股权集中度对企业财务绩效的影响研究——基于研发投入和企业社会责任的调节中介效应  

Research on the Impact of Equity Concentration on Financial Performance of Enterprises——Based on the Mediating and Moderating Effect of R&D Investment and Corporate Social Responsibility

作　　者：陆旸[1] 董忱忱 LU Yang;DONG Chenchen(Southeast University Chengxian College)

机构地区：[1]东南大学成贤学院经济管理学院

出　　处：《中国商论》2021年第17期151-156,共6页China Journal of Commerce

基　　金：江苏省教育厅高校哲学社会科学研究基金项目“内部控制对会计信息质量影响的实证研究”(2020SJA2209)阶段性研究成果。

摘　　要：在探讨股权集中度影响企业财务绩效机制的过程中,现有文献忽视了企业研发投入和企业社会责任对两者关系的影响。本文采用2013—2017年我国上市公司面板数据,实证分析了企业研发投入和企业社会责任在股权集中度影响企业财务绩效的机理过程中的作用,最终得到结论:股权集中度对企业财务绩效和研发投入均有负面影响,研发投入正面影响企业财务绩效,研发投入在股权集中度与财务绩效的关系中起到了中介作用,股权集中度较高的企业通过限制研发投入负面影响财务绩效,而积极承担企业社会责任能够负向调节这种中介作用。文章研究的结论为股权集中度、研发投入、企业社会责任与企业财务绩效关系的研究提供了参考,也为企业完善公司治理机制提供了建议。In the process of discussing the mechanism of equity concentration affecting corporate financial performance,the existing literature ignores the impact of corporate R&D investment and corporate social responsibility on the relationship between the two.This paper uses the panel data of China’s listed companies from 2013 to 2017 to empirically analyze the role of corporate R&D investment and corporate social responsibility in the process of equity concentration affecting corporate financial performance.The final conclusion is that equity concentration has a negative impact on corporate financial performance and R&D investment.R&D investment has a positive influence on corporate financial performance and plays an intermediary role in the relationship between equity concentration and financial performance.Companies with high equity concentration have negatively affected financial performance by restricting R&D investment and actively undertaking corporate social responsibility can negatively regulate this intermediary role.The conclusions of the article provide references for the research on the relationship between equity concentration,R&D investment,corporate social responsibility and corporate financial performance,and also provide suggestions for companies to improve corporate governance mechanisms.

关 键 词：股权集中度 研发投入 企业社会责任 财务绩效 

分 类 号：F275[经济管理—企业管理]