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论文选取2007-2013年上市公司研发投资数据,运用单变量分组差异检验和多变量回归分析的方法,研究了公司控制权以及行业竞争对公司研发投资强度的影响。研究发现国家大股东、法人大股东、股权集中度、国家实际控制人、两权分离度对公司研发投资强度具有负向影响,而股权制衡度、机构持股对公司研发投资强度具有正向影响,大股东股权对公司研发投资强度有微弱的非线性影响;而公司市场优势对研发强度有负向影响,行业竞争对研发强度具有正向影响;在交互性上,行业竞争可以减轻国家大股东或实际控制人对公司研发投资强度的负向影响,行业竞争与股权制衡在公司研发投资的影响上具有一定替代性。
The paper chooses the R & D investment data of listed companies from 2007 to 2013, and uses univariate grouping difference test and multivariate regression analysis to study the impact of corporate control and industry competition on R & D investment intensity. The research found that the large national shareholders, the major shareholder of legal person, the concentration of ownership, the actual controller of the state and the separation of the two rights have a negative impact on the intensity of R & D investment of the Company. However, equity balance and institutional ownership have a positive impact on R & D investment intensity The shareholding of major shareholders has a weak nonlinear influence on R & D investment intensity of the Company; the market advantage of the Company has a negative impact on the R & D intensity and the industry competition has a positive impact on the R & D intensity; and on the interactivity, industry competition can relieve the large shareholder Or the actual controller of the company’s R & D investment intensity of the negative impact of industry competition and equity checks and balances in the company’s R & D investment has some impact on the alternative.