中文摘要：

将CEO年龄视为股权集中度与研发投入关系的调节变量，以2010~2014年3620条中国制造业上市公司数据为样本，应用基于最小二乘法的多元回归分析方法进行实证分析。CEO年龄对企业研发投入无直接影响效应，但能正向调节股权集中度和研发投入的关系。作为探究研发投入决策的新视角，CEO相对年龄比CEO自然年龄对股权集中度与研发投入的关系具有更强的正向调节作用。用固定效应回归分析和基于时滞效应的回归分析方法验证了结果的稳健性。

英文摘要：

CEO age is viewed as the moderating variable of the relationship between ownership concentration and R＆D expenditure. Data consisting of 3620 firm-years observations collected from the Chinese listed manufacturing enterprises over 2010-2014 are the research sample. Multiple regression analysis method based on orthogonal least square（OLS）was adopted as the data analysis method. CEO age has no direct effects on R＆D expenditure, while it can positively moderate the relationship between ownership concentration and R＆D expenditure. As the new perspective in investigating the antecedents of R＆D expenditure, CEO＇s relative age shows more significant positive moderating effect than CEO＇s physical age does. Fixed effect regression method and regression analysis method based on time delay effect were used to verify the robustness of the results.