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

Abstract

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

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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