这种抑制作用;而高管团队受教育程度对两者关系无影响。基于上述研究结论,本文提出了若干优化高管团队结构的建议。
Using the OLS regression analysis method,this paper studies the connection between capital structure and R&D investment and the moderating effect for the relationship of them by the heterogeneity of executive team based on the cross-sectional data of IT industrial quoted companies in 2017.According to the conclusion of research,the paper illustrates a discovery that the capital structure contains significant negative impact on R&D investment;the gender structure of the executive team will aggravate the negative effect;the age structure and tenure differences of the executive team will significantly alleviate this negative effect,while the education level of the executive team has no effect on the relationship. Above all the conclusions,this paper puts forward some suggestions to optimize the structure of executive team.
Using the OLS regression analysis method,this paper studies the connection between capital structure and R&D investment and the moderating effect for the relationship of them by the heterogeneity of executive team based on the cross-sectional data of IT industrial quoted companies in 2017.According to the conclusion of research,the paper illustrates a discovery that the capital structure contains significant negative impact on R&D investment;the gender structure of the executive team will aggravate the negative effect;the age structure and tenure differences of the executive team will significantly alleviate this negative effect,while the education level of the executive team has no effect on the relationship. Above all the conclusions,this paper puts forward some suggestions to optimize the structure of executive team.
引文
[1]国家统计局,科学技术部,财政部.2017年全国科技经费投入统计公报[OL].2018-10-09.
[2]贺晓宇,张治栋.银行股权关联、高管背景与研发投入——来自制造业上市公司的分析[J].软科学,2018,32(8):49～52.
[3]G M Constantinides,M Harris,R M Stulz.Handbook of the Economics of Finance(Volume1)[A].N Barberis,R Thaler.A Survey of Behavioral Finance[C].Elsevier Science Ltd,2003.
[4]G M Constantinides,M Harris,R M Stulz.Handbook of the Economics of Finance(Volume1)[A].M Baker,J Wurgler.Behavioral Corporate Finance:An Updated Survey[C].Else-vier Press,2012.
[5]Hackbarth D.Managerial Traits and Capital Structure Decisions[J].Journal of Financial and Quantitative Analysis,2008,43(4):843～882.
[6]Huang J,Kisgen D J.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,2013,108(3):822～839.
[7]周业安,程栩,郭杰.高管背景特征与资本结构动态调整——国际比较与中国经验[J].经济理论与经济管理,2012,(11):11～22.
[8]Mueller V Zimmerman.The Importance of Equity Finance for R&D Activity——Are There Differences Between Young and Old Companies?[J].Small Business Economics,2009,33(3):6～14.
[9]钟田丽,马娜,胡彦斌.企业创新投入要素与融资结构选择——基于创业板上市公司的实证检验[J].会计研究,2014,(4):66～73.
[10]孙早,肖利平.融资结构与企业自主创新——来自中国战略性新兴产业A股上市公司的经验证据[J].经济理论与经济管理,2016,(3):45～58.
[11]吕民乐,王晓虎.企业资本结构与R&D投入——基于汽车制造业上市公司的经验研究[J].中国科技论坛,2010,(1):62～66.
[12]曾蕾,金余泉.高新技术上市公司科技开发支出与其资本结构的相关性研究[J].技术经济,2011,(8):26～31.
[13]王玉泽,罗能生.什么样的杠杆率有利于企业创新[J].中国工业经济,2019,(3):138～155.
[14]刘运国,刘雯.我市公司的高管任期R&D支出[J].管理世界,2007,(1):128～136.
[15]陈海声,卢丹.股权性质、资本结构、现金流量与研发强度[J].科技管理研究,2010,(21) :230～232.
[16]Richard O C,Shelor R M.Linking Top Management Team Age Heterogeneity to Firm Performance:Juxtaposing Two Midrange Theories[J].The International Journal of Human Resource Ma-nagement,2002,13(6):958～974.
[17]Wally S,Becerra M.Top Management Team Characteristics and Strategic Changes in International Diversification:The Case of US Multinationals in the European Community[J].Group & Organization Management,2011,26(2):165～188.
[18]曹晶,杨百寅,王东,等.企业高管教育程度对其研发投入的影响——高管权力分布和企业所有制性质的调节作用[J].技术经济,2018,(5):55～63.
[19]王清,周泽将.女性高管与R&D投入:中国的经验证据[J].管理世界,2015,(3):178～179.
[20]Oliver E Williamson.Transaction Cost Economics:The Gover-nance of Contractual Relations[J].The Journal of Law and Economics,1979,10(2):233～261.
[21]Huang J,Kisgen D J.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,2013,108(3):822～839.
[22]Harris C R,Jenkins M,Glaser D.Gender Differences in Risk Assessment:Why Do Women Take Fewer Risks than Men[J].Judgment and Decision Making,2006,1(1):48～63.
[23]江伟.董事长个人特征、过度自信与资本结构[J].经济管理,2011,(2):78～85.
[24]陈传明,孙俊华.企业家人口背景特征与多元化战略选择——基于中国上市公司面板数据的实证研究[J].管理世界,2008,(5):124～133.
[25]吴成颂,黄送钦,唐伟正,等.高管团队背景特征与银行创新能力关系研究[J].金融论坛,2014,(4):43～51.
