机构持股与企业研发投入——基于外部治理的视角

Institutional Holding and Firm's R&D Expenditure: Based on Perspective of External Governance

利用2007—2016年中国沪深两市A股上市公司的数据,实证检验了机构持股对企业研发投入的影响,以及股权性质和企业成长性对机构持股效果的影响。结果显示:机构持股能显著提升企业的研发水平;机构持股对企业研发的促进效果仅体现在民营企业和高成长性企业中,在低成长性企业和国有企业中不明显。

Using the data of China's A-share listed companies from 2007 to 2016,this paper studies empirically the impact of institutional holding on firm's R&D expenditure,and the moderating role of ownership structure and firm growth on the relationship between institutional holding and firm's R&D expenditure.The results show as follows:institutional holding would increase firm's R&D expenditure;and the positive connection between institutional holding and R&D expenditure is only significant in non-SOEs and firms with higher growth,and is insignificant in SOEs and firms with low growth.