摘要
以2013-2017年我国A股制造业上市公司为样本,实证研究了社保基金持股对企业研发投入的影响,并考察了市场化程度对社保基金持股与企业研发投入之间关系的调节效应。研究发现:社保基金持股比例与企业研发投入显著正相关,说明社保基金发挥了公司治理的作用,提升了企业研发投入水平,且这种促进效应在处于市场化程度较高的地区更为显著。进一步分析发现:相对于股权制衡度较差的公司,在股权制衡度较好的公司中,社保基金对企业研发投入更强的促进作用。
Taking 2013-2017 China A-shares manufacturing listed companies as samples,this paper studies the impact of social security fund holdings on corporate R&D investment of enterprises,and examines the adjustment effect of marketization degree on the relationship between social security fund holdings and corporate R&D investment.The study found that the shareholding ratio of social security funds is significantly positively correlated with the corporate R&D investment of enterprises,indicating that the role of social security funds in corporate governance has increased the level of corporate R&D investment,and this promotion effect is more obvious in those higher marketization areas.In further research,it is found that compared with companies with poor equity checks and balances,social security funds have a stronger promoting effect on corporate R&D investment in companies which have better equity checks and balances.
作者
刘银国
邵西康
Liu Yin-guo;Shao Xi-kang(Anhui University of Finance and Economics,Bengbu Anhui 233030,China)
出处
《铜陵学院学报》
2019年第5期3-8,共6页
Journal of Tongling University
基金
国家自然科学基金项目“国有企业多元治理逻辑、董事会行为合法性与企业可持续成长”(71572001)
安徽财经大学基金项目“高管激励方式与企业绩效的相关性分析——基于A股上市公司的实证研究”(ACYC2017161)
关键词
社保基金
研发
市场化
股权制衡
social security funds
corporate R&D investment
marketization
equity restriction
