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中文摘要：
本文从数理推导和数据检验两方面探讨公司管理层持股对创业板公司研发投入的影响机制。首先,数理分析认为：管理层持股对研发投入起激励作用,能实现管理层和股东利益的趋同效应。其次,利用2010年到2015年50家创业板公司的平衡面板数据对数理分析的结果进行了检验。微观方面检验的结果：管理层持股与研发投入强度正相关,而董事会和监事会持股也存在着负向调节作用;宏观方面的检验结果：经济景气指数与研发投入强度正相关。
英文摘要：
This paper discusses the impact mechanism of managerial ownership on the research and development of the GEM companies by mathematical analysis and data verification. First, mathematical analysis thinks that： managerial ownership plays an incentive role in R＆D investment, and it can achieve the convergence effect of management and shareholders＇ interests. Secondly, the results of mathematical analysis are tested by using the balance panel data of 50 GEM companies from 2010 to 2015. As a result of the microscopic examination, management ownership and R＆D investment intensity is positively correlated, however, board ownership and board of supervisors ownership play a negative moderating role; the results of macroscopic examination is that economic boom index is positively correlated with R＆D investment.
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