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以深圳证券交易市场2009—2014年创业板上市公司为研究样本,检验了股权结构和公司研发投资之间的关系。实证检验的结果表明:股权集中度的提高降低了公司的研发投资,而股权制衡则促进了公司的研发投资。进一步,在区分公司类型和市场化指数的情况下,研究表明,相比较非制造业的上市公司,制造业上市公司的股权集中度与研发投资之间显著负相关;相比较市场化程度低地区的上市公司,市场化程度高地区上市公司的股权集中度与研发投资之间显著负相关。提出要提高我国上市公司的创新能力,需完善大股东的治理机制。
Take Shenzhen Stock Exchange 2009-2014 GEM listed companies as a sample to test the relationship between ownership structure and R & D investment. Empirical test results show that: the increase of ownership concentration reduces the company’s R & D investment, while equity checks and balances promote the company’s R & D investment. Further, under the circumstance of distinguishing the types of companies and the market-oriented index, the research shows that compared with non-manufacturing listed companies, the ownership concentration of manufacturing listed companies is significantly negatively correlated with R & D investment; compared with the low degree of marketability There is a significant negative correlation between ownership concentration and R & D investment of listed companies in the regions with high degree of market orientation. In order to improve the innovation capability of listed companies in our country, we need to improve the governance mechanism of major shareholders.