| 股权结构与R&D投入的相关性检验——来自创业板市场的经验证据 |
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| 引用本文： | 郑毅,王琳琳,王明华.股权结构与R&D投入的相关性检验——来自创业板市场的经验证据[J].科技管理研究,2016(24):69-76. |
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| 作者姓名： | 郑毅 王琳琳 王明华 |
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| 作者单位： | 1. 辽宁工程技术大学工商管理学院,辽宁葫芦岛 125105;南开大学中国公司治理研究中心,天津300071;2. 辽宁工程技术大学工商管理学院,辽宁葫芦岛,125105 |
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| 基金项目： | 辽宁社科联项目“促进辽宁企业创新的公司治理信任机理研究”(2016lslktziglx-15)，辽宁省2016大学生创新项目“公司治理影响辽宁企业突变式创新的机理研究”(201610147000069) |
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| 摘 要： | 选取2011—2014年创业板上市的281家公司为研究对象,对股权结构与RD投入的相关性关系进行实证研究。结果发现大股东具有攫取控制权私有收益的倾向,导致大股东的堑壕效应,股权集中度与RD投入呈显著的负相关关系;第二到第五大股东能够对第一大股东实施有力的制衡,股权制衡度与RD投入呈显著的正相关关系;机构投资者能够理性投资,参与公司治理,机构投资者持股与RD投入呈显著的正相关关系。
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| 关 键 词： | 创业板 股权集中度 股权制衡度 机构投资者 R&D投入 |
| 收稿时间： | 2016/3/22 0:00:00 |
| 修稿时间： | 2016/4/13 0:00:00 |
Correlation test between ownership structure and R D investment-Empirical Evidence from Growth Enterprises Market |
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| Abstract: | This paper selects 281 companies from 2011 to 2014 listed on the Growth Enterprises Market as the research object and makes an empirical study on the relationship between the ownership structure and R&D investment.The results showed that large shareholders have to grab control of the tendency of private benefits,resulting in large shareholders entrenchment effect,so ownership concentration degree has a significant negative correlation with R&D investment.The second to the fifth largest shareholder can carry out effective checks and balances to the first major shareholder,so equity balance degree has a significant positive correlation with R&D investment.Institutional investors can carry on the reasonable investment and participate in corporate governance,so institutional investors show a significant positive correlation with R&D investment.This paper attempts to explore the impact of China's GEM Listing Corporation equity structure on R&D investment,in order to provide some empirical evidence aad theoretical basis to help the Growth Enterprises Market reasonably adjust to the ownership structure,improve the corporate governance structure,increase the strength of business R&D investment and improve the enterprise innovation ability. |
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| Keywords: | growth enterprises market ownership concentration equity balance institutional investors R&D investment |
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