【摘要】 在交易成本经济学的理论框架下纳入股东异质性因素,籍此探讨关系型股东与企业研发投资的匹配问题,并利用2004—2009年923家中国上市公司的数据进行实证研究。结果发现:国有关系型持股仅在民营企业中随研发投资增加而显著增加,具有显著的积极治理效应;民营关系型持股仅在国有企业中随研发投资增加而显著增加,具有显著的积极治理效应;机构持股随企业研发投资增加而显著增加,具有显著的积极治理效应,且这种现象在国有企业中表现得更为明显。在此基础上,就如何提高不同类型企业的研发效率提出相应的政策建议。更多还原

【Abstract】 This paper analyzes shareholder heterogeneity in the framework of transaction cost economics theory and studies the matching issues between relational shareholders and R&D investment.Empirical research is made with the dynamic panel model based on data during 2004—2009 from 923 China’s companies.The results show that:State-owned relational shareholding has a positive matching reaction with R&D investment and a significant positive treatment effect only in private enterprises;Private relational shareholding has a positive matching reaction with R&D investment and a significant positive treatment effect only in State-owned enterprises;Institutional relational shareholding has a positive matching reaction with R&D investment and a significant positive treatment effect,which is more distinct in State-owned enterprises.Finally,this paper gives some recommendations on how to improve the efficiency of R&D and performance in different kinds of enterprises.更多还原