利用《中国工业企业数据库》发布的重工业企业调查数据,实证检验股权性质对企业研发投资频度的影响以及股权集中度对企业研发投资强度的影响。研究发现：①股权性质不同的企业在研发投资频度上不一定具有显著性差异,但企业规模与企业年龄对企业研发投资频度产生重要影响。②股权集中度对企业研发投资强度的影响存在双门槛效应。股权性质、企业年龄对企业研发投资强度的影响并不显著,但企业规模对企业研发投资强度带来显著性影响。认为,控股股东持股比例大约保持在0.5-0.8左右更利于企业技术创新；企业间应加强技术创新合作以形成研发投资的规模效应。

s：This paper tests empirically the impact of equity nature on firms’ R D frequency and the impact of the degree of ownership concentration on R D investment intensity, using heavy industry survey data released by the database of Chinese industrial enterprises based on the methods of Nonparametric regression and OLS and tobit estimation. It is found that the effect of the proportion of controlling shareholders on the intensity of R D investment has the threshold effect. The nature of ownership and the age of enterprise have no significant effect on the intensity of R D investment, but the scale of enterprise has a significant impact on the intensity of R D investment. In the view, the proportion of the controlling shareholder is about to keep 0.5-0.8 more advantageous to the technological innovation of the enterprise, and enterprises should strengthen the technological innovation cooperation to form the scale effect of R D investment.

F270.3

湖南省社科基金项目“股权结构、研发投资与企业绩效”（14YBB017）