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- 2015
CEO变更对企业研发投入的影响研究
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Abstract:
基于盈余管理假说，从CEO变更视角考察新任CEO在任期初始阶段对公司研发投资决策的影响，进而考察这种影响是否会因管理层过度自信或公司所属行业的不同发生改变。以中国2008-2011年披露研发投入的A股上市公司794个年度数据作为样本，实证分析后发现，新任CEO在任期第一年倾向于加大研发投入；通过样本分组进一步检验发现，当公司管理层存在过度自信倾向时，以及当公司属于高科技行业时，新任CEO在任期初始阶段与研发投入的正相关关系更强。
Based on the earnings management hypothesis and from the perspective of CEO turnover, this paper explored empirically the effect of a new CEO on R&D investment decision in his/her initial phase in office, and further studied whether such effect would change due to the managerial overconfidence or the different industries. Taking all the Chinese A-share listed firms that disclosed R&D spending from the year 2008 to 2011 as the whole sample, the empirical analyses of their 794 annual data showed that：in the first year after CEO turnover, the firm′s R&D spending has a significant increase. The results of sub-sample tests also showed that：when the top managers are overconfident or if the firm belongs to high-tech industry, the positive correlation between the new CEO and the R&D spending is much stronger
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