高管持股的风险偏爱与R_D投入动机

R&D1.5102752.518028、R&D,(,2009)。R&D2%5%1%。,R&D3%～5%,10%,20%,2007。327.79%。R&D。。。200871《》。。、、。《》“”、、、。。、、。。。R&D。R&DR&D。R&D。、R&D。DorfmanSteiner1954R&DGriliches1957———。、、。R&D12[]1960-1983-。20102322CONTEMPORARYECONOMY&MANAGEMENTFeb.2010Vol.32No.2[]《R&D》70772084“”《》06ZD63001。[]2009-12-23[]R&D。R&DR&D0.1%R&D。R&D。[]R&D[]F832.49F272.91A[]1673－0461201002－0020－0620。Co－henLevin1989R&DCohen(1996)R&DYasu－daTakehiko2005、R&D。R&D。BerleMeans(1932)。JensenMeckling1976。LevinKlevorickNelsonWinter1987、、R&D。HoldernessSheehan1988R&D。HillSnell1988。R&D。(2005)10、、、、、、、、2000～2003、R&DR&DR&D。2003、。、20072001～2004R&D。R&D。R&DR&D。R&D。R&D。、、。R&D。R&D、。2000R&DR&DR&D。Dasgupta&Stiglitz(1980)“”winner-take-allR&DR&D(,2005)。R&D。R&D。。。。R&D。R&DR&D。R&D21。。Jensen-Meckling1976。、2007。1R&DR&D。。HillSnell(1988)HoldernessSheehan1988R&D。2R&D。(2000)1998、、。161016110.52%0.75%。。0.1%R&D0.1%R&D。3R&D。、1.R&D。R&DR&DR&Drrd。2.。1、。gg0110cgbl。cg010.1%10。2。。wind。gqjz。3.1size。。size。2。R&D。2002。(2005)R&D。dbr。3indu。。。1rrd=β0+β1gg01+β2gqjz+β3dbr+β4size+β5+iindui+uR&D222rrd=β0+β1cgbl+β2gqjz+β3dbr+β4size+β5+iindui+u3rrd=β0+β1cg01+β2gqjz+β3dbr+β4size+β5+iindui+u1.、2007R&D。《》。“”。①②。“”、。20072002－2006CSMAR、WIND、、、。1R&DR&D。220022006“”、“”、“”、“”、“”、“”80.37%“”。2.2002～200622002～20065790.82%3%～5%。3579360209。70.26%2.2%。4361.67%,91.76%。3.4R&D4。R&D0.87%0.74%。R&D。4.R&DR&D23585%0.1%。0.1%0.1%8714.61%R&D1.20%0.1%4920.01%R&D0.75%0.1%。5.R&D0.1%0.1%R&D0.1%R&D0.1%R&D。0.1%0.1%1R&D。0.1%gg01cgblTP1。0.1%R&D。2R&D。36cg010.0043TP00.1%R&D0.1%0.43%P0.0000。3FF8.35P0.000R0.2395R0.2109R&D。20000.1%R&D0.1%。3。R&D。。20001999Jensen-Meckling(1976)、2003。2000。。4R&D。R&D2。R&D。6.、R&D24。R&D0.1%R&DR&D。。。R&D。120.1%R&D。。CohenKlepper1992。R&DRiskPreferenceofExecutiveShareholdersandR&DInvestmentMotivationTangQingquan1YiCui2(1.SchoolofBusiness,SunYat-senUniversity,Guangzhou510275,China2.ShenzhenBureau,ChinaSecuritiesRegulatoryCommisson,Shenzhen518028,China)AbstractFromtheviewpointsofR&Dinvestmentriskandriskpreferenceofdecision-makersandbasedonagencytheory,thispaperanalyzestheimpactofexecutiveshareholdersonenterprises’R&Dinvestment.ThestudyrevealsthatshareholdersaremoreenthusiasticinR&Dinvestmentthanmanagersandexecutiveshareholdershaveincentiveinfluenceonenterprises’investmentinR&D.However,onlywhentheratiooftheirsharereaches0.1%,R&Dinvestmentisobviouslyenlarged,otherwisetheinfluenceislessobvious,whichindicatesthathighriskR&Dinvestmenthasmuchmoretodowithinterestgroupswhocareaboutlong-termdevelopmentofenterprises;namely,shareholders,followedbytheexecutiveshare－holderswhoseholdingratiohasreachedcertainpoint,havemotivationtoincreaseR&Dinvestment,promptingenterprises’innovation.Keywords:R&Dinvestment;riskpreference;executiveshareholders;equityincentive;ownershipconcentration[][1]Berle.AdolfA.,andGardiner.C.Means.TheModernCorporationandPrivateProperty[M].NewYork,NY:MacMillanCo,1932.[2]Chang-YangLee．ASimpleTheoryandEvidenceontheDeterminantsofFirmR&D[J].EconomicsofInnovation&NewTechnology,2003,(10):385-395.[3]CohenW.M,LevinR.EmpiricalStudiesofInnovationandMarketStructure[J].HandbookofIndustrialOrganization,1989,12(2):1059-1107.[4]CohenWM,KlepperS.TheAnatomyofIndustryR&DIntensityDistributions[J].AmericanEconomicReview,1992,82(4):773-799.[5]Dasgupta.P,,Stiglitz,J.Uncertainty,industrialstructure,andthespeedofR&D[J].BellJournalofEconomics,1980,11(1):1-28.[6]Easterbrook,FrankH.TwoAgency-CostExplanationsofDividends[J].AmericanEconomicReview,1984,74(4):650-659.[7]Griliches,HybridCorn.AnExplorationintheEconomicsofTechnologicalChange[J].Econometrical,1957,25(4):501-522.[8]Hill.C,andS.Snell.ExternalControl,CorporateStrategy,andFirmPerformanceinRecearch-IntensiveIndustries[J].StrategicManagementJournal,1988,(9):577-590.[9]Holderness.C,andD.Sheehan.TheRoleofMajorityShareholdersinPubliclyHeldCorporationnns[J].JournalofFinancailEconomicas,1988,(20):317-346.[10]MichaelC.Jensen,andWilliamH.Meckling.TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure[J].JournalofFinancialEconomics,1976,3(4):305-360.[11]LevinR.C,KlevorickA.K,NelsonR.R,WinterSG.AppropriatingtheReturnsfromIndustrialR&D[J].BrookingsPapersonEconomicActivity,1987,3:783-820.[12]NakaharaT.Innovationinaborderlessworldeconomy[J].ResearchTechnologyManagement,1997,3:7-9.[13]Yasuda,Takehiko.FirmGrowth,Size,AgeandBehaviorinJapaneseManufacturing[J].SmallBusinessEconomics,2005,24(1):1-15.[14].[J].2000,124-30[15].[J].2005,1022-23.[16].R&D.[J].200512277-280.[17].R&D[J].,2007,7:270-271.[18].R&D[J].2007,1127-136.[19].R&D[J].200021181-86.[20].R&D———[J].2005232225-231.[21],,.R&D,[J].,2009,11:112-114.[22].[J].2004273143-147.25