无实际控制人对上市公司研发强度与成长性的影响研究

Study on the Influence of Without Actual Controllers on R&D Intensity and Growth of Listed Company

随着中国经济和资本市场的发展,无实际控制人的上市公司数量迅速增长。以2015—2019年沪深A股无实际控制人上市公司作为研究样本,探讨了无实际控制人股权结构对上市公司研发决策及未来成长性的影响。研究结果表明,无实际控制人的股权结构既能够提升研发强度,也有助于提高上市公司的成长性,并且研发强度的提升对上市公司的成长性也有一定促进作用。研究结论从研发与成长层面丰富了无实际控制人的治理效果研究,进一步深化了对无实际控制人这一特殊股权结构的认识。

With the development of China’s economy and capital market,the number of listed companies without actual controllers grows rapidly.This paper takes Shanghai and Shenzhen A-share listed companies without actual controllers from 2015 to 2019 as research samples to explore the impact of ownership structure without actual controllers on R&D decisions and future growth of listed companies.The results show that ownership structure without actual controllers can not only improve R&D ratio,but also help improve the growth of listed companies,and the improvement of R&D ratio also feeds back into the growth of listed companies.The conclusion enriches the research on the governance effect of without actual controller from the perspective of R&D and growth,and further deepens the knowledge of the special shareholding structure of without actual controller.