%0 Journal Article
%T 研发投入、股权集中度与公司绩效<br>R&D Investment, Equity Concentration and Company Performance
%A 陈至纯
%J Modern Management
%P 691-698
%@ 2160-732X
%D 2024
%I Hans Publishing
%R 10.12677/mm.2024.144081
%X “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。<br />
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&amp;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&amp;D investment has a significant positive impact on corporate performance, and equity concentration negatively moderates the relationship between R&amp;D investment and corporate performance. On this basis, this paper proposes that listed SOEs should pay more attention to R&amp;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.
%K EVA，股权集中，研发投入，Tobin’s Q<br>EVA
%K Equity Concentration
%K R&D Investment
%K Tobin’s Q
%U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=85469