中小板上市公司股权结构对研发投入的影响研究

发布时间：2018-04-13 20:15

本文选题：研发投入 + 股权结构　；参考：《西安理工大学》2017年硕士论文

【摘要】：创新作为一个国家转变原有经济发展方式的源动力,不仅是企业生存发展的源泉,也是综合国力的体现。近年来我国对创新从呼吁到实践逐步转变,企业已逐步成为最大创新主体,并且是我国经济发展的重要力量。企业的发展需要创新,尤其是技术创新,而研发活动作为技术创新的表现形式,就显得尤为重要。又股权结构是公司治理当中的核心问题之一,并且在当下企业内外部环境和影响因素日益多元化的背景下,管理者根据个人阅历、受教育的水平、相关的工作经验以及激励水平对这些影响因素进行分析,同时管理者所具备的认知水平及自身的价值观也是不可忽视的。故本文引入管理团队特征这一变量,探索管理团队特征下股权结构对研发投入是否起到调节作用。本文以2011年至2015期间公布了企业研发投入数据的188家上市公司作为研究样本,对中小板上市公司股权结构、管理团队特征与企业研发投入的影响进行理论分析并提出研究假设,用统计分析软件进行实证检验,研究结果表明:(1)股权结构与研发投入之间存在显著相关性。股权集中度与研发投入呈“U”型非线性关系。股权制衡度的提高,会使研发投入也随之提高,两者之间是一种显著正相关的关系。另外机构投资者比例的提高也有助于研发投入的显著提升。管理团队持股比例与企业研发投入呈显著正相关关系。(2)管理团队特征下股权结构对研发投入的影响具有调节效应。管理团队薪酬、平均受教育水平和平均年龄下股权结构对研发投入的影响具有调节效应,而管理团队任期和规模下股权结构对研发投入的影响不具有调节效应。结合经验结果,本文从合理优化股权结构、管理团队激励以及管理团队结构等方面出发,提出相应建议,从而提升中小企业研发水平和企业竞争力,促进我国经济快速发展。
[Abstract]:Innovation, as a source of driving force for a country to change its original mode of economic development, is not only the source of the survival and development of enterprises, but also the embodiment of comprehensive national strength.In recent years, China has gradually changed from appeal to practice to innovation, and enterprises have gradually become the largest innovation subject and an important force in the economic development of our country.The development of enterprises needs innovation, especially technological innovation, and R & D activities, as the manifestation of technological innovation, are particularly important.Ownership structure is one of the core issues in corporate governance, and under the background of increasingly diversified internal and external environment and influence factors, managers are educated according to their personal experience.The related work experience and incentive level analyze these factors, and the cognitive level and values of managers can not be ignored.Therefore, this paper introduces management team characteristics as a variable to explore whether ownership structure plays a regulating role in R & D investment under the characteristics of management team.In this paper, 188 listed companies with R & D input data from 2011 to 2015 are used as the research samples to analyze the ownership structure, the characteristics of management team and the influence of R & D investment on the small and medium-sized board listed companies, and put forward the research hypotheses.The results show that there is a significant correlation between the ownership structure and R & D investment.Ownership concentration and R & D investment show a "U"-type nonlinear relationship.The increase of equity balance will lead to the increase of R & D investment, which is a significant positive correlation between the two.In addition, the increase in the proportion of institutional investors is also conducive to a significant increase in R & D investment.There is a significant positive correlation between the ownership ratio of management team and R & D investment. (2) the influence of ownership structure on R & D investment has a moderating effect under the characteristics of management team.The effects of management team salary, average education level and average age on R & D investment are moderated by equity structure, but not by ownership structure under management team tenure and scale.Based on the experience, this paper puts forward some suggestions on how to optimize the ownership structure, the incentive of the management team and the structure of the management team, so as to improve the R & D level and the competitiveness of the small and medium-sized enterprises and promote the rapid economic development of our country.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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