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本文研究民营企业股权分布对科技创新投入的传导效应,通过对2009年至2011年沪深两市民营上市企业披露的科技创新投入数据的实证分析,发现企业的股权分布同公司的科技创新投入存在非常密切的联系;股权分布在一定幅度内的变动对公司科技创新投入影响的主要原因是公司与大股东间的关联交易会因股权的高度集中出现利益输送的行为,影响公司的科技创新投入。
This paper studies the effect of equity distribution of private-owned enterprises on investment in science and technology innovation. Empirical analysis on the input data of science and technology innovation disclosed by private listed companies in Shanghai and Shenzhen from 2009 to 2011 shows that the distribution of equity of enterprises and the investment in science and technology innovation exist Very close connection; the main reason that the change of equity distribution within a certain range affects the Company’s S & T innovation input is that the related transaction between the company and the major shareholder will affect the company’s investment in S & T innovation due to the high concentration of equity interests.