行业周期、两类代理冲突与研发费用投入——来自企业和行业层面的证据

被引：5

作者：

梅波

机构：

[1] 重庆三峡学院会计系

来源：

财经论丛 | 2013年 / 04期

关键词：

行业周期; 制度环境; 代理冲突; 研发费用投入;

D O I：

10.13762/j.cnki.cjlc.2013.04.005

中图分类号：

F224 [经济数学方法]; F273.7 [企业（行业）间联系];

学科分类号：

0701 ; 070104 ; 1202 ; 120202 ;

摘要：

不同行业间研发费用投入具有显著差异,不同行业发展阶段下投资机会和现金流量产生的两类代理冲突对研发费用投入具有重要效应。实证研究发现:(1)越是成长期行业,代理冲突越小,研发费用投入越大。越是成熟期和衰退期行业,代理冲突越大,研发费用投入越小。控制权和现金流权分离度越小、股权制衡度越强、管理层持股比例越高,代理冲突越小,研发费用投入越大。(2)相比于成熟期和成长期行业,衰退期行业中国有产权缓解了其与研发费用投入的负效应。(3)产权性质和市场化进程下两权分离度、股权制衡与管理层持股对研发费用投入产生了异质效应。此发现有助于深入理解研发费用投入强度的行业因素以及特殊环境下代理冲突引起的经济后果。

引用

页码：73 / 80

页数：8

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