战略性新兴产业公司治理、研发投入延迟效应与企业绩效关系研究

摘要

The relationship among corporate governance,the delayed effect of R&D investment and corporate performance is investigated with the sample of 1038 listed companies in strategic emerging industries during 2013~2015.The empirical evidence supports the following conclusions.First,chairman and CEO concurrency can effectively promote R&D investment;board size,the percentage of independent directors has no significant correlation.Secondly,the concentration of ownership has not played a significantly positive role,institutional ownership has no significant correlation with R&D investment,and equity balance promotes enterprise R&D.Thirdly,executive compensation,equity incentive and the on-the-job consumption are all positively related to R&D investment.Finally,R&D investment has the delayed effect,and has negative and positive impact respectively on the current and subsequent performance.The paper explores the R&D activities of strategic emerging industries from new perspective,and provides reference for the governance structure to match the innovation characteristics.%以1 038家战略性新兴产业上市公司2013-2015年的数据为样本,考察了公司治理、研发投入延迟效应与企业绩效之间的关系.研究结果表明:董事长与CEO两职兼任能够有效促进企业研发资金投入,董事会规模和独立董事比例与企业研发投入没有显著相关关系;股权集中度没有对研发投入带来显著的积极作用,机构持股与研发投入之间没有显著相关关系,股权制衡对企业研发投入具有正向影响;薪酬激励、高管持股和在职消费对企业研发投入均具有显著促进作用;企业研发投入具有延迟效应,对当期和后续绩效分别具有负向和正向影响.从新视角研究战略性新兴产业的研发创新活动,为构建匹配产业创新特征的治理结构提供了参考.