CEO特征、R&D强度以及外部环境关系的 实证研究

摘要：采用世界银行投资环境调查（ICS）中来自中国、巴西、南非企业的数据，研究CEO人口统计学特征对R&D强度的影响，以及社会文化、政府政策、法律体系在二者关系中的调节作用。实证分析的结果表明，CEO教育水平、工作经验（担任CEO前在本产业的工作时间）和R&D强度之间并无显著相关关系。社会文化对CEO特征和R&D强度之间的关系有显著的调节作用，中国、巴西两国的CEO教育水平、工作经验和R&D强度之间的正相关性显著高于南非。政府政策在CEO教育水平和R&D强度之间发挥负向调节作用，政府政策越不稳定，CEO的教育水平和R&D强度之间的正相关性越强；但政府政策对CEO工作经验和R&D强度之间关系的调节作用不显著。法律体系并未在CEO特征和R&D强度之间发挥调节作用。

An empirical study on the relationships between CEO characteristics, R&D intensity, and external environment

Using firm - level data from the Investment Climate Surveys conducted by the World Bank in China,Brazil,and South Africa,the relationships between CEO' s demographic characteristics and R&D intensity and the moderating effects of social culture,and government policy,and legal system on the relationship are investigated.Neither CEO' s education level nor his/her work experience (the years of experience working in same sector before they become CEO's) was found to have a significant impact on R&D intensity.Social culture significantly moderated the relationship between CEO' s education level and R&D intensity and that between CEO' s work experience and R&D intensity ; the positive relationship between CEO' s education level and R&D intensity and that between CEO's work experience and R&D intensity in China and Brazil were both significantly stronger than those in South Africa.The government policy negatively moderated the relationship between CEO's education level and R&D intensity; the more unstable the government policy,the stronger positive relationship between CEO' s education level and R&D intensity.But the government policy didn' t moderate the relationship between CEO' s work experience and R&D intensity.Legal system didn' t moderate the relationship between CEO' s education level and R&D intensity or that between CEO' s work experience and R&D intensity.