摘要
以上市高新技术企业456个研究样本,实证分析股权结构对企业R&D投入的影响。研究结果得出:高新技术企业股权适度集中,高管持股比例越高,R&D投入越大;民营高新技术企业比国有更注重R&D投入。通过分析45家高新技术企业连续4年的数据,表明股权结构、高管持股对R&D投入的影响具有连续性和波动性,高管持股对R&D投入的影响具有时滞效应。
Firstly, based on the listed high -tech enterprises from 2007 to 2010, the paper analyzes empirically the ＇afflu- ence on R＆D investment by ownership concentration, equity balance, executive ownership and nature of controlling share- holder. Empirical study shows if ownership of high - tech enterp6ses is concentrated modestly, the higher the executive ownership is, the more R＆D investment is made. Private companies invest more on R＆D than state owned companies. Sec- ondly, based on the data of continuous four years of 45 firms, it is fund that executive ownership will affect the R＆D in- vestment dramatically in the second year. Time lag is obvious.
出处
《科技管理研究》
CSSCI
北大核心
2012年第14期140-143,160,共5页
Science and Technology Management Research
基金
北京市哲学社科研究项目"北京市政府资助科技型中小企业技术创新实施效果研究"(11JGC099)
北京市教委科研平台--境外资产管理研究基地资助项目
北京教委研究项目"科学技术与研究生教育创新"(PXM2012_014213_000064)
北京市教委研究项目"商科特色学科群建设"(PXM2011_014213_113633)
关键词
股权结构
R&D投入
时滞效应
高新技术企业
equity structure
executive ownership
R＆D investment
high- tech enterprises
time lag
