CEO變更對企業研發投入的影響研究

A Study of the Impact of CEO Turnover on Firm RD Spending

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)22_Publication in policy or professional journal

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Original languageChinese (Traditional)
Pages (from-to)27 -
Journal / Publication西安交通大學學報(社會科學版)
Volume2
Publication statusPublished - 31 Mar 2015

Abstract

基於盈餘管理假說,從CEO變更視角考察新任CEO在任期初始階段對公司研發投資決策的影響,進而考察這種影響是否會因管理層過度自信或公司所屬行業的不同發生改變.以中國2008-2011年披露研發投入的A股上市公司794個年度數據作為樣本,實證分析後發現,新任CEO在任期第一年傾向於加大研發投入;通過樣本分組進一步檢驗發現,當公司管理層存在過度自信傾向時,以及當公司屬於高科技行業時,新任CEO在任期初始階段與研發投入的正相關關係更強.
Based on the earnings management hypothesis and from the perspective of CEO turnover, this paper explored empirically the effect of a new CEO on RD investment decision in his/her initial phase in office, and further studied whether such effect would change due to the managerial overconfidence or the different industries. Taking all the Chinese A-share listed firms that disclosed RD spending from the year 2008 to 2011 as the whole sample, the empirical analyses of their 794 annual data showed that:in the first year after CEO turnover, the firm′s RD spending has a significant increase. The results of sub-sample tests also showed that:when the top managers are overconfident or if the firm belongs to high-tech industry, the positive correlation between the new CEO and the RD spending is much stronger.

Citation Format(s)

CEO變更對企業研發投入的影響研究. / 韓潔; 田高良; 司毅.
In: 西安交通大學學報(社會科學版), Vol. 2, 31.03.2015, p. 27 -.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)22_Publication in policy or professional journal