熊市背景下的高管持股、年薪激励与研发投资——基于2008-2012年中小板上市公司数据的实证检验-《集美大学学报》（哲社版）

文章信息/Info

Title:: A Study of the Relationship between Executive Stock Ownership,Annual Salary and R&D Investment in the Bear Market Based on the Data of SME Board Listed Companies during 2008-2012

Author(s):: HONG Zhen; JIN Li; (Sunshine College, Fuzhou University, Fuzhou 350015, China)

Keywords:: 〖R&; D; executive stock ownership; annual salary; SME board; bear market

摘要:: 以2008-2012年中小板上市公司为对象，实证分析了熊市背景下高层管理者持股数量、年薪总额和研发投资关系。利用多元回归分析研究发现，在熊市背景下高管持股数量与研发投入显著负相关，高管年薪与研发投入显著正相关。相对于非高科技企业，高管持股对高科技企业研发支出负面影响更显著；股权集中将降低高管持股对研发支出的负面影响。相对于高盈利企业，高管持股对低盈利企业的研发支出负面影响更显著；相对于低成长企业，高管持股对高成长企业研发支出负面影响更显著。

Abstract:: This study, using multiple regression analysis, researched on the relationship between executive stock ownership, annual salary and R&D investment in the bear market, based on the data of SME board listed companies during 2008-2012. The results indicated that executive stock ownership had a strong negative correlation with R&D expenditure, but annual salary had an obvious positive correlation with it. Compared with non-high-tech companies, executive stock ownership of high-tech companies had a stronger negative correlation with R&D expenditure. Ownership concentration would reduce the negative impact of managerial stock ownership on R&D expenditures. Compared with high-profit entities, executive stock ownership of low-profit entities had a negative correlation with R&D expenditure more obviously. Compared with highgrowth enterprises, executive stock ownership of low-growth enterprises had a negative correlation with R&D expenditure more remarkably.