激励还是抑制:政策环境与研发投入——基于 股权结构视角

Incentive or Suppression: Policy Environment and R & D Investment - Based on Ownership structure perspective

摘要:

基于主板上市公司2007-2016年的数据，考察我国经济政策不确定性对企业研发投入的影响。通过建立非线性固定效应模型发现：（1）政策不确定性对研发投入的影响呈现倒“U”型，即政策不确定性在一定范围内为激励效应，过大则抑制企业的研发；（2）调节效应表明，股权集中和股权制衡正向调节政策不确定性对研发投入的影响；（3）进一步研究发现，最优的股权结构前五大股权越集中、第二、三大股东对第一大股东制衡度叠加正向作用影响最大。

Abstract:

Based on the data from the main board listed companies from 2007 to 2016, the influence of the uncertainty of economic policies on the R&D investment of enterprises was investigated. Through the establishment of a nonlinear fixed-effects model, it is found that: (1) The influence of policy uncertainty on R&D investment has an inverted “U” type, that is, policy uncertainty is an incentive effect within a certain range; if it is too large, R&D is inhibited; ( 2) Regulatory effects show that equity concentration and equity checks positively regulate the impact of policy uncertainty on R&D investment; (3) Further research finds that the optimal shareholding structure is the top 5 equity concentration, second and third largest shareholder pairs. The major influence of the superposition of a large shareholder on the positive effect of the superposition is greatest.