公司控制权配置、行业竞争与研发投资强度  

Corporate control allocation,industry competition and R&D investment intensity

作　　者：周瑜胜[1,2] 宋光辉[1] 

机构地区：[1]华南理工大学工商管理学院,广东广州510641 [2]广东外语外贸大学商学院,广东广州510006

出　　处：《科研管理》2016年第12期122-131,共10页Science Research Management

基　　金：国家社科基金项目(12CJY006);起止时间:2013.06-2016.06;中央高校基本科研业务费专项基金(2015KXKYJ01);起止时间:2015.01-2016.12;广东省软科学研究计划项目(2014A070703005);起止时间:2014.12-2016.06

摘　　要：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。This paper selects the R＆D investment data of listed companies from 2007 to 2013, uses univariate grouped difference test and multivariate regression analysis to study the influence of corporate control and industry competition on R＆D intensity. The study found that the nation as major shareholder, legal entity as major shareholder, ownership concentration, nation as actual controller, the separation between ownership and control has a negative impact on the company＇ s R＆D intensity. And the equity balance, institutional ownership has a positive impact on the company＇s R＆D investment intensity. And the major shareholder＇ s equity has a weak nonlinear effect on R＆D intensity. The study also found that the company＇ s market share has a negative impact on R＆D intensity, and the industry competition has a positive effect on R＆D intensity. And from the interactive perspective, industry competition can reduce the negative impact of the nation as major shareholder or as actual controller of company on R＆D intensity, while industry competition and equity balances has a substitute impact on R＆D intensity.

关 键 词：控制权 控制权配置 行业竞争 研发投资强度 

分 类 号：F270.5[经济管理—企业管理]