Abstract: This paper explores the differences between male and female in R&D intensity and R&D effort based on the Z-Tree experimental platform and R&D investment natural game experiment. The research shows that risk aversion tends to cause females' R&D intensity to be lower than that of males and females are willing to invest more R&D efforts than males do. Our further research shows that males' R&D efforts have declined significantly over time, but females' R&D efforts have risen. Both males and females show a mental account effect in decision-making, and females are more willing to increase their performance through input efforts. Males more reflect the idea of options during investment, while females are more likely to show risk aversion and sustained efforts under long-term tendencies. This paper reveals the internal mechanism of gender diversity of boards, staggered boards, and deferred compensation. The findings can provide empirical reference for the gender allocation of business positions, staggered boards and incentive contract design.

Key words: gender difference, R&, D investment, experimental research, mental accounts, risk aversion, long-term tendency

摘要： 基于Z-Tree实验平台利用研发投资自然博弈实验研究发现风险规避导致女性的研发投入强度低于男性,但女性在研发投资过程中愿意投入的研发努力程度高于男性。随着时间推移,男性的研发努力程度明显下降,但女性的研发努力程度反而上升。男性和女性在决策中均表现出心理账户效应,女性更加愿意通过努力来提高业绩。男性在投资中更多体现期权思想,而女性更多表现出长期倾向下的持续努力。文章在揭示性别因素影响研发投资机理基础上,为董事会性别多样性、分级董事会以及递延薪酬等治理机制发挥作用机理提供了新解释。研究结论可以为企业职位的性别配置、分级董事会以及激励契约设计提供借鉴。关键词:性别差异;研发投资;实验研究;心理账户;风险规避;长期倾向

关键词: 性别差异, 研发投资, 实验研究, 心理账户, 风险规避, 长期倾向