|国家预印本平台
首页|公司治理、研发投入与企业绩效

公司治理、研发投入与企业绩效

Study on Corporate Governance,R&D Investments and Corporate Performance

中文摘要英文摘要

本文主要研究研发投入与企业绩效之间的关系以及内外部公司治理对研发支出与企业绩效之间的关系的调节作用,并根据实证结果结合实际对政府和企业提出管理建议。文章选取上深A股1126家的上市公司2012-2016五年的数据进行了检验。在回顾以前学者及机构研究的基础上,本文选取了体现公允市场价值的托宾Q作为被解释变量,体现研发投入强度的RDR作为主要解释变量,迪博内部控制指数和中国市场化指数分别作为内部与外部公司治理机制的衡量指标验证调节作用。研究显示:在滞后一期内,研发支出与企业绩效之间呈显著正相关关系;内部公司治理指数是研发支出关于企业绩效的半调节变量,内部治理本身与企业绩效间呈正向相关关系,但其对研发支出与企业绩效之间的关系呈负向调节作用;外部公司治理指数(市场化指数)是研发支出关于企业绩效的调节变量,外部公司治理本身与企业绩效间具有正相关关系,且外部公司治理指数对研发支出与企业绩效之间关系具有正向调节作用。

" Study on Relationship Among Corporate Governance , R&D Investments and Corporate Performance", mainly studies the relationship between R&D investment and enterprise performance, and the regulatory role of internal and external corporate governance on the relationship between R&D expenditure and enterprise performance, then puts forward management suggestions on the government and enterprises according to the empirical results. This paper expounds by relying on the theory of technological innovation and principal-agent theory, and collects 1126 listed companies\' five years of data during 2012-2016 from shanghStudy on Relationship Among Corporate Governance , R&D Investments and Corporate Performanceai-a-share and Shenzhen-a-share market in the empirical aspect. Based on reviewing previous scholars and institutions, this paper selects Tobin Q, which embodies the fair market value as the explanatory variable, and embodies the RDR of R&D input intensity as the main explanatory variable. The internal and external index of the internal and external corporate governance mechanism of the internal and external market index of the internal control index and the Chinese market index are respectively verified and adjusted. Through the above theoretical and empirical research, we find that there is a significant positive correlation between R&D expenditure and enterprise performance in the lagging period. First, the enterprise\'s innovative R&D activities are beneficial to the improvement of enterprise performance and the relationship is lagging. Second, the internal corporate governance index is a semi adjustable variable and the internal governance itself has a positive correlation with the enterprise performance. However,it has a negative regulating effect on the relationship between R&D expenditure and enterprise performance. Last, the external corporate governance index (market index) is the moderating variable of R&D expenditure on enterprise performance. The external corporate governance itself has a positive correlation with the enterprise performance, at the same time, the external corporate governance index also has a positive regulating effect.

车培荣、郭蓉

经济计划、经济管理工业经济

公司治理研发投入企业绩效调节变量

orporate governanceR&DCorporate performanceModerating variable

车培荣,郭蓉.公司治理、研发投入与企业绩效[EB/OL].(2022-03-04)[2025-08-02].http://www.paper.edu.cn/releasepaper/content/202203-40.点此复制

评论