| 董事会规模对企业R&D投资行为的门槛效应分析——基于制造业和信息业面板数据的经验证据 |
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| 引用本文： | 刘胜强,刘星.董事会规模对企业R&D投资行为的门槛效应分析——基于制造业和信息业面板数据的经验证据[J].预测,2010,29(6). |
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| 作者姓名： | 刘胜强 刘星 |
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| 作者单位： | 重庆大学经济与工商管理学院;重庆工商大学会计学院; |
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| 基金项目： | 国家自然科学基金，教育部人文社会科学研究资助项目 |
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| 摘 要： | 本文以2004~2008年连续披露R&D支出的制造业和高新技术业上市公司的样本数据,采用Hansen提出的门槛效应模型,实证检验董事会规模与企业R&D投资行为之间的关系.当以公司规模为门槛变量时研究发现,只有当公司规模超过某一临界值之后,董事会规模才与企业R&D行为之间表现为一种"先增后减"的非线性关系,并由此得出董事会规模的公司治理效应可能存在类似于宏观经济学中的"低水平陷阱"现象;而以董事会规模为门槛变量时发现,最佳的董事会规模应为7人或者9人.研究还发现,董事会中独立董事所占比例的增加对改善企业的R&D投资决策未起到明显效果,独立董事"花瓶"现象仍普遍存在.
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| 关 键 词： | 董事会规模 企业R&D投资 门槛效应 |
The Threshold Effect Analysis of Board Size on Corporate R&D Investment Behavior——Base on Panel Data of Manufacturing and High-tech Industry Companies |
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| LIU Sheng-qiang,LIU Xing.The Threshold Effect Analysis of Board Size on Corporate R&D Investment Behavior——Base on Panel Data of Manufacturing and High-tech Industry Companies[J].Forecasting,2010,29(6). |
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| Authors: | LIU Sheng-qiang LIU Xing |
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| Institution: | LIU Sheng-qiang1,2,LIU Xing1(1.School of Economy and Business Administration,Chongqing University,Chongqing 400044,China,2.School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China) |
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| Abstract: | Base on panel data of manufacturing and high-tech industry companies who discourse R&D expenditure in financial statements from 2004 to 2008,this paper studies the relationship between board sizes and R&D expending behavior by using the threshold model that Hansen proposed in 1999.When the threshold variable is company size,the results show that only when the company sizes exceeds a critical value,there will be a increasing first,decreasing later non-linear relationship between board sizes and corporate R&D... |
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| Keywords: | board sizes: corporate R&D expenditure threshold effects |
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