CEO权力异质性视角下政府资助对创业板企业研发投入的影响研究

摘要

From the perspective of the heterogeneity of enterprise organization system (including enterprise decision-makers and resources endowment),this study investigates the effect of government subsidy to the R&D investment by using the listed companies of GEM in China from 2010 to 2013 as samples.The empirical results show that government subsidies to the R&D investment has significant positive correlation;CEO power positively moderates the effect between government subsidies and R&D investment;enterprise scale and technology staff ratio also positively moderate the effect between government subsidies and trade investment.In order to further promote enterprise innovation research and development activities,the subsidy policy of government needs to tend to those companies of GEM which tend to independent research and development innovation in the business decisions and resource endowment structure.%结合高阶理论和资源基础理论提出一个权变的观点,即外部政府资助对企业研发投入的作用受企业CEO权力水平和企业自身资源禀赋的影响,并选取2010～2013年创业板公司为样本进行实证检验.研究表明:政府资助对创业板企业研发投入具有促进作用;对于高权力CEO的企业,政府资助对企业研发投入有更强的促进作用;对于拥有较高资源禀赋的企业,政府资助对其创新研发投入有更强的促进作用;CEO的组织权力、专家权力和所有制权力均对政府资助与研发投入两者关系起正向调节作用,但声望权力不具有调节作用;对于CEO权力水平高或者资源禀赋高的创业板企业,政府资助更有利于激励企业研发投入,建议政府资助政策可以适当向这类企业倾斜.