研发对企业股权集中度和财务绩效的中介效应研究——以医药行业为例  

Research on the Mediating Eff ect of R & D on Corporate Ownership Concentration and Financial Performance--Taking the Pharmaceutical Industry as an Example

作　　者：王慧媛 董雨婷 WANG Huiyuan;DONG Yuting(Tianjin Zhongrui Think Tank Consulting Co.,Ltd.Tianjin 300000;Shanxi Health Vocational College Taiyuan,Shanxi 030000)

机构地区：[1]天津市众睿智库咨询有限公司,天津300000 [2]山西卫生健康职业学院,山西太原030000

出　　处：《中国商论》2022年第10期107-111,共5页China Journal of Commerce

摘　　要：本文以2011—2020年我国医药行业352家上市企业公开披露的面板数据为样本,在中介效应的研究框架下,分析了研发(R&D)投入对股权集中度与企业绩效的作用,得到了相应结论:股权集中度过高的医药企业往往在R&D投入方面更加吝啬,将抑制企业财务绩效的提高,R&D投入作为调节变量在其中具有部分中介效应。Based on the panel data publicly disclosed by 352 listed companies in China’s pharmaceutical industry from 2011 to 2020,this study analyzes the effect of R&D investment on ownership concentration and corporate performance under the framework of intermediary eff ect,and draws a conclusion that pharmaceutical companies with too high equity concentration tend to be more stingy in R&D investment,which will restrain the improvement of fi nancial performance.As a regulatory variable,R&D investment has somewhat mediating eff ect.

关 键 词：医药行业 股权集中度 R&D投入 企业绩效 中介效应 

分 类 号：F272.3[经济管理—企业管理]