股权结构对企业研发投资影响的实证研究

An Empirical Analysis of the Impact of Ownership Structure on the Firm R&D Investment

利用中国工业企业数据库发布的重工业企业调查数据,实证检验股权性质对企业研发投资频度的影响以及股权集中度对企业研发投资强度的影响。研究发现：（1）股权性质不同的企业在研发投资频度上不一定具有显著性差异,但企业规模与企业年龄对企业研发投资频度产生重要影响。股权性质、企业年龄对企业研发投资强度的影响并不显著,但企业规模对企业研发投资强度带来显著性影响。（2）股权集中度对企业研发投资强度的影响存在双门槛效应。研究认为,控股股东持股比例大约保持在0.5-0.8左右更利于企业技术创新;企业间应加强技术创新合作以形成研发投资的规模效应。

This paper tests empirically the impact of equity nature on firms＇ RD frequency and the impact of the degree of ownership concentration on RD investment intensity,using heavy industry survey data released by the database of Chinese industrial enterprises based on the methods of Nonparametric regression and OLS and tobit estimation. It is found that the effect of the proportion of controlling shareholders on the intensity of RD investment has the threshold effect. The nature of ownership and the age of enterprise have no significant effect on the intensity of RD investment,but the scale of enterprise has a significant impact on the intensity of RD investment. In the view,the proportion of the controlling shareholder is about to keep 0. 5 ~ 0. 8 more advantageous to the technological innovation of the enterprise,and enterprises should strengthen the technological innovation cooperation to form the scale effect of RD investment.