西安交通大学学报:社会科学版
西安交通大學學報:社會科學版
서안교통대학학보:사회과학판
Journal of Xi'an Jiaotong University(Social Sciences)
2015年
2期
27~35
,共null页
CEO变更 研发投入 盈余管理
CEO變更 研髮投入 盈餘管理
CEO변경 연발투입 영여관리
CEO turnover; R&D spending; earnings management
基于盈余管理假说,从CEO变更视角考察新任CEO在任期初始阶段对公司研发投资决策的影响,进而考察这种影响是否会因管理层过度自信或公司所属行业的不同发生改变.以中国2008-2011年披露研发投入的A股上市公司794个年度数据作为样本,实证分析后发现,新任CEO在任期第一年倾向于加大研发投入;通过样本分组进一步检验发现,当公司管理层存在过度自信倾向时,以及当公司属于高科技行业时,新任CEO在任期初始阶段与研发投入的正相关关系更强.
基于盈餘管理假說,從CEO變更視角攷察新任CEO在任期初始階段對公司研髮投資決策的影響,進而攷察這種影響是否會因管理層過度自信或公司所屬行業的不同髮生改變.以中國2008-2011年披露研髮投入的A股上市公司794箇年度數據作為樣本,實證分析後髮現,新任CEO在任期第一年傾嚮于加大研髮投入;通過樣本分組進一步檢驗髮現,噹公司管理層存在過度自信傾嚮時,以及噹公司屬于高科技行業時,新任CEO在任期初始階段與研髮投入的正相關關繫更彊.
기우영여관리가설,종CEO변경시각고찰신임CEO재임기초시계단대공사연발투자결책적영향,진이고찰저충영향시부회인관리층과도자신혹공사소속행업적불동발생개변.이중국2008-2011년피로연발투입적A고상시공사794개년도수거작위양본,실증분석후발현,신임CEO재임기제일년경향우가대연발투입;통과양본분조진일보검험발현,당공사관리층존재과도자신경향시,이급당공사속우고과기행업시,신임CEO재임기초시계단여연발투입적정상관관계경강.
Based on the earnings management hypothesis and from the perspective of CEO turnover, this paper explored empirically the effect of a new CEO on R&D investment decision in his/her initial phase in office, and further studied whether such effect would change due to the managerial overconfidence or the different industries. Taking all the Chinese A - share listed firms that disclosed R&D spending from the year 2008 to 2011 as the whole sample, the empirical analyses of their 794 annual data showed that:in the first year after CEO turnover, the firm's R&D spending has a significant increase. The results of sub - sample tests also showed that : when the top managers are overconfident or if the firm belongs to high- tech industry, the positive correlation between the new CEO and the R&D spending is much stronger.