摘要
以中国上市公司2010-2011年披露研发数据的公司为样本,引入高管团队异质性作为调节变量,就高管团队异质性、R&D投入与企业绩效三者之间的关系进行研究,结果表明:(1)高管团队年龄异质性和教育水平异质性在R&D投入与企业绩效的关系中起调节作用,且都是纯调节变量;(2)高管任期与R&D投入之间呈显著正相关,高管团队规模与企业绩效之间呈显著负相关,但都不是调节变量。
By taking the disclosure of R＆D data from China＇s listed companied from 2010 to 2011 as an example, and introducing the top management team（TMT） heterogeneity as a moderating variable, this paper analyzes the relation of the top management team heterogeneity, the R＆D Investment and enterprise performance. Results shows that： （1）The TMT age heterogeneity and the level of education heterogeneity play moderating effects in the relationship of R＆D investment regulating the impact on firm performance, both the TMT age heterogeneity and the level of education heterogeneity are pure regulating variables; （2）The relation between executive tenure and the R＆D investment performs a significant positive correlation, the scale of the top management team and enterprise performance performs a significant negative correlation, but both of them are not adjusting variables.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2013年第9期109-118,共10页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金项目(71203174)
教育部人文社科青年项目(10YJC630257)
关键词
R＆D投入
企业绩效
高管团队异质性
调节效应
R＆D investment
enterprise performance
the top management team heterogeneity
moderating effect
