股权集中、R&D强度与创业企业成长——来自深圳创业板的证据  

Ownership Concentration,R&D Intensity and Entrepreneurial Enterprise Growth——Evidence from Shenzhen Gem Market

作　　者：乔明哲[1] 吴为民[2] 徐士伟 杨笑 QIAO Mingzhe;WU Weimin;XU Shiwei;YANG Xiao(School of Finance and Management,Shanghai University of International Business and Economics,Shanghai 201620,China;Investment Institute,Tongji University,Shanghai 200092,China;College of Economics and Management,Shanghai Ocean University,Shanghai 201306,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]同济大学投资研究所,上海200092 [3]上海海洋大学经济管理学院,上海201306

出　　处：《北京理工大学学报（社会科学版）》2019年第6期80-89,共10页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金重点项目(71532005);教育部人文社会科学规划基金项目(18YJAGJW006);上海市教育委员会科研创新重点项目(14ZS147);上海海洋大学科技发展专项(社科类)(A2-2006-00-200415)

摘　　要：运用深圳创业板市场上市公司的非平衡面板数据作为样本,对股权集中度、R&D投入强度与创业企业成长之间的关系进行实证研究。结果显示:(1)R&D投入强度与创业企业成长显著正相关;(2)股权集中度与创业企业的成长显著负相关;(3)股权集中度与创业企业的R&D投入强度显著负相关;(4)R&D投入强度在股权集中度与创业企业成长之间起着显著的中介作用,但股权集中度对R&D投入强度和创业企业成长之间的关系并无显著的调节效应。进一步厘清了股权集中度与R&D投入强度对创业企业成长的影响机制,并为此提供有力的实证证据。Applying the unbalanced panel data of listed companies from Shenzhen GEM as sample,discussing the relationship between ownership concentration,R&D intensity and entrepreneurial enterprise growth.The empirical results show that R&D intensity significantly promotes the growth of China’s start-up enterprises.Ownership concentration has significant negative influence both on the growth and R&D intensity of entrepreneurial enterprises.R&D intensity has conducted partial influence of ownership concentration on enterprise growth,which means that there is a mediating effect among this three.The conclusion provide evidence for firms’R&D investment and ownership governance decision.

关 键 词：股权集中 R&D强度 创业企业 

分 类 号：F275.5[经济管理—企业管理]