经济与管理Issue(6)：38-42,5.
高管激励与研发支出：内生性考察
The Incentives of the Executives and R & D Expenditure：Analysis of Endogeneity
摘要
Abstract
Previous studies suggest that here is significantly negative relationship between the incentives of senior management and R&D expenditure. However, the relationship between the incentives of senior management and R&D expenditure may face the problem of endogeneity. Based on the data of Chinese manufacturing listing corporation between 2009 and 2011, the empirical study finds, the endogeneity problem exists in the relationship between the incentives of senior management and R&D expenditure, and the coefficient estimate is not consistent using OLS. Using simultaneous equations model, it is found that, there is a two-way causality between executive equity incentive and R&D expenditure, and there is no causality between executive reward incentive and R & D expenditure. This suggests that executive incentives and corporate R & D expenditure affect each other.关键词
高管激励/研发支出/内生性/公司治理Key words
Executive incentives/R&D expenditure/Endogeneity/Corporate governance分类
管理科学引用本文复制引用
孙维峰..高管激励与研发支出：内生性考察[J].经济与管理,2013,(6):38-42,5.基金项目
山西省重点扶持学科管理科学与工程学科项目 （）