[26]Sydney Finkelstein,Donald C Hambrick.Top Management Team Tenure and Organizational Outcomes:The Moderating Role of Managerial Discretion[J].Administrative Science Quarterl,1990,3(35):484～503.
[27]杨国忠,杨明珠.基于CEO变动调节效应的高管团队特征对企业研发投资及技术创新绩效的影响研究[J].工业技术经济,2016,2(268):51～59.
[28]饶萍.资本结构、政府补助对企业研发投入的影响——基于创业板上市公司的实证检验[J].管理现代化,2018,1(13):42～44.
[29]丁培嵘,郭鹏飞.基于行业均值的公司资本结构动态调整[J].系统工程理论方法应用,2005,14(5):454～457.
[2]贺晓宇,张治栋.银行股权关联、高管背景与研发投入——来自制造业上市公司的分析[J].软科学,2018,32(8):49～52.
[3]G M Constantinides,M Harris,R M Stulz.Handbook of the Economics of Finance(Volume1)[A].N Barberis,R Thaler.A Survey of Behavioral Finance[C].Elsevier Science Ltd,2003.
[4]G M Constantinides,M Harris,R M Stulz.Handbook of the Economics of Finance(Volume1)[A].M Baker,J Wurgler.Behavioral Corporate Finance:An Updated Survey[C].Else-vier Press,2012.
[5]Hackbarth D.Managerial Traits and Capital Structure Decisions[J].Journal of Financial and Quantitative Analysis,2008,43(4):843～882.
[6]Huang J,Kisgen D J.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,2013,108(3):822～839.
[7]周业安,程栩,郭杰.高管背景特征与资本结构动态调整——国际比较与中国经验[J].经济理论与经济管理,2012,(11):11～22.
[8]Mueller V Zimmerman.The Importance of Equity Finance for R&D Activity——Are There Differences Between Young and Old Companies?[J].Small Business Economics,2009,33(3):6～14.
[9]钟田丽,马娜,胡彦斌.企业创新投入要素与融资结构选择——基于创业板上市公司的实证检验[J].会计研究,2014,(4):66～73.
[10]孙早,肖利平.融资结构与企业自主创新——来自中国战略性新兴产业A股上市公司的经验证据[J].经济理论与经济管理,2016,(3):45～58.
[11]吕民乐,王晓虎.企业资本结构与R&D投入——基于汽车制造业上市公司的经验研究[J].中国科技论坛,2010,(1):62～66.
[12]曾蕾,金余泉.高新技术上市公司科技开发支出与其资本结构的相关性研究[J].技术经济,2011,(8):26～31.
[13]王玉泽,罗能生.什么样的杠杆率有利于企业创新[J].中国工业经济,2019,(3):138～155.
[14]刘运国,刘雯.我市公司的高管任期R&D支出[J].管理世界,2007,(1):128～136.
[15]陈海声,卢丹.股权性质、资本结构、现金流量与研发强度[J].科技管理研究,2010,(21) :230～232.
[16]Richard O C,Shelor R M.Linking Top Management Team Age Heterogeneity to Firm Performance:Juxtaposing Two Midrange Theories[J].The International Journal of Human Resource Ma-nagement,2002,13(6):958～974.
[17]Wally S,Becerra M.Top Management Team Characteristics and Strategic Changes in International Diversification:The Case of US Multinationals in the European Community[J].Group & Organization Management,2011,26(2):165～188.
[18]曹晶,杨百寅,王东,等.企业高管教育程度对其研发投入的影响——高管权力分布和企业所有制性质的调节作用[J].技术经济,2018,(5):55～63.
[19]王清,周泽将.女性高管与R&D投入:中国的经验证据[J].管理世界,2015,(3):178～179.
[20]Oliver E Williamson.Transaction Cost Economics:The Gover-nance of Contractual Relations[J].The Journal of Law and Economics,1979,10(2):233～261.
[21]Huang J,Kisgen D J.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,2013,108(3):822～839.
[22]Harris C R,Jenkins M,Glaser D.Gender Differences in Risk Assessment:Why Do Women Take Fewer Risks than Men[J].Judgment and Decision Making,2006,1(1):48～63.
[23]江伟.董事长个人特征、过度自信与资本结构[J].经济管理,2011,(2):78～85.
[24]陈传明,孙俊华.企业家人口背景特征与多元化战略选择——基于中国上市公司面板数据的实证研究[J].管理世界,2008,(5):124～133.
[25]吴成颂,黄送钦,唐伟正,等.高管团队背景特征与银行创新能力关系研究[J].金融论坛,2014,(4):43～51.
[26]Sydney Finkelstein,Donald C Hambrick.Top Management Team Tenure and Organizational Outcomes:The Moderating Role of Managerial Discretion[J].Administrative Science Quarterl,1990,3(35):484～503.
[27]杨国忠,杨明珠.基于CEO变动调节效应的高管团队特征对企业研发投资及技术创新绩效的影响研究[J].工业技术经济,2016,2(268):51～59.
[28]饶萍.资本结构、政府补助对企业研发投入的影响——基于创业板上市公司的实证检验[J].管理现代化,2018,1(13):42～44.
[29]丁培嵘,郭鹏飞.基于行业均值的公司资本结构动态调整[J].系统工程理论方法应用,2005,14(5):454～457.