摘要
股权结构如何影响企业研发投入一直是理论界关注的重大问题。而传统的研究忽视了企业间控股结构对研发投入的影响。结合产权性质,全面地考察了金字塔控股特征对于企业研发投入的影响。实证表明当终极控制人为国家时,其研发投入少于终极控制人为非国家的企业;随着终极控制人控制权的加强,金字塔集团控制链的长度、公司的数量对上市公司研发投入产生的复杂效应不断减弱;两权分离度对研发投入具有负影响;当终极控制人为国家时,复杂效应与分离效应均不显著;当终极控制人为其他主体时,复杂效应与分离效应却很显著。
The influence of ownership structure on corporate investment in R ＆ D has been a major problem in theory field. The traditional research ignores the effect of holding structure between different corporate on R＆D investment. In this paper, a comprehensive analysis of the effect of corporate pyramids structure on R＆D combined with difference of property rights is done. The empirical results show that, in the case of other conditions unchanged, state - controlled firms in China pay less R＆D investment than others; firms with longer control chain and more members pay less R＆D investment, but the increase of control fights will reduce the negative effect; the separation of cash flow fights and control rights has a negative effect on R＆D investment; when the ultimate controller is the country, scale effect and the separation effect is not signifi- cant; when the ultimate controllers are other body, scale effect and the separation effect is very significant.
出处
《科技管理研究》
CSSCI
北大核心
2015年第11期99-105,共7页
Science and Technology Management Research
基金
国家自然科学基金项目"社会责任投入权衡
信誉资本和公司价值创造"(71372166)
关键词
金字塔控股
研发投入
终极控制人
两权分离度
控制链
产权异质
pyramidal holding structure
R＆D investment
ultimate controller
the separation of cash flow rights and con-trol rights
control chain
difference of property rights
