技术与创新管理2017，Vol.38Issue(1)：64-68,5.DOI:10.14090/j.cnki.jscx.2017.0113
高管持股对企业研发投资的影响研究*--基于民营上市公司的实证
The Influences of Executives’ Shareholding on R & D Investment---An Empirical Research from Listed Private Firms
摘要
Abstract
Selecting Chinese private listed firms from 2012 to 2014 as sample ,using panel data ,the paper analyzed the im-pact of corporate executives ’ shareholding and cash flow on R&D investment .The results show that corporate executives ’ shareholding and R&D investment have inverted u-shaped relationship;enterprise free cash flow and R&D investment are positively related.Therefore,proper equity incentive to executives will improve enterprise ’s R&D investment,but the owner-ship should be controlled within a reasonable range ,otherwise,there will have a moat defensive effect ,and maintaining ade-quate free cash flow can promote enterprises ’ R&D investment .关键词
高管持股/自由现金流/研发投资/利益趋同效应/壕沟防守效应Key words
executives shareholding/free cash flow/R&D investment/interests of convergence/moat defensive effect分类
管理科学引用本文复制引用
尹华,赵雯,马媛..高管持股对企业研发投资的影响研究*--基于民营上市公司的实证[J].技术与创新管理,2017,38(1):64-68,5.基金项目
山东省软科学项目 （）
