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将CEO年龄视为股权集中度与研发投入关系的调节变量,以2010~2014年3620条中国制造业上市公司数据为样本,应用基于最小二乘法的多元回归分析方法进行实证分析。CEO年龄对企业研发投入无直接影响效应,但能正向调节股权集中度和研发投入的关系。作为探究研发投入决策的新视角,CEO相对年龄比CEO自然年龄对股权集中度与研发投入的关系具有更强的正向调节作用。用固定效应回归分析和基于时滞效应的回归分析方法验证了结果的稳健性。
The CEO age is regarded as the adjustment variable of the relationship between ownership concentration and R&D input. Taking the data of 3,620 Chinese manufacturing companies listed in the company from 2010 to 2014 as samples, a multivariate regression analysis method based on the least squares method is used for empirical analysis. CEO age has no direct effect on corporate R&D investment, but it can positively adjust the relationship between equity concentration and R&D investment. As a new perspective to explore R&D investment decision-making, CEO’s relative age is more positive than CEO’s natural age on the relationship between ownership concentration and R&D investment. The robustness of the results was verified using fixed-effect regression analysis and time-delay-based regression analysis.