高管的程序员从业经历会影响企业研发投入吗——来自互联网行业的研究
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摘要
本文以2012—2016年A股上市互联网企业为样本,研究了高管程序员从业经历对企业研发投入的影响。研究发现:在互联网企业,高管程序员从业经历与企业研发投入显著正相关;高管程序员从业经历与其风险偏好显著正相关;风险偏好是具有程序员从业经历的高管促进企业研发投入的重要介质,高管风险偏好与企业研发投入显著正相关。
Based on the sample of Internet companies listed in A-share market from 2012 to 2016,the impact of senior executives' programmer experience on R&D investment is explored. The study found that in Internet companies,senior executives' programmer experience is positively correlated with R&D investment and is also positively correlated with their risk preference; risk preference is an important medium for senior executives with programmer experience to promoting R&D investment,and senior executives ' risk preference is positively correlated with R&D investment.
Based on the sample of Internet companies listed in A-share market from 2012 to 2016,the impact of senior executives' programmer experience on R&D investment is explored. The study found that in Internet companies,senior executives' programmer experience is positively correlated with R&D investment and is also positively correlated with their risk preference; risk preference is an important medium for senior executives with programmer experience to promoting R&D investment,and senior executives ' risk preference is positively correlated with R&D investment.
引文
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[23]王瑞阳,金宇,苑泽明.高管团队特征对政府补助、企业R&D的调节效应[J],会计之友,2015(20):55-61.
[24]何威风,陈娥.CEO学科背景与企业创新投入[J].财会月刊,2017(23):16-22.
[25]王一鸣,杨梅.核心管理者特征对中国上市公司技术创新投入影响的实证研究[J].现代管理科学,2017(6):3-5.
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[30]HOSKISSON R E,HITT M A,HILL C W L.Managerial incentives and investment in R&D in large multiproduct firms[J].Organization Science,1993(5):325-341.
[31]李海燕.管理者特质、技术创新与企业价值[J].经济问题,2017(6):91-97.
[32]吕文栋.管理层风险偏好、风险认知对科技保险购买意愿影响的实证研究[J].中国软科学,2014(7):128-138.
[33]何霞,苏晓华.高管团队背景特征,高管激励与企业R&D投入:来自A股上市高新技术企业的数据分析[J].科技管理研究,2012,32(6):100-108.
[2]梁萌.生命历程视角下的互联网企业工作压力机制及性别差异研究[J].妇女研究论丛,2018(6):31-42.
[3]MANUEL C.网络星河:对互联网、商业和社会的反思[M].郑波,武炜,译.北京:社会科学文献出版社,2007.
[4]BARKER V,MUELLER G.CEO characteristics and firm R&D spending[J].Management Science,2002,48(6):782-801.
[5]李四海,陈旋.企业家专业背景与研发投入及其绩效研究---来自中国高新技术上市公司的经验证据[J].科学学研究,2014(10):1498-1508.
[6]HAMBRICK D C,MASON P A.Upper echelons---the organization as a reflection of its top managers[J].Academy of Management Review.1984(9):193-206.
[7]NIELSEN B B,NIELSEN S.Top management team nationality diversity and firm performance:a multi level study[J].Strategic Management Journal.2013(3):373-382.
[8]KUO H C,WANG L H,YEH L J.The role of education of directors in influencing firm R&D investment[J].Asia Pacific Management Review,2018(6):108-120.
[9]钟熙,陈伟宏,林越颖.CEO特征、国际化速度与企业绩效[J].中国科技论坛,2018(9):141-147.
[10]刘凤朝,默佳鑫,马荣康.高管团队海外背景对企业创新绩效的影响研究[J].管理评论,2017(7):135-147.
[11]杨林,段牡钰,刘娟,等.高管团队海外经验、研发投入强度与企业创新绩效[J].科研管理,2018(6):9-21.
[12]池国,华杨,金邢昊.高管腐败对企业投资效率的影响---基于产权性质和高管政治背景视角[J].财经问题研究,2017(11):85-91.
[13]赖黎,巩亚林,马永强.管理者从军经历、融资偏好与经营业绩[J].管理世界,2016(8):126-136.
[14]姜付秀,黄继承.CEO财务经历与资本结构决策[J].会计研究,2013(5):27-34.
[15]KAHNEMAN D,TVERSKY A.Prospect Theory:An Analysis of Decision under Risk[J].Econometrica.1979,47(2):263-291.
[16]SITKIN S B,PABLO A L.Reconceptualizing the determinants of risk behavior[J].Academy of management review.1992,17(1):9-38.
[17]金豪,夏清泉.上市公司管理者风险偏好与公司非效率投资---基于国有企业与非国有企业的比较分析[J].上海对外经贸大学学报,2014,3(24):61-71.
[18]GRIFFITH W,WEBSTER E.The determinants of research and development and intellectual property usage among Australian companies,1989 to 2002[J].Working Paper,University of Melbourne,2004(9):1-44.
[19]GRIFFITH W,WEBSTER E.What governs firm-level R&D:internal or external factors?[J].Working Paper,Melbourne Institute,Melbourne,2009,13(9):471-481.
[20]BARKER V L,MUELLER G C.CEO characteristics and firm R&D spending[J].Management Science,2002,48(6):782-801.
[21]CHEN H L,HSU W T.Family Ownership,Board Independence,and R&D Investment[J].Family business review.2009(9):347-362.
[22]余恕莲,王藤燕.高管专业技术背景与企业研发投入相关性研究[J],经济与管理研究,2014(5):14-22.
[23]王瑞阳,金宇,苑泽明.高管团队特征对政府补助、企业R&D的调节效应[J],会计之友,2015(20):55-61.
[24]何威风,陈娥.CEO学科背景与企业创新投入[J].财会月刊,2017(23):16-22.
[25]王一鸣,杨梅.核心管理者特征对中国上市公司技术创新投入影响的实证研究[J].现代管理科学,2017(6):3-5.
[26]PANSIRI J.The influence of managers'characteristics and perceptions in strategic alliance practice[J].Management Decision,2005,43(9):1097-1113.
[27]王鹏,毛霁箴.CEO特征、风险偏好与内部人交易[J].南京审计大学学报,2018(3):45-54.
[28]汤颖梅,王怀明,白云峰.CEO特征、风险偏好与企业研发支出---以技术密集型产业为例[J].中国科技论坛,2011(10):89-95.
[29]甄丽明.管理层风险偏好与企业创新的作用机制---基于前景理论的研究[J].现代管理科学,2014(8):118-120.
[30]HOSKISSON R E,HITT M A,HILL C W L.Managerial incentives and investment in R&D in large multiproduct firms[J].Organization Science,1993(5):325-341.
[31]李海燕.管理者特质、技术创新与企业价值[J].经济问题,2017(6):91-97.
[32]吕文栋.管理层风险偏好、风险认知对科技保险购买意愿影响的实证研究[J].中国软科学,2014(7):128-138.
[33]何霞,苏晓华.高管团队背景特征,高管激励与企业R&D投入:来自A股上市高新技术企业的数据分析[J].科技管理研究,2012,32(6):100-108.