摘要
以2014-2019年A股上市的具有家族背景的高科技制造业企业为研究对象,从家族所有权与家族控制权角度对家族企业现金持有水平与研发强度的关系展开研究。研究表明:企业现金持有水平会促进研发强度;家族所有权会促进企业的研发强度,而家族控制权会抑制企业的研发强度。此外,家族所有权与控制权分别从正向和负向调节企业现金持有水平与研发强度的关系。在家族两权背离率较高的企业中,现金持有水平对研发强度的促进作用更为明显。
Taking the high-tech manufacturing enterprises with family background listed in A-share market from2014 to 2019 as the research object,the relationship between cash holding level and R&D intensity from the perspective of family ownership and family control is studied.The results show that:the level of corporate cash holdings will promote the intensity of R&D;family ownership will promote the intensity of R&D,while family control will inhibit the intensity of R&D.In addition,family ownership and control adjust the relationship between cash holding level and R&D intensity from positive and negative directions respectively.In the enterprises with high deviation rate of family two rights,the promotion effect of cash holding level on R&D intensity is more obvious.
作者
邰晓红
吕瑞
牛莉霞
TAI Xiaohong;LYU Rui;NIU Lixia(School of Business Administration,Liaoning Technical University,Huludao 125100,China)
出处
《辽宁工程技术大学学报（社会科学版）》
2022年第3期194-201,共8页
Journal of Liaoning Technical University(Social Science Edition)
基金
辽宁省教育厅科研项目(LJYR007)
辽宁省社会科学规划基金(L20BGL030)
