民营企业的股权结构对R&D投资行为的传导效应研究

Study on the Conduction Effect of Private Enterprises' Stockholder's Rights Structure upon R&D Investment Behavior

本文考察了民营企业的治理结构对R&D投资的传导效应,通过对2008至2010年深沪两市披露了研发支出数据的民营上市公司的实证检验,发现公司的股权结构与企业R&D投资行为有密切的关系;而股权集中度在一定区间内的变动对企业R&D投资影响的主要原因是企业与第一大股东之间的关联交易会随着股权集中度的提高而更加频繁,从而导致利益输送行为的发生,并最终弱化企业的R&D投资。进一步的分析发现,股权制衡作为公司内部的治理机制,可以缓解股权集中度的变动对研发投资的不利影响,区别于高股权制衡样本企业,低股权制衡企业R&D投入受挤占的程度较弱。此外,法律环境的完善作为外部治理机制可以有效制约股权集中对研发投资的负面影响。

This paper inspects the conduction effect private enterprises ’ government structures affect the R＆D investment. Through the positive research of R＆D investment from private enterprises which had been disclosed from 2008 to 2010,the research discovered the company the stockholder’s rights structure and the enterprise R＆D investment behavior has the close relationship. But the related transaction will be more frequent along with the enhancement of the stockholder ’s rights concentration degree is the primary cause which leads to the influence of certain sector change of the stockholder ’s rights concentration degree to the enterprise R＆D investment,which causes the occurrence of the benefit transportation behavior,and finally decrease the R＆D investment. We also find that,the ownership restriction uses as the company internal government mechanism may alleviate the adverse effect the change of the stockholder’s rights concentration degree to R＆D investment,there is weaker decrease in low ownership restriction enterprises than higher ownership restriction enterprises. In addition,the legal environment as an exterior government mechanism may restrict the negative influence the stockholder’s rights centralism done to R＆D investment effectively.