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以2004—2008年披露的R&D支出的602个中国上市公司为样本,实证研究了上市公司CEO任期与R&D强度的关系。研究结果表明,CEO的任期与R&D强度呈倒U型关系,且这一转折点发生在CEO任期约为7年的时候。不同年龄层次和教育层次的CEO,其任期与R&D强度的关系存在显著差异:年龄小于45岁的CEO,其任期与R&D强度显著正相关,年龄大于等于45岁的CEO,其任期与R&D强度显著负相关;学历低于本科的CEO,其任期与R&D强度呈倒U型关系,学历高于本科的CEO,其任期与R&D强度显著正相关,而学历为本科的CEO,其任期与R&D强度无显著关系。
Based on the sample of 602 Chinese listed companies with R & D expenditures disclosed in 2004-2008, this paper empirically studies the relationship between CEO tenure and R & D intensity of listed companies. The results show that CEO tenure and R & D intensity inverted U-shaped relationship, and this turning point occurred in the CEO term of about seven years. The relationship between tenure and R & D intensity was significantly different among CEOs of different age groups and education levels: the CEOs younger than 45 years old had significantly positive relationship with their R & D intensity, and those with the age of 45 or above had significant tenure and R & D intensity Negative relationship; CEO education below the undergraduate degree, its tenure and R & D intensity inverted U-shaped relationship, higher education than the undergraduate CEO, the term of office and R & D intensity was significantly and positively related to the education of the undergraduate CEO, its tenure and R & D intensity Significant relationship.