摘要
运用深圳创业板市场上市公司的非平衡面板数据作为样本,对股权集中度、R&D投入强度与创业企业成长之间的关系进行实证研究。结果显示:(1)R&D投入强度与创业企业成长显著正相关;(2)股权集中度与创业企业的成长显著负相关;(3)股权集中度与创业企业的R&D投入强度显著负相关;(4)R&D投入强度在股权集中度与创业企业成长之间起着显著的中介作用,但股权集中度对R&D投入强度和创业企业成长之间的关系并无显著的调节效应。进一步厘清了股权集中度与R&D投入强度对创业企业成长的影响机制,并为此提供有力的实证证据。
Applying the unbalanced panel data of listed companies from Shenzhen GEM as sample,discussing the relationship between ownership concentration,R&D intensity and entrepreneurial enterprise growth.The empirical results show that R&D intensity significantly promotes the growth of China’s start-up enterprises.Ownership concentration has significant negative influence both on the growth and R&D intensity of entrepreneurial enterprises.R&D intensity has conducted partial influence of ownership concentration on enterprise growth,which means that there is a mediating effect among this three.The conclusion provide evidence for firms’R&D investment and ownership governance decision.
作者
乔明哲
吴为民
徐士伟
杨笑
QIAO Mingzhe;WU Weimin;XU Shiwei;YANG Xiao(School of Finance and Management,Shanghai University of International Business and Economics,Shanghai 201620,China;Investment Institute,Tongji University,Shanghai 200092,China;College of Economics and Management,Shanghai Ocean University,Shanghai 201306,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2019年第6期80-89,共10页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家自然科学基金重点项目(71532005)
教育部人文社会科学规划基金项目(18YJAGJW006)
上海市教育委员会科研创新重点项目(14ZS147)
上海海洋大学科技发展专项(社科类)(A2-2006-00-200415)
关键词
股权集中
R&D强度
创业企业
ownership concentration
R&D intensity
entrepreneurial enterprise
