高管专业技术背景与企业研发投入相关性研究

摘要

This paper uses the data of Second-board Market from 2009 to 201 1 to find out the relationship between professional technical background of executives and R&D expenses,and analyzes how R&D expenses affect corporate per-formance under the condition of executives'professional technical background.The results show that R&D expenses in prior period affect R&D expenses in current period significantly,while only the executives' professional technical background could not promote R&D expenses in current period.However,under the condition of executives' professional technical background,R&D expenses could affect corporate performance significantly.The paper adopts a new way called Interaction Terms to find how R&D expenses influence corporate performance under the condition of executives'professional technical background,and discovers a new channel of how R&D expenses work.%本文使用2009～2011年创业板企业数据，实证分析企业高管人员的专业技术背景与企业绩效之间的关系，研究企业研发投入、高管专业技术背景和企业绩效三者之间的联系。实证结果显示，在高新技术企业，高管的专业背景对研发投入有明显的促进效应；而研发投入对企业发展的影响由于高管的专业背景受到了一定的抑制。本文基于企业高管的背景特征，采用交互项回归方法研究高管技术背景对研发投入与企业绩效关系的影响，发现了高管专业技术背景对企业行为影响的差异。