| 现金流权与控制权分离下的企业R&D投资 |
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| 引用本文： | 冉茂盛,彭文伟,黄凌云.现金流权与控制权分离下的企业R&D投资[J].科学学与科学技术管理,2010,31(1). |
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| 作者姓名： | 冉茂盛 彭文伟 黄凌云 |
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| 作者单位： | 重庆大学,经济与工商管理学院,重庆,400044 |
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| 基金项目： | 国家自然科学基金项目“国际技术溢出的动态门槛模式及政策研究”(70603035) |
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| 摘 要： | 选取我国148家上市公司2004—2006年数据,从终极股东与中小股东的代理冲突层面,检验了终极股东现金流权与控制权的分离与企业RD投资的关系。研究表明,现金流权与控制权的分离程度与企业RD投资显著负相关;现金流权与控制权的分离对企业RD投资的影响仅存在于高科技企业中,对非高科技业影响不显著。这表明在高科技企业中降低现金流权与控制权的分离程度有利于增加企业RD投资。
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| 关 键 词： | 现金流权 控制权 终极股东 R&D投资 |
The Relationship between the Separation of Cash Flow Right and Control Right and Firms' R&D Investment |
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| RAN Maosheng,PENG Wenwei,HUANG Lingyun.The Relationship between the Separation of Cash Flow Right and Control Right and Firms'' R&D Investment[J].Science of Science and Management of S.& T.,2010,31(1). |
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| Authors: | RAN Maosheng PENG Wenwei HUANG Lingyun |
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| Institution: | School of Economics and Business Administration/a>;Chongqing University/a>;Chongqing 400044/a>;China |
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| Abstract: | By the data of 148 listed firms in China from 2004 to 2006,this paper analyzes the relationship between the separation of cash flow right and control right and R&D investment. The results show that the separation between the cash flow right and control right is significantly negative with firms' R&D investment,which only exist in the hi-tech listed firms by further analyses and not in non-hi-tech listed firms. That means ultimate controller is more inclined to acquire self-interest by means of the separatio... |
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| Keywords: | cash flow right control right ultimate controller R&D investment |
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