| 高管持股的风险偏爱与R＆D投入动机 |
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| 引用本文： | 唐清泉,易翠.高管持股的风险偏爱与R＆D投入动机[J].地质技术经济管理,2010(2):20-25. |
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| 作者姓名： | 唐清泉 易翠 |
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| 作者单位： | [1]中山大学管理学院,广东广州510275 [2]中国证监会深圳监管局,广东深圳518028 |
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| 基金项目： | 国家自然科学基金项目《我国企业R＆D创新投入的风险与有效性研究》（70772084）和广东省普通高校人文社会科学“十一五”规划项目重点课题《三维一体的产学研创新模式研究》（06ZD63001）的阶段性研究成果. |
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| 摘 要： | 从研发投入风险和决策者风险偏爱出发，以委托代理理论为框架，分析高管持股对企业R＆D投入的影响。研究结果显示：股东比管理者更愿意进行R＆D投入，高管持股对企业R＆D投入有激励作用，但这种激励在持股比例很低时不显著，只有当高管持股达到0．1％时，R＆D投入强度才显著提高。这说明对高风险的研发投入，只有那些与企业长远发展相关的利益群体，首先是股东，其次是持股达到一定比例的高管才有动机加大R＆D投入．促进企业的创新。
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| 关 键 词： | R＆D投入 风险偏爱 高管持股 股权激励 股权集中度 |
Risk Preference of Executive Shareholders and R＆D Investment Motivation |
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| Tang Oingquan,Yi Cui.Risk Preference of Executive Shareholders and R＆D Investment Motivation[J].Geological Technoeconomic Management,2010(2):20-25. |
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| Authors: | Tang Oingquan Yi Cui |
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| Institution: | 1.School of Business, Sun Yat-sen University, Ouangzhou 510275, China; 2.Shenzhen Bureau,China Seeurities Regulatory Commisson,Shenzhen 518028,China) |
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| Abstract: | From the viewpoints of R＆D investment risk and risk preference of decision-makers and based on agency theory, this paper analyzes the impact of executive shareholders on enterprises＇ R＆D investment. The study reveals that shareholders are more enthusiastic in R＆D investment than managers and executive shareholders have incentive influence on enterprises＇ investment in R＆D. However, only when the ratio of their share reaches 0.1%, R＆D investment is obviously enlarged, otherwise the influence is less obvious, which indicates that high risk R＆D investment has much more to do with interest groups who care about long-term development of enterprises; namely, shareholders, followed by the executive shareholders whose holding ratio has reached certain point, have motivation to increase R＆D investment, prompting enterprises |
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| Keywords: | R＆D investment risk preference executive shareholders equity incentive ownership concentration |
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