股权结构与研发投资——基于创业板上市公司的经验证据

Ownership Structure and R&D Investment: Evidence from GEM Listed Companies

以深圳证券交易市场2009—2014年创业板上市公司为研究样本,检验了股权结构和公司研发投资之间的关系。实证检验的结果表明:股权集中度的提高降低了公司的研发投资,而股权制衡则促进了公司的研发投资。进一步,在区分公司类型和市场化指数的情况下,研究表明,相比较非制造业的上市公司,制造业上市公司的股权集中度与研发投资之间显著负相关;相比较市场化程度低地区的上市公司,市场化程度高地区上市公司的股权集中度与研发投资之间显著负相关。提出要提高我国上市公司的创新能力,需完善大股东的治理机制。

Based on the data from 2009 to 2014 of the GEM listed companies, we have, in this article, explored the relationship between the ownership structure and the R＆D investment. The result of our study shows that improvement of ownership concentration reduces the R＆D investment, and while equity checks and balances is to promote the R＆D investment. Furthermore, distinguishing of the companies＇ type and marketization index, the study shows that, compared with the non-manufacturing listed companies and the listed companies in the low level of marketization index of region, there is a significant negative correlation between the ownership concentration and the R＆D investment in the manufacturing listed companies and in the listed companies from the high level of the marketization index of region. This conclusion implies that, in order to improve the R＆D investment, it is necessary to continue the perfection of the governance mechanism of major shareholders.