股权结构对国有装备制造企业创新投入的影响

Influence of Shareholding Structure on the Innovative Input of State Owned Equipment Manufacturing Enterprise

文章从理论和实证两个方面分析了股权结构与装备制造企业R&D投入的关系问题,着重说明了股权结构对研发支出强度的影响,进而对装备制造企业提升创新能力的影响。研究表明:(1)股权集中度与研发支出强度存在"倒U型"关系;(2)股权制衡、经营者剩余索取权均与研发支出强度存在正相关关系,但并不具有统计上的显著性;(3)国有股比例对研发支出强度有积极影响,但含国有股的样本公司R&D投入比较低,说明含国有股的上市公司更加缺乏激励性。依据分析得出结论:股权结构调整对加大装备制造企业研发支出强度,提升创新能力具有重要影响作用。

This article analyzes the relationship between shareholding structure and RD input of equipment manufacturing enterprise theoretically and empirically, emphasizing the influence of shareholding structure on the intensity of developing expenditure and the further influence on the innovative promoting ability of equipment manufacturing enterprise. The study shows that： 1 there is an inverted＂U＂relationship between the degree of concentration of shareholding and the intensity of the expenditure of developing; 2 there is a positive relation between stock right and right of requirement for the surplus of the proprietor, but not conspicuous statistically; 3 there is a positive influence of the proportion of state owned stock on the intensity of expenditure of developing, but the RD input of sample company holding state owned stock is low, showing its lack of impetus. The conclusion is that there is a great influence of the adjustment of shareholding structure on the expenditure intensity of enlarging development and promoting innovative ability of equipment manufacturing enterprise.