摘要
研发投入与创新绩效对于创业板企业至关重要,但企业是否愿意在研发方面投入,股权结构的影响尚不清楚。文章基于我国创业板科技类企业年度报告中的数据,研究股权结构、研发投入与创新绩效的关系。分析结果表明:(1)股权集中度与研发投入、创新绩效存在负向关系,高股权集中度下,对研发人员投入可能转为积极影响;(2)股权制衡与研发投入、创新绩效存在正向关系,股权集中度越高,制衡的治理作用越明显;(3)研发投入积极影响创新绩效,且在股权结构影响创新绩效的过程中起部分中介作用,其中,经费投入比人员投入对创新绩效的促进作用更强。为创业板科技型企业优化股权结构、制定研发投入策略、提高创新绩效提供路径依据。
R&D investment and innovation performance is essential for GEM enterprises.However,there is no clear understanding about the company's investment inclined in R&D field and how does the company's ownership structure affect it.The relationship among ownership structure,R&D investment and innovation performance have been discussed in this paper based on the data of China's GEM technology enterprises'annual report.The results show that(1)ownership concentration has negative relationship with R&D investment and innovation performance unless the ownership is highly concentrated;(2)the balance of ownership and control has positive relationship especially when ownership is highly concentrated;(3)R&D investment plays a mediating role in the process of ownership structure and can improve innovation performance.This study provides a pathway for the GEM technology companies to optimize the ownership structure and improve R&D investment and innovation performance.
出处
《生产力研究》
2017年第9期1-7,共7页
Productivity Research
基金
国家社科基金"智力资本整合视角下企业双元创新机制研究"(14BGL025)
西安市社科基金"西安科技型企业创新成果转化中试环节运行机制研究"(17J87)
