| CEO自恋、研发投资与企业价值 |
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| 引用本文： | 乔朋华,周阳,李小青.CEO自恋、研发投资与企业价值[J].科技进步与对策,2019,36(15):100-106. |
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| 作者姓名： | 乔朋华 周阳 李小青 |
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| 作者单位： | 昆明理工大学 管理与经济学院,云南 昆明,650093;燕山大学 经济管理学院,河北 秦皇岛,066004 |
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| 基金项目： | 国家自然科学基金青年项目(71702084)；教育部人文社会科学基金青年项目(17YJC630112)；教育部人文社会科学规划基金项目（16YJA630027)；河北省博士后基金项目（B2016002022）；云南省社会科学规划专题项目（YB2017097）; 昆明理工大学管理与经济学院硕博生科研预研计划重点项目（2018YC397） |
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| 摘 要： | 基于高阶梯队和资源依赖理论，以2009-2016年A股上市公司为研究对象，实证检验了CEO自恋对研发投资及企业价值的影响。结果表明：CEO自恋对企业价值有显著正向影响；研发投资在CEO自恋与企业价值间关系中发挥中介作用，CEO自恋可以通过研发投资对企业价值产生正向影响；相对于非国有企业，国有企业CEO自恋对研发投资及企业价值具有更为显著的正向作用。研究结论不仅丰富与拓展了CEO自恋相关理论，而且对我国企业价值提升及公司高管选择具有重要的实践意义。
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| 关 键 词： | 高阶梯队理论 CEO自恋 研发投资 企业价值 所有权性质 |
| 收稿时间： | 2018-12-04 |
CEO Narcissism,R&D Investment and Enterprise Value |
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| Qiao Penghua,Zhou Yang,Li Xiaoqing.CEO Narcissism,R&D Investment and Enterprise Value[J].Science & Technology Progress and Policy,2019,36(15):100-106. |
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| Authors: | Qiao Penghua Zhou Yang Li Xiaoqing |
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| Institution: | (1.School of Management and Economics, Kunming University of Science and Technology, Kunming 650093, China; 2. School of Economics and Management,Yanshan University, Qinhuangdao 066004, China ) |
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| Abstract: | Based on the upper echelons theory and resource dependence theory, this paper empirically investigates the impact of CEO narcissism on R&D investment and the enterprise value, using the sample of listed firms in China during the period from 2009 to 2016. Different from the negative consequences of CEO narcissism, the results of this study show that CEO narcissism has a significant positive impact on enterprise value; R&D investment plays a mediating role in the relationship between CEO narcissism and enterprise value--CEO narcissism can have a positive impact on enterprise value through R&D investment; from the perspective of nature of ownership, the narcissism of CEO of state-owned enterprises is more significant for R&D investment and enterprise value than non-state-owned enterprises The paper not only enrich and expand the theory of CEO narcissism, but also has important practical reference for the improvement of enterprise value and the choice of company executives. |
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| Keywords: | Upper Echelons Theory CEO Narcissism R&D Investment Enterprise Value Nature of Ownership |
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