CAJ | 학술논문

以中国A股主板制造业上市公司为样本，实证检验生命周期不同阶段企业规模、债务水平、国有控股、股权集中度、管理层持股、董事长与总经理两职设置状况与R&D投入的关系，研究结果证实：大企业比小企业更有利于R&D投入；负债对R&D投入具有制约作用；股权集中有利于R&D投入。国有控股、管理层持股、董事长与总经理两职设置状况与R&D投入的关系受企业生命周期的调节，在企业成长和成熟阶段，国有控股不利于R&D投入，而在企业衰退阶段，国有控股有利于R&D投入；在企业成熟阶段，管理层股权激励不利于R&D投入，而在衰退阶段，管理层股权激励对R&D投入有促进作用；在企业成长阶段，“两职”合一可能有利于R&D投入，在成熟和衰退阶段，“两职”分离更有利于R&D投入。
이중국A고주판제조업상시공사위양본，실증검험생명주기불동계단기업규모、채무수평、국유공고、고권집중도、관리층지고、동사장여총경리량직설치상황여R&D투입적관계，연구결과증실：대기업비소기업경유리우R&D투입；부채대R&D투입구유제약작용；고권집중유리우R&D투입。국유공고、관리층지고、동사장여총경리량직설치상황여R&D투입적관계수기업생명주기적조절，재기업성장화성숙계단，국유공고불리우R&D투입，이재기업쇠퇴계단，국유공고유리우R&D투입；재기업성숙계단，관리층고권격려불리우R&D투입，이재쇠퇴계단，관리층고권격려대R&D투입유촉진작용；재기업성장계단，“량직”합일가능유리우R&D투입，재성숙화쇠퇴계단，“량직”분리경유리우R&D투입。
This paper tests the relationship between firm size , capital structure , ownership concentration , state-owned holdings , management equity , the position setting of Board Chair and CEO and R&D input in the different stage of enterprise life cycle based on the data of manufacturing company listed on A-shares market . The results show that large enterprises is more conducive to R&D investment than small ones;liabilities have restricted role in R&D investment;equity concentration is conducive to R&D;the relationship between state-owned holdings , management equity , position setting of Board Chair and CEO and R&D input are moderated by enterprise life cy-cle . In the enterprise growth stage and mature stage , the state-owned holding company is not conducive to enterprise R&D input , and in the decline stage , the advantages of state-owned holdings highlight . In the enterprise's maturity stage , management equity may encour-age managers behavior of creating firm empire which is not conducive to enterprise R&D investment , and in the decline phase , the man-agement equity has a promoting effect on R&D input . In the enterprise growth stage , combination of the position of Board Chair and CEO could help the enterprise R&D input and in the mature and decline phase , and the separation of the two positions has more advantage to en-terprise R&D input .