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本文以中国上市公司为样本,以实物期权理论为基础,实证分析了企业的学习(以研发费用为代表)和控制行为(以广告费用为代表),管理者的学习行为(以管理经验和社会网络关系为代表)对企业成长价值的影响。结果表明,管理者的学习行为与企业成长价值显著正相关;在一定支出水平下,企业的学习行为和控制行为与企业成长价值正相关;学习行为相对于控制行为而言更为重要。部分行业存在研发支出和广告支出的临界支出水平。
Based on the real option theory, this paper empirically analyzes the learning behaviors of enterprises (represented by R & D expenses) and control behaviors (represented by advertising costs), the management behavior of managers (based on management experience and society Network relations as the representative) on the value of business growth. The results show that the manager’s learning behavior is significantly and positively correlated with the growth value of the enterprise; under a certain expenditure level, the learning behavior and control behavior of the enterprise are positively correlated with the growth value of the enterprise; and the learning behavior is more important than the control behavior. Some industries have R & D spending and advertising spending critical level of spending.