摘要: |
尽管前期研究大量探讨了政府补助对企业研发投入的直接影响,但两者关系的传导路径和情境机制却鲜有研究涉及。鉴于此,本研究以高管垂直薪酬差距为中介变量,董事会规模为情境变量,重新审视了政府补助对企业研发投入的影响。利用中国中小板上市公司2011-2016年的经验数据,本研究发现:第一,政府补助对中小企业的研发投入存在明显的“刺激效应”;第二,高管垂直薪酬差距在政府补助与研发投入两者关系间发挥了部分中介作用;第三,随着董事会规模的扩大,高管垂直薪酬差距对企业研发投入的正向影响将随之增强,但董事会规模对政府补助与高管垂直薪酬差距两者关系无显著影响。本研究有助于完善文献对政府补助作用于研发投入的路径与后果的认识,对中小企业调整高管团队薪酬结构和完善董事会治理亦具有重要的启示意义。 |
关键词: 政府补助 高管垂直薪酬差距 董事会规模 研发投入 |
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基金项目:国家自然科学基金资助项目“资源型产业碳排放损益偏离分析及区域公平发展研究”(71463056);教育部人文社会科学重点研究基地重大招标项目“少数民族地区经济发展与‘丝绸之路经济带’建设研究”(17JJD850002) |
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Is Vertical Pay Dispersion in TMT the Transmission Path Between Government Subsidies and R&D Investment? ——The Moderating Role of Board Size |
SunHui
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新疆大学新疆创新管理研究中心
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Abstract: |
Although previous studies have largely discussed the direct impact of government subsidies on enterprise’ R&D investment, the transmission path and situational mechanism of the relationship have rarely been studied. As such, this study takes the vertical pay dispersion in TMT as the intermediary variable and the board size as the situational variable to re-examine the impact of government subsidies on enterprise’ R&D investment. Using the data of Chinese small and medium-sized listed enterprises, this study finds that: First, government subsidies have a significant positive effect on R&D investment; Second, the vertical pay dispersion in TMT plays a partly intermediary role between government subsidy and R&D investment. Third, the board size strengthened the positive impact of vertical pay dispersion in TMT on R&D investment, but had no significant impact on the relationship between the government subsidy and vertical pay dispersion in TMT. This study is helpful to improve the literature"s understanding of the path and consequences of government subsidies on R&D investment, and also has important enlightening significance for small and medium-sized enterprises to adjust the compensation structure of TMT and improve the governance of the board of directors. |
Key words: Government subsidy Vertical pay dispersion in TMT Board size R&D investment |