| CEO权力、融资约束与研发投资--基于我国上市公司的经验证据 |
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| 引用本文： | 丁红燕,李冰玉,何希. CEO权力、融资约束与研发投资--基于我国上市公司的经验证据[J]. 工业技术经济, 2020, 0(6): 78-85 |
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| 作者姓名： | 丁红燕 李冰玉 何希 |
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| 作者单位： | 中国石油大学（华东）经济管理学院;四川省内江市国资委 |
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| 基金项目： | 山东省社会科学规划研究项目“内部控制对创新投资的影响及其机理研究”(项目编号:16CKJJ14);山东省软科学重点项目“新型研发机构创新发展机制研究”(项目编号:2017RZE28003);中央高校基本科研业务费专项资金资助项目“能源企业价值高质量增长问题研究”(项目编号:19CX05026B)。 |
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| 摘 要： | 国家对创新的大力支持以及管理者对创新的重视使得创新一直以来都是实践界和学术界的研究热点,研发投资在一定程度上代表了企业的创新投资。本文从融资约束的视角出发,采用实证研究方法,以2008~2018年我国A股上市公司为样本,系统地剖析了CEO权力、融资约束对研发投资的影响,研究发现权力越大的CEO越倾向于增加企业的研发投资;融资约束会抑制企业的研发投资;融资约束会抑制CEO权力对企业研发投资的提升作用;相较于国有企业,非国有企业的融资约束对企业研发投资的抑制作用更显著,且融资约束对CEO权力与研发投资关系的抑制作用也更显著。研究结论对于提高企业研发投资水平、提升企业创新成果转化效率进而提升企业核心竞争力与价值具有重要意义。
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| 关 键 词： | 融资约束 研发投资 上市公司 核心竞争力 CEO权力 产权性质 |
CEO Power,Financing Constraints and R&D Investment--Based on the Empirical Evidence of Listed Companies in China |
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| Ding Hongyan,Li Bingyu,He Xi. CEO Power,Financing Constraints and R&D Investment--Based on the Empirical Evidence of Listed Companies in China[J]. Industrial Technology & Economy, 2020, 0(6): 78-85 |
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| Authors: | Ding Hongyan Li Bingyu He Xi |
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| Affiliation: | (School of Economy&Management,China University of Petroleum(East China),Qingdao 266580,China;State-owned Assets Supervision and Administration Commission of Neijiang City,Sichuan Province,Neijiang 641100,China) |
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| Abstract: | Innovation has always been a research hot spot in practice and academia.R&D investment represents the innovation investment of enterprises.From the perspective of financing constraints,taking China’s A-share listed companies from 2008 to 2018 as samples,analyzing the impact of CEO power and financing constraints on R&D investment.The study finds that the more powerful the CEO,the more inclined to increase the company’s R&D investment;financing constraints inhibit the company’s R&D investment;financing constraints inhibit the CEO’s power to enhance the R&D investment.Compared with state-owned enterprises,the financing constraints of non-state-owned enterprises have a more significant inhibitory effect on corporate R&D investment.The research conclusions are of great significance for improving R&D investment and enterprise value. |
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| Keywords: | CEO power financing constraints R&D investment property rights core competence listed company |
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