研发投入、股权集中度与公司成长性

R&D Investment,Ownership Concentration and Company Growth

以2015—2019年中国沪深A股科技上市公司为研究样本,以因子分析得出公司成长性综合得分为基础,运用面板数据实证检验研发投入对公司成长性的影响,同时探讨对二者关系起到调节作用的股权集中度,并使用替换变量法进行稳健性检验。研究结果表明:无论是研发资金投入还是研发人员投入,均与科技上市公司的成长性呈显著正相关且存在一定的滞后性,且研发资金投入的作用较研发人员投入更为显著;股权集中度对研发投入与公司成长性具有正向调节作用,即第一大股东持股比例越高,研发投入对公司成长性的促进作用越强。

Taking China’s Shanghai and Shenzhen A-share technology listed companies from 2015 to 2019 as the research sample,based on the comprehensive score of company growth obtained by factor analysis,this paper empirically tests the impact of R&D investment on the company’s growth by using panel data.At the same time,the degree of ownership concentration which plays a regulating role in the relationship between the two is discussed,and the robustness test is carried out by using the substitution variable method.The results show that both R&D capital investment and R&D personnel investment have a significant positive correlation with the growth of listed technology companies,and there is a certain lag,and the effect of R&D capital investment is more significant than that of R&D personnel investment;Ownership concentration has a positive moderating effect on R&D investment and corporate growth,that is,the higher the proportion of the largest shareholder,the stronger the promotion effect of R&D investment on corporate growth.