企业不同的股权集中度会产生不同的经营管理决策,从而对企业财务绩效产生不同的影响。基于此,本研究选取2016~2021年在创业板上市的生物医药企业为研究对象,使用描述性统计、相关性分析、回归分析和稳健性检验等方法,实证检验股权集中...企业不同的股权集中度会产生不同的经营管理决策,从而对企业财务绩效产生不同的影响。基于此,本研究选取2016~2021年在创业板上市的生物医药企业为研究对象,使用描述性统计、相关性分析、回归分析和稳健性检验等方法,实证检验股权集中度与企业财务绩效之间的内在联系。研究发现:股权集中度与企业财务绩效之间存在着显著的正相关关系。这一研究丰富了股权集中度的相关研究,且对于优化上市公司股权结构设计,提升企业整体绩效有一定的理论价值和实践指导意义。Different ownership concentration ratios of enterprises will lead to different operation and management decisions, thereby having different impacts on the financial performance of enterprises. Based on this, this study selects the biomedical enterprises listed on the Growth Enterprise Market from 2016 to 2021 as the research objects, and uses methods such as descriptive statistics, correlation analysis, regression analysis, and robustness tests to empirically test the internal relationship between ownership concentration and the financial performance of enterprises. The study finds that there is a significant positive correlation between ownership concentration and the financial performance of enterprises. This research enriches the related research on ownership concentration and has certain theoretical value and practical guiding significance for optimizing the ownership structure design of listed companies and improving the overall performance of enterprises.展开更多
研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用...研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用实证分析的方法,研究企业研发投入强度、股权集中度对企业绩效的影响关系,并分析股权集中度的调节作用,得出结论:研发投入强度对企业绩效有显著的负向影响;股权集中度对企业绩效有促进作用;股权集中度对研发强度与企业绩效之间关系起负向调节作用。Research and development (R&D) is not only the foundation of survival and development of modern enterprises and the source of innovation power. Understanding the impact of these two factors on firm performance is particularly important for firms to optimize resource allocation. This paper studies the relationship between R&D investment intensity, ownership concentration and corporate performance of listed companies in Shanghai and Shenzhen A shares in information technology from 2015 to 2022. The results show that R&D investment intensity has a significant negative impact on firm performance, and equity concentration has a positive impact on firm performance. Ownership concentration has a negative moderating effect on the relationship between R&D intensity and firm performance.展开更多
文摘企业不同的股权集中度会产生不同的经营管理决策,从而对企业财务绩效产生不同的影响。基于此,本研究选取2016~2021年在创业板上市的生物医药企业为研究对象,使用描述性统计、相关性分析、回归分析和稳健性检验等方法,实证检验股权集中度与企业财务绩效之间的内在联系。研究发现:股权集中度与企业财务绩效之间存在着显著的正相关关系。这一研究丰富了股权集中度的相关研究,且对于优化上市公司股权结构设计,提升企业整体绩效有一定的理论价值和实践指导意义。Different ownership concentration ratios of enterprises will lead to different operation and management decisions, thereby having different impacts on the financial performance of enterprises. Based on this, this study selects the biomedical enterprises listed on the Growth Enterprise Market from 2016 to 2021 as the research objects, and uses methods such as descriptive statistics, correlation analysis, regression analysis, and robustness tests to empirically test the internal relationship between ownership concentration and the financial performance of enterprises. The study finds that there is a significant positive correlation between ownership concentration and the financial performance of enterprises. This research enriches the related research on ownership concentration and has certain theoretical value and practical guiding significance for optimizing the ownership structure design of listed companies and improving the overall performance of enterprises.
文摘研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用实证分析的方法,研究企业研发投入强度、股权集中度对企业绩效的影响关系,并分析股权集中度的调节作用,得出结论:研发投入强度对企业绩效有显著的负向影响;股权集中度对企业绩效有促进作用;股权集中度对研发强度与企业绩效之间关系起负向调节作用。Research and development (R&D) is not only the foundation of survival and development of modern enterprises and the source of innovation power. Understanding the impact of these two factors on firm performance is particularly important for firms to optimize resource allocation. This paper studies the relationship between R&D investment intensity, ownership concentration and corporate performance of listed companies in Shanghai and Shenzhen A shares in information technology from 2015 to 2022. The results show that R&D investment intensity has a significant negative impact on firm performance, and equity concentration has a positive impact on firm performance. Ownership concentration has a negative moderating effect on the relationship between R&D intensity and firm performance.
