CAJ | 학술논문

利用世界银行对中国企业投资环境的调查数据,分析并实证检验了中国企业所有权结构如何影响其研发投资.结果显示：①企业研发投资的强度和频度都随控股股东持股比例增加呈现“N”型变化.②不同股权性质对企业研发投资的影响存在显著差异,国有股对企业研发投资的资源效应较强,而公司治理效应较弱;私人股对企业研发投资的资源效应较弱,而公司治理效应较强;公司股对企业研发投资的资源效应和公司治理效应都较强;集体股对企业研发投资的资源效应和公司治理效应都较弱;外资股对企业研发投资具有一定的资源效应,但公司治理效应最弱.
이용세계은행대중국기업투자배경적조사수거,분석병실증검험료중국기업소유권결구여하영향기연발투자.결과현시：①기업연발투자적강도화빈도도수공고고동지고비례증가정현“N”형변화.②불동고권성질대기업연발투자적영향존재현저차이,국유고대기업연발투자적자원효응교강,이공사치리효응교약;사인고대기업연발투자적자원효응교약,이공사치리효응교강;공사고대기업연발투자적자원효응화공사치리효응도교강;집체고대기업연발투자적자원효응화공사치리효응도교약;외자고대기업연발투자구유일정적자원효응,단공사치리효응최약.
Using the World Bank＇s survey data about the investment environment of China＇s firms,we analyze theoretically and test empirically how the Chinese firm＇s ownership structures affect their R＆D spending in the paper.The results show that their R＆D intensity and frequency all present ＂N＂ type change tendency with the increase of controlling shareholding ratio.The results also show that the equity property has a different significantly impact on their R＆D spending.The stateowned shares have a stronger effect on R＆D through resource factor,while have a weaker effect on R＆D through corporate governance.The private-owned shares have a weaker effect on R＆D through resource factor,while they have a stronger effect on R＆D through corporate governance.The firmowned shares have a stronger effect on R＆D through both resource factor and corporate governance.The collective ownership shares have a weaker effect on R＆D through both resource factor and corporate governance.The foreign-owned shares have a moderate effect on R＆D through resource factor,while they have the weakest effect on R＆D through corporate governance.