研发投入与实际控制人持股比例的关系——基于中国上市公司的实证研究

Relationship between R&D Input and Shareholding Ratio of Actual Controller:Empirical Study Based on Chinese Listed Companies

利用2008—2015年中国A股上市企业的数据,探究了企业研发投入与实际控制人持股比例的关系。结果显示:两者存在先升后降的倒"U"型关系;实际控制人持股比例存在一个最优水平,可使企业的研发投入处于最高水平。

Using the data of A-share listed companies in. China from 2008 to 2015 ,this paper empirically studies the relationship between. R＆-D inputs and the shareholding ratios of the actual controllers. The result shows as follows： there is an. inverted U - shape relationship between. them;there exists a optimal shareholding ratio of actual controller？which could make enterprises R＆-D input get the highest level.