摘要
本文基于委托代理模型,从风险的视角研究企业治理结构对研发创新能力的影响。本文构建了一个包含创新活动的委托代理模型进行理论分析,利用动态DEA模型测算创新能力,并使用2015-2018年我国上市制造业企业数据进行实证检验。实证部分检验了理论结论:委托代理问题不利于企业提升研发创新能力,且客观风险和主观风险厌恶会加剧该负面影响。基于此,本文认为上市企业应根据企业自身研发活动特点有针对性地改善企业治理结构,提出了适当延长代理人任期、推动股权激励计划、提升代理人的风险承担能力等建议。
This paper studies the impact of corporate governance structure on R&D and innovation capabilities from the perspective of risk based on the principal-agent model.This article constructs a principal-agent model with innovative activities for theoretical analysis,then calculates the innovation efficiency of manufacturing listed companies in China from 2015 to 2018 using the dynamic DEA model,and conducts the empirical test on the relationship between R&D innovation efficiency and corporate governance structure.The empirical results validates the analytical results of the theoretical model:the principal-agent problem is not conducive to the improvement of the company’s R&D and innovation capabilities,and objective risks and subjective risk aversion will exacerbate the problem.Based on the results,this article proposes that companies should improve their corporate governance structure according to the characteristics of their own R&D activities,extend agents’tenure,promote equity incentive plans and enhance the risk-bearing ability of agents.
作者
韩松
习媛杰
HAN Song;XI Yuan-jie(School of Economics,Renmin University of China)
出处
《经济理论与经济管理》
CSSCI
北大核心
2021年第4期39-53,共15页
Economic Theory and Business Management
基金
中国人民大学科学研究基金(中央高校基本科研业务费专项资金)(20XNH051)的资助
