股权结构与R D投入的相关性检验——来自创业板市场的经验证据

Correlation test between ownership structure and R D investment-Empirical Evidence from Growth Enterprises Market

摘要:

选取2011-2014年创业板上市的281家公司为研究对象,对股权结构与R D投入的相关性关系进行实证研究。结果发现大股东具有攫取控制权私有收益的倾向,导致大股东的堑壕效应,股权集中度与R D投入呈显著的负相关关系；第二到第五大股东能够对第一大股东实施有力的制衡,股权制衡度与R D投入呈显著的正相关关系；机构投资者能够理性投资,参与公司治理,机构投资者持股与R D投入呈显著的正相关关系。探究中国创业板上市公司股权结构对R D投入的影响机理,对创业板上市公司合理调整股权结构,完善公司治理结构,加大企业研发力度,提高企业创新能力提供一定的经验证据和理论依据。

Abstract:

This paper selects 281 companies from 2011 to 2014 listed on the Growth Enterprises Market as the research object and makes an empirical study on the relationship between the ownership structure and R D investment. The results showed that large shareholders have to grab control of the tendency of private benefits, resulting in large shareholders entrenchment effect, so ownership concentration degree has a significant negative correlation with R D investment. The second to the fifth largest shareholder can carry out effective checks and balances to the first major shareholder, so equity balance degree has a significant positive correlation with R D investment; Institutional investors can carry on the reasonable investment and participate in corporate governance, so institutional investors showed a significant positive correlation with R D investment. This attempts to explore the impact of China"s GEM Listing Corporation equity structure on R D investment, in order to provide some empirical evidence and theoretical basis to help the Growth Enterprises Market reasonably adjust to the ownership structure, improve the corporate governance structure, increase the strength of business R D investment and improve the enterprise innovation ability.