基于管理层特征下的股权结构与研发投入调节效应研究

Research on the regulation effect of equity structure and R & D investment based on the characteristics of management

摘要:

本文以2012-2015年中小企业板的221家企业作为研究样本。研究表明：股权结构与研发投入之间有显著相关性，并且随着企业股权集中度的上升，该企业研发投入强度呈现先提高后降低再提高，两者之间的具体关系为“N”字形三次方曲线。股权制衡度与研发投入之间是正向线性关系。管理层的平均年龄和研发投入显著负相关，受教育程度与研发投入强度显著正相关。并且管理层平均年龄和受教育程度对股权结构与研发投入有正向调节效应。

Abstract:

The 2012-2015 SME Board of 221 enterprises as the research sample. The study shows that between ownership structure and R&D investment has significant correlation, and with the enterprise ownership concentration degree rise, the enterprise R&D investment intensity has increased first and then decreased and then increased, the specific relationship between the two is "N" glyph cubic curve. Equity balance degree and R&D investment is positive linear relationship. Management layer and the average age of R&D investment has a significant negative correlation,educational level and R&D investment intensity has a significant positive correlation. And management layer average age and education level of ownership structure and R&D inputs have a positive moderating effect.