上市公司股权结构、高管特征与R&D投入强度——基于不同产权的对比

Equity Structure of Listed Companies.Executive Characteristics and R&D Input Intensity

本文选取了沪深两市2010-2014年年度报告为依据,化工业,医药生物等行业为研究样本,分为国有和非国有进行对比研究。研究表明,两种产权下股权制衡度和R&D投入强度呈正相关,国有和非国有上市公司股权集中度分别与R&D呈正相关和负相关;两种产权下持股激励均与R&D投入正相关,国有上市公司的任期与R&D负相关,非国有正相关。针对以上结论和各自特征,分别对国有和非国有上市企业提出相关建议,以促进各自R&D投入强度,建立各自的核心竞争力。

The paper has selected some particular research samples in ShangHai and ShenZheng stork market such as chemical and medicine industry',then separate them according to different ownership system.Thp empirical study has illustrated that equity restriction ratio is positively related to R&D expenditure in both ownership system,ownership concentration is positively and negatively related to R&D expenditure in state-owned company and non-state-owned company.Stock reward is positively related to R&D expenditure in both ownership system,senior executive term is negatively and positively related tn R&D expenditure in state-owned company and non-stale-owned company.According to those conclusions and respective characters,I make some suggestions to different listed ownership companies to improve R&D expenditure and estahlish respective core competitiveness.