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中文摘要：
高管激励与研发支出显著正相关,但二者是否存在内生性问题？基于2009—2011年中国制造业上市公司数据的实证研究发现,高管激励和研发支出之间存在内生性问题,OLS回归法会导致系数估计不具有一致性。利用联立方程模型则发现,高管股权激励和研发支出之间存在双向因果关系,高管报酬激励与研发支出之间并不存在因果关系。这表明高管激励和企业研发支出决策之间存在相互影响。
英文摘要：
Previous studies suggest that here is significantly negative relationship between the incentives of senior management and RD expenditure.However,the relationship between the incentives of senior management and RD expenditure may face the problem of endogeneity.Based on the data of Chinese manufacturing listing corporation between 2009 and 2011,the empirical study finds,the endogeneity problem exists in the relationship between the incentives of senior management and RD expenditure,and the coefficient estimate is not consistent using OLS.Using simultaneous equations model,it is found that,there is a two-way causality between executive equity incentive and RD expenditure,and there is no causality between executive reward incentive and R D expenditure.This suggests that executive incentives and corporate R D expenditure affect each other.
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