基于PSM方法的民营企业权力变更R&D效应研究——来自中国上市民营企业的经验数据

doi:10.12005/orms.2017.0276

运筹与管理 ›› 2017, Vol. 26 ›› Issue (11): 176-181.DOI: 10.12005/orms.2017.0276

基于PSM方法的民营企业权力变更R&D效应研究——来自中国上市民营企业的经验数据

万伦来^1,2, 万小雨^1,2, 汪琴^1,2

1.合肥工业大学经济学院,安徽合肥 230601;
2.合肥工业大学工业信息与经济研究中心,安徽合肥 230601;

收稿日期:2016-09-28 出版日期:2017-11-25
作者简介:万伦来(1963-),男,安徽合肥人,教授,博士,研究方向:企业技术经济及管理;万小雨(1991-),女,安徽合肥人,硕士研究生,研究方向:金融工程;汪琴(1992-),女,安徽合肥人,硕士研究生,研究方向:金融制度与金融政策、企业技术经济及管理。
基金资助:
国家社会科学基金项目(14BJL088)——出口学习效应促进传统制造业转型升级的机制与政策研究

Research on R & D Effect of Private Enterprise’s Actual Controller’s Change Based on PSM Method ——From the Empirical Data of Listed Private Enterprises in China

WAN Lun-lai^1,2, WAN Xiao-yu^1,2, WANG Qin^1,2

1.School of Economics of Hefei University of Technology, Hefei 230601, China;
2.The Center of Industry Information and Economic Research of Hefei University of Technology, Hefei 230601, China;

Received:2016-09-28 Online:2017-11-25

摘要/Abstract

摘要： 本文以中国沪深A股市场实际控制人发生变更的民营企业为研究对象,基于PSM模型实证检验民营企业权力变更引发的企业R&D效应变化。研究结果表明:民营企业权力变更对企业R&D效应具有显著的积极影响,在企业高层领导权变更三年内,R&D投入强度平均增长24.04%;通过分别考察家族企业与非家族企业权力变更对企业R&D效应的影响,发现尽管家族企业R&D投入普遍低于非家族企业,但是家族企业权力变更的企业R&D升级效应明显优于非家族企业,意味着家族企业在代际传承时期的权力变更有利于增强企业创新能力。

关键词: 民营企业, R&, D效应, PSM方法, 权力变更

Abstract: The paper is based on the A-Stock firms that the actual controllers have changed in Shanghai and Shenzhen Stock Exchange, and the propensity score matching is used to examine the change of the management turnover on the private enterprises’ R&D effect. The results show that: the management turnover of private enterprises has a significant positive impact on enterprise R&D, and the R&D investment intensity is an average increase of 24.04% three years after the management turnover; By respectively to test the impact of the management turnover on the enterprises’ R&D behaviors between family firms and non-family firms, we find that family firms’ R&D investment is generally lower than non-family firms, but the upgrade effect of management turnover in family firms on the R&D is significantly better than in non-family firms, which means the management turnover during the period of the intergenerational inheritance in family firms is beneficial to strengthen enterprise innovation ability.

Key words: private enterprise, research and development effect, propensity score matching method, actual controller’s change

中图分类号:

万伦来, 万小雨, 汪琴. 基于PSM方法的民营企业权力变更R&D效应研究——来自中国上市民营企业的经验数据[J]. 运筹与管理, 2017, 26(11): 176-181.

WAN Lun-lai, WAN Xiao-yu, WANG Qin. Research on R & D Effect of Private Enterprise’s Actual Controller’s Change Based on PSM Method ——From the Empirical Data of Listed Private Enterprises in China[J]. Operations Research and Management Science, 2017, 26(11): 176-181.

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基于PSM方法的民营企业权力变更R&D效应研究——来自中国上市民营企业的经验数据

Research on R & D Effect of Private Enterprise’s Actual Controller’s Change Based on PSM Method ——From the Empirical Data of Listed Private Enterprises in China

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