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以2007年至2009年间995家上市公司披露的研发投资和管理层持股数据为研究样本,采用引入研发投资决策作为中介变量的研究方法,对研发投资决策是否构成以及如何构成对管理层持股和股东财富的中介效应进行实证检验。研究结果表明:研发投资决策是管理层持股比例与股东财富的中介变量,完善的公司管理层持股激励模式可以优化研发投资决策,从而为股东创造更多的财富;相对于国有控股上市公司,非国有控股上市公司的研发投资决策对管理层持股比例与股东财富的中介效应影响更显著;高科技上市公司的研发投资决策对管理层持股比例与股东财富的创造起到了中介效应,而在非高科技上市公司中并没有发现类似的结果。
Taking the R & D investment and management shareholding data disclosed by 995 listed companies from 2007 to 2009 as the research sample, this paper adopts the research method of introducing the R & D investment decision as the mediating variable to determine whether R & D investment decision-making is constituted and how it constitutes the management shareholding And the intermediary effect of shareholder wealth empirical test. The results show that R & D investment decision-making is the mediating variable of management shareholding proportion and shareholder wealth, and the perfect corporate governance incentive model can optimize R & D investment decision, so as to create more wealth for shareholders. Compared with the state-controlled listed company , The R & D investment decision of non-state-controlled listed companies has a more significant effect on the mediation effect of the management shareholding ratio and shareholder wealth. The R & D investment decision of high-tech listed companies plays an intermediary role in the management shareholding ratio and shareholder wealth creation, In non-high-tech listed companies did not find similar results.