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本文以2009-2013年中小板高新技术上市公司面板数据为样本,分析了R&D投入、CEO组织权力与企业价值的影响关系。研究表明:R&D投入与企业价值显著正相关;CEO组织权力与企业价值无显著线性关系,但CEO组织权力可以通过对R&D投入的调节作用正向影响企业价值;R&D投入与企业价值的关系以及CEO组织权力的调节效应会因企业规模产生差异。
Based on the panel data of small and medium-sized high-tech listed companies from 2009 to 2013, this paper analyzes the relationship between R & D investment, organizational power and corporate value. The research shows that there is a significant positive correlation between R & D investment and corporate value. There is no significant linear relationship between CEO organizational power and corporate value, but the organizational power of CEO can positively affect the corporate value through the regulation of R & D investment. The relationship between R & D investment and corporate value, The regulatory effect of organizational power will vary due to the size of the business.