治理结构、研发投入与公司绩效——基于中国制造型上市公司数据的研究

Corporate Governance,R&D Investment and Corporate Performance——A Study Based on the Data of China's A-share Market Listed Manufacturing Companies

本文构建了一个交互效应模型,研究了中国制造型上市公司治理结构与研发投入的交互效应对公司经营绩效的影响。结果表明研发投入能促进经营业绩提升,但是这一过程会受公司治理结构制约,其中:股权集中度达到一定的水平时,研发投入才会对企业绩效产生正向促进作用;机构投资者持股比例和高管持股比例都对研发投入有显著恒正向的影响;而股权制衡程度与研发投入的交互效应不显著。同时,治理结构与研发投入的交互作用在国企与非国企有显著的差异,其中股权集中度、机构持股有助于增加国企的研发投入,但是对公司绩效的提升作用不显著;而高管持股交互项在国企不显著。

This essay elaborates a model applied to study the impacts on the corporate performance from interactive effects between corporate governance and B＆D investment by using the data of China＇ s Ashare market listed manufacturing companies. The study shows R＆D investment contributes to corporate performance improvement but inclines to be swayed by corporate governance. The R＆D investment can only be conducive to corporate performance when sharehold ings are centralized to a certain level. Centralized shareholdings by institutions and managements significantly play a con stant and positive role in R＆D investment optimization, whereas the interactive effect between the shareholding commen suration and R＆D investment is not noticeable. Meanwhile, the interactive effects greatly differ in stateowned enterprises and in private ones. In terms of stateowned enterprises, the centralized level of shareholdings and ownership by institutions are conducive to the R＆D investment optimization, notwithstanding the indistinctive contributing to the corporate performance improvement. Furthermore, the interactive effect of management＇s ownership is not notable in stateowned enterprises.