环境支持还是企业迎合:高管持股、企业研发投入与省际创新强度

在转轨经济国家中,制度环境究竟会对高管持股与企业研发投入的关系产生何种影响一直存在争议。从环境支持和企业迎合两个视角出发,分析企业所处的外在环境及其开展研发活动的动机等对上述关系的影响。研究发现,外在环境的创新氛围对高管持股与企业研发投入之间的关系具有显著正向调节作用,企业为满足政府政策导向而采取的迎合行为也强化了上述关系,这两者同时作用于高管持股与企业研发投入的关系,但两者相比,创新氛围的影响更为重要。进一步揭示了高管持股与企业研发投入之间的逻辑黑箱,为今后的理论研究与政策设计提供了必要支持。

Environmental Support or Enterprise Catering Behavior:Managerial Ownership,Enterprise R & D Investment and Provincial Innovation Intensity

In transition economies,the impact of institutional environment on the relationship between executive stock own-ership and corporate R &D investment has always been controversial.This paper analyzes the influence of the external en-vironment and the motivation of the research and development activities on the relationship between the executive owner-ship and corporate R &D investment from the perspectives of environmental support and enterprise catering behavior.It is found that the external innovation environment atmosphere plays significant positive regulatory role between the manageri-al ownership and corporate R&D investment,and enterprises catering behavior in order to meet the government's policy o-riented also strengthened the above relationship,but the impact of the two factors are more important than innovative at-mosphere.It further reveals the logical black box between the managerial ownership and corporate R &D investment,and provides the necessary support for future theoretical research and policy design.