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《Forum on Science and Technology in China》 2018-04
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Marketization Process,Top Managers' Promotion Incentive and R&D Investment

Zhu Yongming;Jia Ming'e;Administrative Engineering College,Zhengzhou University;  
This paper draws upon the data of Chinese non-financial listed companies from 2011 to 2015 to empirically study the leverage effect of the top managers' promotion incentive on RD investment. It is found that the top managers' promotion incentive was significantly negative to RD investment. The marketization process strengthened the negative correlation between the top managers' promotion incentive and RD investment. Furthermore,with group regression based on the enterprise property rights,in the region of lower marketization progress,the state-owned listed companies showed a higher correlation with the top managers' promotion incentive and RD investment. Conversely,in the region with higher marketization progress, the non-state-owned listed companies would reduce more RD investment than the state-owned listed companies. This paper has a great significance on understanding RD investment behavior and improving the interior incentive mechanism. In addition,it provides the role of institutional environment in the enterprise innovation,such as marketization process.
【Fund】: 河南省高等学校重点科研项目“风险投资对企业技术创新的影响研究”(18A630055)
【CateGory Index】: F272.92;F275
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