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0.074 0.069 DW 1.189 1.271 1.301 1.194 1.350 1.194 1.197 注：括号内为t值*表示通过10%的显著性水平；**表示通过5%的显著性水平；***表示通过1%的显著性水平。 295 5 研究结论及启示 关于企业R&D投资与融资结构之间的相互关系，现有研究只关注两者之间的相关性，发现两者呈现负相关的反向变化，却没有研究这种反向变化关系的程度是否受企业其他因素的影响。 在具有创新性的创业企业，对企业成长具有决定作用的高管通常是企业投融资决策的主300 要决策者，对企业的经营管理具有较大的决策权和控制权。核心技术人员是企业创新研发的执行者，决定了企业R&D投资项目的执行效率。因此，研究创业企业人力资本特征因素对R&D投资与融资结构相互关系的影响程度，是本文区别于现有研究的主要贡献。 本文研究发现： （1）我国创业板公司R&D投资与财务杠杆存在显著的负相关关系，说明创业企业为了305 保持R&D投资的持续性和稳定性，一般会选择相对保守的融资结构。 （2）创业企业高管团队任期和学历水平影响其R&D投资与融资结构的相关程度。即：企业高管的学历越高，一定程度上弱化了企业R&D投资与财务杠杆的负相关程度。企业高管的任期越长，R&D投资与财务杠杆的负相关程越高。表明我国创业企业任期较短、学历较高的高管团队，更愿意采用较激进的财务杠杆融资，以满足企业R&D投资创新的资金需310 要。 （3）核心技术人员学历水平影响企业R&D投资与融资结构的相关程度，使两者的负相关程度有所降低。拥有高学历技术团队的企业对研发项目取得成功更具信心，导致其采取激进的财务融资政策，间接影响了企业R&D创新投资的融资结构。但是，高管及核心技术人员的年龄不会影响企业R&D投资与融资结构的相关性。 315 本文的研究结论丰富和拓展了R&D投资与融资结构相互关系的研究，使现有研究不仅停留在两者是否存在相关性，还深入到哪些因素影响两者之间相互关系，其影响程度如何。 本文的研究对完善我国创业企业治理，提升其高管及核心技术人员素质水平，规范企业R&D投资行为和优化融资结构提供了理论依据。 [参考文献] (References)320 [1] Kale, J. R., Shahrur, H. Corporate capital structure and the characteristics of suppliers and customers[J]. 2007. Journal of Financial Economics,2007,83, 321~365 [2] Garvey, G. T., Mawani, A, Risk-taking incentives of executive stock options and the asset substitution problem[J]. Accounting and Finance ,2005, 45, 3~23 [3] O'Brien, J. P, The capital structure implications of pursuing a strategy of innovation[J]. Strategic 325 Management Journal, 2003.5, 415~431 [4] Singh, M., Faircloth, S. The impact of corporate debt on long term investment and firm performance[J]. Applied Economics, 2005. 37, 875~883 [5] Ho, Y. K., Xu, Z., Yap, C. M. R&D investment and systematic risk[J]. Accounting and Finance ,2004.44, 393~418 330 [6] Ho, Y. K., Tjahjapranata, M., Yap, C. M.Size, leverage, concentration and R&D investment in generating growth opportunities[J]. The Journal of Business, 2006. 2, 851~876 [7] Dittmar, A., Thakor, A. Why do firms issue equity[J] .Journal of Finance, 2007. 62, 1~54 [8] 柴斌峰.中国民营上市公司R&D投资与资本结构、规模之间关系的实证研究[J].科学学与科学技术管理,2011.1：40~47 335 [9] Certo, S. T., Lester, R. H., Dalton, C. M., & Dalton, D. R. Top management teams, strategy and financial performance: A meta-analytic examination[J]. Journal of Management Studies , 2006.4, 813~839 [10] Barker , V., Mueller, G.CEO characteristics and firm R&D spending[J]. Management Science,2002.6, 782~801 [11] Hambrick, D.C., D'Aveni, R.A. Top team deterioration as part of the downward spiral of large corporate 340 bankruptcies[J]. Manage Sci , 1992.38, 1445~1466 [12] Laszlo Tihanyi, Alan E. Ellstrand, Catherine M. Daily and Dan R. Dalton.Composition of the Top Management Team and Firm International Diversification[J]. Journal of Management December,2000. 6 ,1157~1177 [13] Gerald T. Garvey, Amin Mawani.Risk-taking incentives of executive stock options and the asset substitution 345 problem[J]. Accounting & Finance,2005. 1, 3~23 [14] Bah, R., & Dumontier, P.R&D intensity and corporate, financial policy: Some international evidence[J]. Journal of Business Finance and Accounting , 2001. 28, 672~692 [15] Balakrishnan, S., & Fox, I. Asset specificity, firm heterogeneity and capital structure[J]. Strategic Management Journal , 1993.14, 3~16 350 [16] Kochhar, R. Explaining firm capital structure: The role of agency theory vs transaction cost economics[J]. Strategic Management Journal ,1996.17, 713~728 [17] Vincente-Lorente, J. D. Specificity and opacity as resource-based determinants of capital structure[J]. Strategic Management Journal ,2001.22, 157~177 [18] Hambrick, D., Mason, P. Upper echelons: The organization as a reflection of its top managers[J]. Academy of 355 Management Review ,1984.2, 193~206 [19] 李华晶,张玉利.高管团队特征与企业创新关系的实证研究--以科技型中小企业为例[J].商业经济与管理, 2006.5：9~13 [20] 黄湛冰,万迪昉.企业负责人年龄与科技创新投入的关系：时限问题的实证研究[J]. 科学学与科学技术管理,2005.9：57~62 360 [21] 刘运国,刘雯.我国上市公司的高管任期与R&D支出[J].管理世界, 2007.1：128~136 [22] 文芳.上市公司高管团队特征与R&D投资研究[J].山西财经大学学报, 2008.8：77~84 [23] Bhagat, S., Welch, I. Corporate research & development investments: International comparison[J]. Journal of Accounting and Economics , 1995.19, 443~470 [24] Chaganti, R., DeCarolis, D., & Deeds, D Predictors of capital structure in small ventures[J]. Entrepreneurship 365 Theory and Practice , 1996.20, 7~18 [25] Ortqvist, D., Masli, E. K., Rahman, S. F., Selvarajah, C. Determinants of capital structure in new ventures:Evidence from Swedish longitudinal Data[J]. Journal of Developmental Entrepreneurship,2006. 4, 277~296 [26] Kor, Y. Y .Direct and interaction effects of top management team and board compositions on R&D 370 investment strategy[J]. Strategic Management Journal,2006. 27, 1081~1099 [27] DavidJ.Kennedy , Mark D. Fulford.On the Move: Management Relocation in the Hospitality Industry [J].Cornell Hotel and Restaurant Administration Quarterly April ,1999.40, 60~68 [28] Karen A.Bantel,Susane.Jackson. Top management and innovations in banking: Dose the composition of the top team make a difference[J].Strategic Management Journal, 1989.10,104~124 375 原创学术论文网Tag：代发论文 代写论文 代写硕士论文 代写代发论文 |
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