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以企业控制权为中心的非经济性管理目标使民营中小企业管理者更倾向于消极的技术研发投资策略,而盈利目标和控制权目标构成的多元管理目标将会导致决策过程出现较强的动态性。供应商议价能力的增强会对民营中小企业形成外部约束,削弱企业管理控制权,进而影响技术研发投资决策过程。本文采用2009-2015年我国1043家中小企业的面板数据进行实证分析,结果显示企业盈利目标和控制权目标在决策过程中遵循进阶聚焦逻辑,即当民营中小企业管理者在满足盈利参照点的前提下,应对供应商议价能力的反应更强,进而实施更多研发投资的管理决策。
The goal of non-economic management centered on corporate control makes private SMEs managers more inclined to the negative investment strategy of technology R & D, while the multiple management objectives of profit target and control target will lead to a strong dynamic in decision-making process Sex. Increasing the bargaining power of suppliers will create external constraints on private SMEs, weaken the management control of enterprises, and further affect the decision-making process of R & D investment. This paper uses the panel data of 1043 SMEs in China from 2009 to 2015 for empirical analysis. The results show that corporate profit objectives and control objectives follow the advanced focus logic in the decision-making process. That is, when private SMEs managers meet the profit reference point Under the premise, we should respond more strongly to suppliers’ bargaining power and conduct more management and decision-making on R & D investment.