摘要:随着时代发展，企业想要长久盈利和发展已经不能仅仅依靠以往的规模效应来降低成本或者通过占据大份额市场来进行产品销售，而是要努力通过创新提升自身竞争水平，争取在行业中位居前列。国家也必须创新，这样才能够优化产业结构，成为世界强国之一。但同时，创新又包含着巨大风险。企业进行研究开发活动要投入大额资金，而研发活动一般在当年不能获得利益回报，即研发活动收益具有滞后性。另外，研发活动还具有不确定性和外部性风险。

现有文献考虑可能影响企业研发投入的因素及其影响，主要集中在宏观和微观两个层面。如今越来越多的企业引入女性高管，女高管占高管团队的比重也越来越大，已成为不可忽视的一股力量。本文主要探讨高管团队中女性成员比例是否能对研发支出造成影响，如果两者相关，政府补助又会对两者关系起到什么作用。发现在创业板上市公司中，女性高管数量与企业研发投入正相关，而政府补助却会反作用于两者间关系。

关键词：女性高管；政府补助；企业研发投入

Female Executives,Government Subsidies and R&D Investment

Abstract:With the development of the times, companies want long-term development and profit can not rely solely on the past size to reduce costs or occupy a large share of the market, but to rely on innovation to enhance their core competitiveness. Our country need innovation, because innovation can optimize the industrial structure and enhance international competitiveness. But at the same time, innovation contains huge risks. The research and development(R&D) activities of the enterprise need much financial support, and R&D activities generally gain benefit in a few years later. In addition, the R&D activities also have uncertainty and external risks.

The existing researches on the influence factors of R&D investment mostly focus on the macro and micro two levels. Now the proportion of female executives is getting higher and higher, and they can not be ignored. This paper mainly discussed the impact of female executives on R&D investment, and the moderating effect of government subsidies on the relationship between them. The results showed that female executives can promote R&D investment, but government subsidies would weaken this effect.

Key Words: Female Executives; Government Subsidies; R&D Investment

目 录

摘 要....Ι

Abstract...Ⅱ

目 录..Ⅲ

一、选题背景 1

二、文献综述 2

(一)宏观层面 2

（二）微观层面 3

三、理论分析和假设 5

四、研究设计 7

（一）数据选取 7

（二）变量与模型 7

（三）数据分析 9

（四）稳健性检验 11

五、结论 13

参考文献 14

一、选题背景

大数据、互联网+、一带一路、人工智能、工业4.0……层出不穷的新名词一次次刷新、重塑我们的认知。我国政府也提出要“大众创业，万众创新”，倡导不仅在技术上，还要在思维上和体制上变革。传统工业社会时代已经渐行渐远，现在已经是信息化时代，企业间竞争越来越激烈，产品技术更新越来越快，曾经的规模优势已经被企业创意取代，唯有改变，企业才能长存，国家才会成为强国。