民营企业原始产权获得方式与研发投入

The Original Property Right Acquisition Method and R&D Investment

民营企业按照原始产权的不同获得方式可分为国有转制型民营企业和创业型民营企业两类。文章以2007—2019年上市民营企业为样本,探究民营企业原始产权的不同获取方式对其研发投入的影响。结果显示:相较于创业型民营企业而言,国有转制型民营企业的研发投入水平较低;国有转制型民营企业的低研发投入效应在信任水平较低的地区、投资者关注度较高以及媒体关注度较高的公司中更加明显;有效的公司内部治理(企业内部控制)、高管激励机制(薪酬激励)以及机构投资者的监督可以有效缓解国有转制型民营企业的低研发投入问题。

According to the different ways of obtaining the original property rights,private enterprises can be divided into state-owned transformation private enterprises and entrepreneurial private enterprises.Taking the listed private enterpris⁃es from 2007 to 2019 as a sample,this paper explores the impact of different ways of obtaining the original property rights of private enterprises on their R&D investment.The results show that compared with entrepreneurial private enterprises,the R&D investment level of state-owned transformation private enterprises is lower;the effect of low R&D investment of state-owned private enterprises is more obvious in regions with low trust level,companies with high attention of investors and media;effective corporate internal governance(enterprise internal control),executive incentive mechanism(salary incentive),and the supervision of institutional investors can effectively alleviate the problem of low R&D investment of state-owned transformed private enterprises.