高管持股、政府资助与高新技术企业研发投资——兼议股权结构的治理效应

被引：38

作者：

翟淑萍

毕晓方

机构：

[1] 天津财经大学商学院

来源：

科学学研究 | 2016年 / 34卷 / 09期

关键词：

高管持股; 政府资助; 研发投资; 股权结构;

D O I：

10.16192/j.cnki.1003-2053.2016.09.011

中图分类号：

F272.92 [人事管理]; F275 [企业财务管理]; F276.44 [高新技术企业]; F812.45 [财政支出];

学科分类号：

1201 ; 1202 ; 120202 ; 020203 ;

摘要：

以2010-2014年高新技术上市公司为样本,研究高管持股的利益趋同效应和管理防御效应如何作用于政府资助对研发投资的影响,以及股权治理机制能否对高管防御效应产生治理效果。研究发现:(1)政府资助对企业研发投资具有显著的激励效应;(2)高管持股比例适中时,政府资助对企业研发投资具有较强的激励效应;高管持股过高或过低时会产生管理防御效应,从而抑制了政府资助对高新技术企业研发投资的激励效应;(3)股权制衡度和基金持股比例的提高能够抑制管理防御的负面影响,从而增强政府资助对研发投资的激励效应。

引用

页码：1371 / 1380

页数：10

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