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论文编号：	8522
作者编号：	2120142440
上传时间：	2016/6/15 17:04:28
中文题目：	高新技术企业高管国际化背景对研发投入的影响研究 —基于高管风险偏好中介效应的视角
英文题目：	The influence of executives’ international background to R&D investment in high-tech firms: based on the perspective of intermediary effect of executives’ Risk Preference
指导老师：	李姝
中文关键字：	研发投入；高管国际化背景；高管风险偏好；中介效应
英文关键字：	R&D investment; executives'''' international background; executives'''' risk preference; intermediary effect
中文摘要：	现如今，伴随着知识经济的迅速发展和科学技术的不断进步，研发创新对企业的发展与进步有着越来越重要的影响，对于我国经济的持续增长也起到越来越重要的作用，而企业研发创新的效果与效率又受到企业研发投入活动的直接影响，正是由于以上原因，国内外有不少的学者对研发投入有着较为广泛关注。至今为止，一些学者已经从高管团队人口特征、企业外部环境以及公司内部治理等几个角度深入研究了影响企业研发投入大小的因素。正如高阶梯队理论提到，企业研发投入的重要决策受到高管团队的人口特征的影响，高管的个人特质、文化背景以及个人经历都会影响着高管的决策行为。随着全球一体化的发展，越来越多的优秀人才拥有海外留学、海外任职或跨国公司任职、甚至海外国籍的背景，高管的国际化背景作为高管团队的重要人口特征之一，研究其对企业研发投入的影响及具体影响路径具有一定的现实意义。 本文以在沪深上市的高新技术企业为研究对象，选取了416家符合要求的高新技术企业2012-2014年数据为研究样本，三年共有1248个样本，研究企业高层管理人员国际化背景特征（包括海外国籍、海外求学、海外任职或国际化公司任职背景）对企业研发投入的影响，并以高管风险偏好作为中介变量，深入研究高管国际化背景特征对企业研发投入的影响路径。同时，以企业股权性质为调节变量，通过对比国有控股高新技术上市公司和非国有控股高新技术上市公司高管国际化背景对研发投入影响程度的不同，为国有高新技术上市公司和非国有控股上市公司选择公司高管配置时提供一定的可靠依据。 研究结果表明，非国有控股高新技术企业高管国际化背景与企业研发投入显著正相关，高管国际化背景与高管风险偏好显著正相关，且高管的风险偏好对高管国际化背景与企研发投入的关系起中介效应，同时，企业的股权性质为国有控股的，对高管国际化背景与企研发投入的关系起抑制作用。这一研究成果进一步明确高管国际化背景、高管风险偏好与企业研发投入关系的作用机理，某种程度上为企业任命管理层提供可靠依据，进而有效提高企业的绩效，进一步帮助企业长期快速发展。
英文摘要：	Nowadays, along with the continuous progress of economy and the rapid development of science and technology, research and innovation has a more and more important influence to the enterprise development and progress, and also plays more and more important role for the sustained growth of China's economy. Furthermore, the effectiveness and efficiency of the enterprise innovation is directly affected by enterprise R & D investment activities. it is due to the reasons above, there is more and more widespread concern of scholars to R & D investment from both home and abroad . So far, some scholars have been in depth study of the influencing factors of enterprise R & D investment from the perspectives of management team demographic characteristics, enterprise external environment and internal governance. Referred to high echelon theory, the demographic characteristics of TMT, executive personal characteristics, cultural background and personal experience will affect decision behavior of executives, including the important decision of investment in research and development of enterprises. With the development of globalization, more and more talents has the experience of overseas studying, overseas working or multinational company office, even the background of foreign nationality. The overseas background is an important demographic characteristic, so research of the corporate R & D investment influence and affect the specific path has a certain practical significance. This article selects the high-tech enterprises listed in Shanghai and Shenzhen as the research object, data of 2012-2014 to meet the requirements of high-tech enterprises as the research sample, a total of 1248 samples, and deeply research enterprise senior management personnel internationalization background characteristics (including overseas citizenship, studying abroad and overseas office or international company working background) impact on corporate R & D investment. What’s more, this research takes executives risk appetite as intermediary variables, trying to find out the influence path between executive internationalization background characteristics and corporate R & D investment. At the same time, this research choose the nature of corporate equity as a moderating variable, by comparing deferent influence degree of state-owned high-tech listed high technology companies and non state-owned holding listed company executives related to the background of globalization and R & D investment, providing reliable basis for the executives configuration of state-owned high-tech listed companies and non state controlled listed companies. Research results show that non state owned high technology executives international background and corporate R & D investment was positively correlated, executive international background and executive risk preferences also has significantly positive correlation, what’s more, managers' risk preference of executive plays mediating effect between international background and corporate R & D investment. At the same time, the equity nature of the corporate is a regulator between executive international background and corporate R & D investment. The results of this study further clarify the mechanism among international background of executives, managerial risk preference and corporate R & D investment, to some extent, providing a reliable basis for the enterprise appoints management.
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