股权结构对创业板上市公司R&D投资的影响  

The Effect of Ownership Structure on R&D Investment:Evidence from Listed Companies on the ChiNext

作　　者：张粟[1] 令媛媛[1] 

机构地区：[1]华南理工大学工商管理学院,广东广州510640

出　　处：《华南理工大学学报（社会科学版）》2014年第1期27-35,共9页Journal of South China University of Technology(Social Science Edition)

摘　　要：本文以2010年底前在创业板上市的公司为研究对象,手工收集这些公司2010年至2012年研发投资数据,考察实际控制人持股、机构投资者持股对企业研发投资的影响。研究发现:我国创业板上市公司R&D投资与控股股东持股比例呈现出先下降再缓慢上升的"U型"关系,机构投资者持股比例与企业的研发投资显著正相关。研发投资具有风险大、周期长的特点,本文的研究结论说明,由于存在控股股东与中小股东之间的代理冲突,控股股东追求短期回报会降低企业的研发投资,另一方面,发挥机构投资者对控股股东的制衡作用对企业研发投资具有积极的促进作用。Using a sample of companies which IPO before 2010 on the ChiNext Stock Market between 2010 and 2012,this paper analyzes the effect of ownership structure on R＆D investment.We find that the relation between R＆D investment and the equity of de facto controller is U-shape,and we also find that the shareholding of institu-tional investors have a positive effects on R＆D investment.The R＆D have its own features such as high cost,high risk and long cycle.Our findings support the agency conflict between majority and minority shareholders.An initial offering allows controlling shareholder a chance to cash out,and for this reason,decreases their long-term R＆D in-vestments motives.Along with an increasing of equity proportion for the institutional shareholder,it can acts as a counter balance to majority shareholders,thus improving the R＆D investment of the corporate.

关 键 词：股权结构 R&D投资 代理冲突 创业板 

分 类 号：F832.48[经济管理—金融学]