员工责任、研发投入与企业价值的关系探究
Exploring the Relationship between Employee Responsibility, R&D Investment and Firm Value
摘要: 为探究员工责任、研发投入与企业价值三者之间的关系，文章以沪深两市A股上市非金融类企业为研究对象，选取2011~2021年的面板数据为样本，运用多元回归模型实证检验了研发投入在员工责任与企业价值之间的中介效应。研究结果显示：企业履行员工责任会降低企业价值，在考虑两者间内生性情况下依然成立，研发投入在员工责任与企业价值之间起中介作用。此外，员工责任对企业价值的负向影响在高科技企业或者技术密集型企业中更为显著。
Abstract: In order to explore the relationship between employee responsibility, R&D investment and enterprise value, the article takes A-share listed non-financial enterprises in Shanghai and Shenzhen as the research object, selects the panel data from 2011~2021 as the sample, and empirically examines the mediating effect of R&D investment in the relationship between employee responsibility and enterprise value by using multiple regression model. The results show that the fulfillment of employee responsibility reduces firm value, which still holds when considering the endogeneity between the two, and R&D investment mediates between employee responsibility and firm value. In addition, the negative effect of employee responsibility on firm value is more significant in high-tech or technology-intensive firms.
文章引用：陈欣. 员工责任、研发投入与企业价值的关系探究[J]. 运筹与模糊学, 2024, 14(2): 487-499. https://doi.org/10.12677/orf.2024.142154

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