产品市场竞争、机构投资者持股与企业R&D投入关系研究

›› 2017, Vol. 29 ›› Issue (11): 89-97.

产品市场竞争、机构投资者持股与企业R&D投入关系研究

张济建¹, 苏慧¹, 王培²

1. 江苏大学财经学院, 镇江 212013;
2. 中国人民银行常州市中心支行, 常州 213001

收稿日期:2015-06-16 出版日期:2017-11-28 发布日期:2017-11-25
作者简介:张济建,江苏大学财经学院教授,博士生导师,博士;苏慧,江苏大学财经学院硕士研究生;王培,中国人民银行常州市中心支行职员,硕士。
基金资助:
国家自然科学基金项目（71673117）；江苏省社科应用研究精品工程重点资助项目（16SYA-014）；江苏省普通高校学术学位研究生科研创新计划项目（KYLX16_0876）。

Product Market Competition, Institutional Holdings and Corporate R&D Expenditure

Zhang Jijian¹, Su Hui¹, Wang Pei²

1. School of Finance and Economics, Jiangsu University, Zhenjiang 212013;
2. The People's Bank of China, Changzhou Branch, Changzhou 213001

Received:2015-06-16 Online:2017-11-28 Published:2017-11-25

摘要/Abstract

摘要：

本文以我国创业板2011-2013年间的上市公司为例，实证研究了产品市场竞争、机构投资者持股对公司R&D投入的影响。研究发现：独立型的机构投资者持股比例与企业的R&D投入存在显著的正相关关系，非独立型的机构投资者持股对企业的R&D投入没有影响；在进一步考虑产品市场竞争的外部调节效应后研究发现：当公司主营业务收入市场占有率大于15%时，独立型机构投资者与非独立型机构投资者持股均与R&D投入强度不相关，当主营业务收入市场占有率大于6%小于或等于15%时，独立型机构投资者持股对R&D投入产生正向影响，但影响较微弱，非独立型机构投资者持股则无影响，当主营业务收入市场占有率小于或等于6%时，独立型机构投资者持股比例对R&D投入存在显著的正向影响，且非独立型机构投资者持股亦对R&D投入产生正的影响。

关键词: 产品市场竞争, 机构投资者, 独立性, R&, D投入

Abstract:

This paper takes the listed companies in domestic growth enterprise market from 2011 to 2013 as an example and makes an empirical research on the impact of product market competition and institutional investor share-holding on the R&D input of companies. The results show that:there is a significant positive correlation between the independent institutional investor share-holding proportion and the R&D input of enterprises; while non independent institutional investor share-holding has no impact on the R&D input of enterprises. After further taking the external moderating effect of the product market competition into consideration, the research results show that:when the market share of the company's main business revenue is more than 15%, neither the independent institutional investor share-holding nor the non independent institutional investor share-holding has correlation with the R&D input intensity; when the market share of the company's main business revenue is more than 6% and less than or equal to 15%, the independent institutional investor share-holding has a positive impact on the R&D input, but not particularly significant; while the non independent institutional investor share-holding has no impact on the R&D input; when the market share of the company's main business revenue is less than or equal to 6%, the independent institutional investor share-holding proportion has a significant positive impact on the R&D input and the non independent institutional investor share-holding also has a positive impact on the R&D input.

Key words: product market competition, institutional investors, independence, R&D expenditure

张济建, 苏慧, 王培. 产品市场竞争、机构投资者持股与企业R&D投入关系研究[J]. , 2017, 29(11): 89-97.

Zhang Jijian, Su Hui, Wang Pei. Product Market Competition, Institutional Holdings and Corporate R&D Expenditure[J]. , 2017, 29(11): 89-97.

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