上市公司股权结构对RD投入影响实证研究.pdf

中文摘要 科学技术是第一生产力,已成为支持和引领经济发展和人类文明进步的主 要力量，是一个国家核心竞争力的重要衡量标准，也是推动我国经济发展，提 高社会文化和决定国家政治地位的重要因素。而RD 经费投入是科学技术发展 的根源,是最具创新性的部分，是科学技术成长的源动力。虽然近年来我国研发 强度逐年提高，但是与发达国家还存在一定差距。目前，大多数国内外学者研 究公司治理与RD 投入之间的关系，而作为公司治理机制的一个重要方面,股权 结构在解决委托代理问题方面有着显著的作用,因此对股权结构的研究就显得 格外重要。本文在这样的背景下，探讨股权结构与研发投入之间的关系,期望能 够为我国企业选择的最佳股权结构、提高研发投入、保持核心竞争力提供一个 理论依据。 本文采用实证和理论研究相结合,在实证研究中,基于制造业和信息技术业 上市公司2009-2012 年948 个有效的截面数据为样本，建立股权结构与RD 投 入关系的模型，以股权集中度 第一大股东持股比例 、股权性质（国有企业控 股或者非国有控股）和股权制衡度 第二到十大股东所持有的公司股份总和与第 一大股东所持股份的比例 为解释变量;将资产规模、托宾Q 值、发展能力与现 金流量作为控制变量。研究结果表明，股权集中度与RD 投资强度呈N字型的 非线性关系；非国有控股企业的RD 投入高于国有控股企业，但不显著；股权 制衡度与RD 投资强度呈正向的线性关系。 关键词: 股权集中度 股权性质 股权制衡度 RD 投入 I 万方数据 Abstract Science and technology which have become a power that support and lead the economic development and progress of human civilization are primary productive forces, an important measure of the countrys core competitiveness and a key factor that promote Chinas economic development, improve the social, cultural and political status of countries. While the RD is the root of the development and the source for the growth of science and technology and the most innovative part. Although the China ’s RD intensity has increased annually, there is still a gap with the developed countries in resent years. Most scholars study the relationship between corporate governance and investment currently, As one of the control mechanisms in the area of operators ’ residual rights of control, equity structure is the important system arrangement to resolve managers ’ agency behavior. This article will discuss the relationship between the ownership structure and RD investment, hope to provide a theoretical basis for our country’s enterprises to increase investment in research and development and to keep the core competitiveness of the need to select the optimal ownership structure. This paper combined the empirical research methods with theoretical resear