股权性质、股权集中度和股权制衡度与研发投入绩效

Equity nature, ownership concentration, outside block holders and R&D investment performance

本文旨在研究如何通过优化上市公司股权结构来提高研发投入效率。运用多元回归法检验研发投入与制造业上市公司绩效的关系,以分组回归法分析不同股权性质制造业上市公司研发绩效的差异,并利用门限模型研究股权集中度和股权制衡度对研发投入转化效率的影响。主要结论有:研发投入能够促进公司远期绩效的提升;民营制造业研发投入转化效率明显优于国有企业,外资研发投入未能显著改善公司绩效;过高股权集中度会抑制研发投入转化效率;提高股权制衡度能提高研发投入转化效率。

The purpose of this paper is to study how to improve the efficiency of R＆D investment by optimizing the equity structure of listed companies. We use the multiple regression method to test the relationship between R＆D investment and the performance of listed companies in the manufacturing industry. The group regression is used to analyse the differences in R＆D performance of listed companies with different nature and the threshold model is used to study the impact of ownership concentration and outside block holders on R＆D investment conversion efficiency. The main conclusions are： R＆D investment can promote the company＇s long-term performance; the R＆D investment conversion efficiency of private manufactures is significantly better than state-owned enterprises, the R＆D investment efficiency of foreign investment cannot significantly improve the company＇s performance; excessive concentration of ownership will inhibit R＆D investment conversion efficiency; Increasing the Equity Restriction can improve the Efficiency of R＆D Investment.