以我国A股制造业上市公司为研究样本,对股权结构与R&D投入的关系进行了实证检验。研究结果表明,股权集中有利于R&D投入,而且一定的股权制衡很有必要,一股独大不利于R&D投入;非机构企业法人大股东与R&D投入显著正相关;我国机构投资者已经不符合短视投资者假定;国有控股不利于R&D投入;个人大股东与R&D投入之间的关系不明确。
Based on Chinese listed manufacturing finn's data,this paper investigated the relationship between ownership structure and R&D inputs. The results indicate that ownership concentration is beneficial to R&D inputs, however it is necessary for a certain extent of ownership balance and there is a significant negative correlation between the largest shareholder ownership and R&D intensity. Corporate block holder has a significant positive effect on R&D inputs. Chinese institutional investors have not been myopic investor. State control is not favorable for R&D investment and there is an indefinite relationship between personal block holder and R&D inputs.