营运资金结构、股权集中度与研发投入——基于中国A股上市公司的经验证据

Working Capital Structure, Equity Concentration and R&D Investment: Empirical Evidence Based on Chinese A-Share Listed Companies

文章以2013-2016年中国A股上市公司为研究样本,实证分析了营运资金结构对企业研发投入的影响,并发现股权集中度也在一定程度上影响营运资金结构对企业研发投入的效用。结果表明:经营营运资金占有率在一定程度上抑制了企业的研发投入,投资营运资金占有率对企业研发投入具有一定的积极效应,投资营运资金占有率越高,企业研发投入动机越大;通过对股权集中度的分析发现,股权集中度对公司的研发投入存在抑制作用;而股权集中度对经营营运资金占有率与企业研发投入具有促进效应,对投资营运资金占有率与企业研发投入具有抑制效应;在国有企业中上述现象不明显,而在非国有企业中上述现象非常显著。

Based on the 2013-2016 China A-share listed companies,this paper empirically analyzes the impact of working capital structure on R&D investment of enterprises,and finds that the concentration of ownership also affects the effectiveness of working capital structure on R&D investment.The results show that the operating capital share has inhibited the R&D investment of the enterprise to a certain extent.The investment working capital share has certain positive effects on the R&D investment of the enterprise.The higher the investment working capital share,the greater the motivation for R&D investment;Through the analysis of the concentration of equity,it is found that the concentration of ownership has a restraining effect on the company's R&D investment;while the concentration of ownership has a promoting effect on the operating capital share and the R&D investment of the enterprise,and has the investment working capital share and the enterprise R&D investment.The suppression effect;the above phenomenon is not obvious in state-owned enterprises,and the above phenomenon is very significant in non-state-owned enterprises.