机构持股、公司治理与上市公司R&D投入——来自中国上市公司的经验证据

Institutional Investors,Corporate Governance and R&D Input of Listed Companies——Based on Experience Data of Listed Companies in China

基于代理理论,检验了机构投资者能否作为一种公司治理机制,降低管理层的代理成本,激励上市公司管理层增加R&D投入、追求上市公司的长期价值。结论显示,机构持股与上市公司R&D支出之间存在显著正相关关系,机构持股能够激励企业进行长期投资。以上发现表明,机构投资者已经能够作为一种公司治理的机制参与到公司治理中,并对公司的经营运作发挥监督作用。

This paper makes an investigation on whether institutional investors in China could effectively encourage corporate managers to increase R＆D expenditure for long term value of the firm. The results indicate that managers are more likely to increase R＆D expenditure when institutional ownership is high. The results support that institutional investors in China begin to care about corporate governance and are capable of monitoring the manager action and firm operation.