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论文编号：	9993
作者编号：	2120162714
上传时间：	2018/6/6 15:40:05
中文题目：	高管团队风险特质对高科技企业创新投资的影响研究
英文题目：	The Influence of Risk Traits of Top Management Team to
指导老师：	李莉
中文关键字：	高管团队； 风险特质； 股权激励；创新投资；高科技企业
英文关键字：	Top Management Team; risk traits; equity incentives; innovation
中文摘要：	随着当前经济全球化的不断扩大，科技取得了飞速的发展，企业所面对的竞争对手实力也越来越强大，对于高科技企业来说，创新能够起到尤为重要的作用，创新成功意味着其能够获得巨大的竞争优势并借此打败竞争者。而创新又受到诸多因素的影响，在高科技企业中，高管团队作为企业的经营决策者，很大程度上决定着企业未来的发展方向。高管对创新的态度决定着企业的创新决策，高管的风险特质对企业的创新起到至关重要的作用。在公司治理中，股东和管理者之间的委托代理关系可能会对企业的生产经营决策产生负面影响。因此，高管的风险特质对企业会产生什么样的影响？ 该影响是如何产生的？股权激励在其中起到什么样的作用？这是本文主要研究的问题。 首先，本文梳理和回顾了高管风险特质、 股权激励和高科技企业创新投入的相关文献和研究。在此基础上推导出高管风险特质对高科技企业创新投入影响的理论路径及股权激励在其中起到的调节作用。最后以 2012-2016 年间我国高科技企业为研究样本，进行实证设计和结果分析， 来对理论部分进行检验，得出最终的结果。 研究结果表明，高管团队的平均年龄越大，越不利于企业的创新投入，高管团队的教育水平、男性成员比例以及高管团队的平均任期越高，企业越倾向于进行创新投入。表明高管风险规避特质越强，企业创新投入水平越低。高管股权激励可以削弱高管团队平均年龄对创新投入的负相关关系，并且可以促进高管团队任期与创新投入的正相关关系。本文的研究不仅丰富了相关领域的研究，并且也为如何促进高科技企业高管团队的进步提供了一定的参考。
英文摘要：	With the continuous expansion of the current economic globalization and the rapid development of science and technology, the competitors faced by enterprises are becoming more and more powerful. For high-tech companies, innovation can play a particularly important role, and innovation means success. It can gain a huge competitive advantage and use it to defeat competitors. Innovation is also affected by many factors. In high-tech companies, the executive team as the company's business decision-makers, to a large extent, determines the future direction of the company's development. The attitude of executives to innovation determines the innovation decisions of companies, and the risk characteristics of senior executives play a crucial role in the innovation of companies. In corporate governance, the principal-agent relationship between shareholders and managers may have a negative impact on the company's production and business decisions. Therefore, what are the impacts of the risk traits of senior executives on companies? How did this influence come about? What kind of role does equity incentive play in it? This is the main issue of this article. First of all, this paper reviews and reviews the relevant literature and research on the characteristics of senior management risk, equity incentives, and innovation investment in high-tech companies. Based on this, the author derives the theoretical path of the effect of senior management risk on the innovation input of high-tech enterprises and the regulatory role played by equity incentives. Finally, the high-tech companies in China from 2012 to 2016 were used as research samples to carry out empirical design and result analysis to test the theoretical part and obtain the final results. The results of the research show that the larger the average age of the senior management team, the more unfavorable the innovation investment of the company, the higher the education level of the senior management team, the proportion of male members, and the higher the average tenure of the senior management team, the more companies tend to invest in innovation. It shows that the stronger the risk aversion traits of executives, the lower the level of investment in corporate innovation. Executive equity incentives can undermine the negative correlation between the average age of senior management teams and innovation investment, and it can promote positive correlations between senior management team tenure and innovation input. The research in this paper not only enriches the research in related fields, but also provides a certain reference for how to promote the progress of high-tech enterprise executive teams.
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