企业期望绩效反馈_CEO强制变更与研发投入

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企业期望绩效反馈_CEO强制变更与研发投入_MBA毕业论文DOC

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更新时间：2018/11/14(发布于湖南)
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文本描述

摘要
研发投入是现代公司提高市场竞争力的关键环节。随着市场竞争的日益激烈，
公司高管也逐渐认识到研发投入在公司发展过程中的重要性。CEO 在公司战略变革
和决策中扮演着重要角色，对公司的各个方面都有影响，其中包括公司的研发投入
决策。目前，CEO 变更事件发生率在全球范围内居高不下，那么企业的期望绩效反
馈是否会影响 CEO 强制变更？CEO 强制变更之后会给公司带来新的战略决策环境，
这是否能加大公司的研发投入呢？基于这样的背景，本文以 CEO 强制变更为研究中
心，旨在研究 CEO 强制变更的前因后果，分析企业发生 CEO 强制变更行为是否与
企业期望绩效反馈有关以及公司在发生了CEO强制变更后是否会影响公司的研发投
入行为，这具有一定的现实意义

本文选取 2011-2014 年度沪深两市主板 A 股制造业上市公司为研究样本，并考
虑到研发投入的滞后效应，同时选取样本公司 2012-2015 年度研发投入的数据来探讨
样本公司发生 CEO 强制变更行为的前因后果。首先，本文阐述了文献综述与相关理
论基础，分析企业发生 CEO 强制变更行为的影响因素、企业研发投入行为的影响因
素以及 CEO 强制变更与企业研发投入之间的逻辑关系，接着在此基础上，本文提出
了研究假设，并构建多元回归模型。其次，本文运用 Stata12.0 等软件对样本数据进
行实证分析，得出相关的实证结论。实证结果表明：（1）企业发生 CEO 强制变更
的行为与企业期望绩效反馈显著正相关。当制造业上市公司的实际经营绩效低于期
望绩效时，随着企业实际经营绩效低于期望绩效程度的增大，企业发生 CEO 强制变
更的可能性将增加；（2）制造业上市公司在发生 CEO 强制变更后，新继任的 CEO
对企业的研发投入变少了；（3）相比于内部来源的 CEO 强制变更，外部来源的 CEO
强制变更后对公司的研发投入更少。最后，本文在研究结论的基础上提出了相对应
的对策和建议

关键词：期望绩效反馈；CEO 强制变更；研发投入；CEO 来源
作者：朱佳佳
指导老师：张薇
II
Expected performance feedback,The CEO of forced
change and R&D
Abstract
R&D investment serves as a key link in improving modern companies&39; market
competition.With the increasing fierce market competition,CEO has realized that R&D
investment is very important for the development of the companies. CEO plays a vital role
in strategic changes and decision-makings,affects all aspects of the company, including the
strategy of R&D investment. At present, the forced changes of CEO frequency in the
world is very high. So will the expected performance feedback affect CEO forced changes
CEO after forced changes will bring a new strategic decision environment, whether it can
increase the R&D investment in the company Based on CEO force changes as the
research center, this paper aims to study the ins and outs of corporate behavior about CEO
forced change,analyze whether corporate behavior about CEO forced change is related to
the expected performance feedback and whether CEO forced changes will affect the
company&39;s R&D,which has certain practical significance.
In this paper, the stock A manufacturing companies of Shanghai and Shenzhen
Securities Exchange from 2011 to 2014 are taken as a sample. And considering the lag
effect of R&D investment, at the same time, the R&D investment data of the sample from
2012-2015 are selected to discuss the consequence of the CEO forced change. First, the
Literature review and related theories are represented, the influence factors of CEO forced
change, the influence factors of enterprise R&D and the logical relationship between the
CEO forced change and R&D are analyzed.Then, research hypothesis are put forward and
multiple regression models are established. In addition, Stata12.0 is employed to analyze
the sample data. The related empirical conclusions are made:(1)The behavior of the CEO
forced change is positively correlated with the performance feedback of the
enterprise.With the increase degree of the performance gap, the possibility of CEO forced
changes will increase when the performance of manufacturing listed companies is lower
than the expected performance;(2)The new CEO after being forced to change will reduce
III
the company&39;s r&d investment;(3)Compared to internal sources, the new CEO from
external sources will reduce more r&d investment after being forced to change. Finally,
based on the conclusions, some suggestions are advanced.
Key words: expected performance feedback; CEO of forced change; R&D
investment; Sources of CEO
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