股权结构、研发投入与高端制造业企业成长关系研究

Study on Relationship among Shareholding Structures,R&D Investment and Growth of High-end Manufacturing Enterprises

以2014—2018年A股高端制造业上市公司为样本,使用因子分析法分析A股高端制造业股权结构、研发投入与企业成长之间的关系.研究表明,研发投入强度对企业成长性有显著正向促进作用;关于研发投入对企业成长性的影响,第一大股东持股比例起负向调节作用;前五大股东持股比例起正向调节作用;股权制衡起正向调节作用.

Taking listed A-share high-end manufacturing companies from 2014 to 2018 as samples,the relationship among shareholding structures,R&D investment and enterprise growth of A-share high-end manufacturing companies are analyzed by means of factor analysis.It is found that the intensity of R&D investment has a significant positive effect on the growth of enterprises;as for the impact of R&D investment on enterprise growth,the shareholding ratio of the largest shareholder has a negative moderating effect;the shareholding ratio of the top five shareholders plays a positive regulating role;and equity restriction of the shareholding plays a positive regulating role.