CAJ | 학술논문

本文以2010年底前在创业板上市的公司为研究对象，手工收集这些公司2010年至2012年研发投资数据，考察实际控制人持股、机构投资者持股对企业研发投资的影响。研究发现：我国创业板上市公司R＆D投资与控股股东持股比例呈现出先下降再缓慢上升的“U型”关系，机构投资者持股比例与企业的研发投资显著正相关。研发投资具有风险大、周期长的特点，本文的研究结论说明，由于存在控股股东与中小股东之间的代理冲突，控股股东追求短期回报会降低企业的研发投资，另一方面，发挥机构投资者对控股股东的制衡作用对企业研发投资具有积极的促进作用。
본문이2010년저전재창업판상시적공사위연구대상，수공수집저사공사2010년지2012년연발투자수거，고찰실제공제인지고、궤구투자자지고대기업연발투자적영향。연구발현：아국창업판상시공사R＆D투자여공고고동지고비례정현출선하강재완만상승적“U형”관계，궤구투자자지고비례여기업적연발투자현저정상관。연발투자구유풍험대、주기장적특점，본문적연구결논설명，유우존재공고고동여중소고동지간적대리충돌，공고고동추구단기회보회강저기업적연발투자，령일방면，발휘궤구투자자대공고고동적제형작용대기업연발투자구유적겁적촉진작용。
Using a sample of companies which IPO before 2010 on the ChiNext Stock Market between 2010 and 2012,this paper analyzes the effect of ownership structure on R&D investment.We find that the relation between R&D investment and the equity of de facto controller is U-shape,and we also find that the shareholding of institu-tional investors have a positive effects on R&D investment.The R&D have its own features such as high cost,high risk and long cycle.Our findings support the agency conflict between majority and minority shareholders.An initial offering allows controlling shareholder a chance to cash out,and for this reason,decreases their long-term R&D in-vestments motives.Along with an increasing of equity proportion for the institutional shareholder,it can acts as a counter balance to majority shareholders,thus improving the R&D investment of the corporate.