股权集中度、股权制衡与公司R&D投资--来自中国上市公司的经验证据

Ownership Concentration,Outside Blockholders,and R&D Expenditure: Evidence from China′s Listed Companies

本文利用中国上市公司1999～2006年的R&D数据,对公司控股股东类型、股权集中度及股权制衡度与公司R&D投资之间的相关性进行了实证检验。结果发现,控股股东持股比例与公司R&D投资强度之间呈"N"型关系;对上市公司R&D投资强度的激励效应由强到弱的股权类型依次为:私有产权控股、中央直属国有企业控股、地方所属国有企业控股、国有资产管理机构控股。股权制衡对公司R&D投资强度的影响因控股股东性质不同和股权集中度的不同而不同。

This study investigates the ownership concentration, outside blockholders and their effects on R＆D expenditure for china＇s listed companies in 1999-2006. The results show that： there is ＂N＂, rather than linear relationship between R＆D expenditure and the largest shareholder, therefore incentive effect is different between the largest shareholder＇s property： the effect is from the highest to the lowest in the listed companies controlled by private entities, by the central government＇s enterprise,by the local government＇s enterprise,and by state asset-management bureaus in order.Outside blockholders is generally associated with higher firm R＆D expenditure.