研发投入、股权集中度与公司绩效

R&D Investment, Equity Concentration and Company Performance

摘要: “一股独大”的股权集中现象在我国上市国企中普遍存在，本文以2015~2019年沪深A股上市国企为研究对象，分析在股权集中情况下，研发投入对公司绩效的影响。采用经济增加值与Tobin’s Q两个指标衡量公司绩效，研究发现：研发投入对于公司绩效具有显著正影响，且股权集中负向调节研发投入与公司绩效之间的关系。在此基础上，本文提出上市国企应当加强对研发创新能力的重视、提高企业内部运营效率、持续优化股权结构、不断完善监督考评激励体系等政策建议。

Abstract: The phenomenon of “one dominant share” equity concentration is common in listed state-owned enterprises in China. This paper takes the A-share listed state-owned enterprises in Shanghai and Shenzhen from 2015 to 2019 as the research object to analyze the impact of R&D investment on corporate performance under the condition of equity concentration. Using two indicators of economic added value and Tobin’s Q to measure corporate performance, the results show that R&D investment has a significant positive impact on corporate performance, and equity concentration negatively moderates the relationship between R&D investment and corporate performance. On this basis, this paper proposes that listed SOEs should pay more attention to R&D and innovation capabilities, improve the internal operation efficiency of enterprises, continuously optimize the equity structure, and continuously improve the supervision and evaluation incentive system.