股权结构包括股权制衡和股权集中两方面,并在公司治理中发挥着基础性作用。"一股独大"的股权集中现象在中国上市公司中普遍存在,特别是在国有上市公司中"一股独大"现象更加明显。采用混合截面层次回归法,研究了2007—2010年国有制造业上市公司股权结构对研发投入与公司绩效之间关系的调节作用。研究表明:(1)R&D对公司绩效有显著的正向影响;(2)股权制衡显著正向调节R&D与公司绩效的关系;(3)股权集中显著负向调节R&D与公司绩效的关系。
The ownership structure includes outside block holders and ownership concentration,which played a key role in corporate governance.It's a common phenomenon that largest shareholder owned very high percent of shares of listed companies in China.Especially,this phenomenon is more apparent in state-owned enterprises.In this paper,we use hierarchical regression model to estimate the relationship between RD expenditure and firm performance of listed SOEs by using pooled data from 2007-2010.We conclude from our results that(1) RD had a positive impact on firm performance,(2) As our expectation,outside block holders performed a positive role in moderating the relationship between RD expenditure and firm performance,(3) however,ownership concentration showed a negatively moderated role.