CAJ | 학술논문

选取高新技术上市公司作为研究对象，运用回归分析，以及Clogg差异检验公式，在考察研发投资与高管持股对企业绩效存在滞后影响基础上，针对研发投资对滞后一期企业绩效的中介效应进行研究。实证结果表明，企业研发投资与高管持股对企业绩效都具有显著的滞后影响，且在滞后一期的影响最大；进一步的研究发现，企业研发投资对企业绩效存在滞后影响的同时对企业绩效具有显著的中介效应。
선취고신기술상시공사작위연구대상，운용회귀분석，이급Clogg차이검험공식，재고찰연발투자여고관지고대기업적효존재체후영향기출상，침대연발투자대체후일기기업적효적중개효응진행연구。실증결과표명，기업연발투자여고관지고대기업적효도구유현저적체후영향，차재체후일기적영향최대；진일보적연구발현，기업연발투자대기업적효존재체후영향적동시대기업적효구유현저적중개효응。
The author selects high-tech listed companies as the research object. By using regressive analysis and Clogg significance test formula,the author investigates the mediating effect of R & D investment on the one period lagged firm performance after studying the hysteresis of the enterprise performance of R&D investment and managerial ownership. The empirical results show that the R&D investment and managerial ownership have lag effect on corporate performance, and the maximum lag effect occurs in the first order lag;further study finds that the R&D investment lag effect also has significant mediating effect on firm performance.