证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2013年
1期
16~22
,共null页
R&D投入行为 高管团队特征 中小创新型企业
R&D投入行為 高管糰隊特徵 中小創新型企業
R&D투입행위 고관단대특정 중소창신형기업
R&D investment behaviour, top management team characteristics, innovative small and medium-size enterprises
本文基于高阶管理理论,选用我国创业板上市公司2009-2012年间的研发数据为样本,实证检验了中小创新型企业高管团队特征对R&D投入行为的影响。研究发现:高管团队的平均年龄与R&D投入强度负相关,平均受教育水平、平均任期和职业经验与R&D投入强度正相关,离职组高管持股与R&D负相关,具有“离职效益”,而非离职组高管持股与R&D正相关。此外,本文发现政府支持达到“刺激效应”,中小创新型企业盈利能力、政府补助与R&D投入强度正相关,成长性与R&D投入强度负相关。论文最终对中小创新型企业团队建设、政府监管、政府支持等方面提出了实践建议。
本文基于高階管理理論,選用我國創業闆上市公司2009-2012年間的研髮數據為樣本,實證檢驗瞭中小創新型企業高管糰隊特徵對R&D投入行為的影響。研究髮現:高管糰隊的平均年齡與R&D投入彊度負相關,平均受教育水平、平均任期和職業經驗與R&D投入彊度正相關,離職組高管持股與R&D負相關,具有“離職效益”,而非離職組高管持股與R&D正相關。此外,本文髮現政府支持達到“刺激效應”,中小創新型企業盈利能力、政府補助與R&D投入彊度正相關,成長性與R&D投入彊度負相關。論文最終對中小創新型企業糰隊建設、政府鑑管、政府支持等方麵提齣瞭實踐建議。
본문기우고계관리이론,선용아국창업판상시공사2009-2012년간적연발수거위양본,실증검험료중소창신형기업고관단대특정대R&D투입행위적영향。연구발현:고관단대적평균년령여R&D투입강도부상관,평균수교육수평、평균임기화직업경험여R&D투입강도정상관,리직조고관지고여R&D부상관,구유“리직효익”,이비리직조고관지고여R&D정상관。차외,본문발현정부지지체도“자격효응”,중소창신형기업영리능력、정부보조여R&D투입강도정상관,성장성여R&D투입강도부상관。논문최종대중소창신형기업단대건설、정부감관、정부지지등방면제출료실천건의。
Using listed companies of GEM board during the period of 2009-2012 as samples, and based on the high-level management theory, this paper empirically studies the relationship between top management team (TMT) characteristics and R&D investment of the innovative SMEs. The results show that: R&D investment is negatively correlated with TMT average age, while positively correlated with average level of education, average tenure and career experience. The leaving group executives holdings are negatively correlated with R&D, showing "resignation effect", while the staying ones show the opposite way. This paper also finds that government subsidies can make a significant stimulating effect on the R&D investment of innovative SMEs in China, improving their earning ability and R&D investment, but the growth is negatively correlated with R&D investment. Finally, we propose suggestions on SME management team development, government supervision and government supports.