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上市公司R&D投资主要来源于公司的内部资金,由于资本市场信息的不对称,而内外部资本市场不能完全相互替代,外部融资的成本明显高于内部融资,公司更加倾向于使用内部融资的资金,面对有限的内部资源,大股东使用内部资金的能力对R&D投资的强度便有着重要的影响。文章以2010年深交所主板A股上市公司为研究对象,通过分析表明,第一大股东持股数量与第二至第十大股东持股数量之和的比例较大时,则大股东越会从公司长远发展的角度进行研究与发展的投资,减少对经理人短期盈利施加的压力,从而促进上市公司R&D投资的增长,使公司出现较好的发展势头。文章从样本公司财务背景角度系统的分析了股权结构对于上市公司R&D投资强度的影响,并以此提出相关建议。
Because of the asymmetric capital market information and the internal and external capital markets can not completely replace each other, the cost of external financing is obviously higher than the internal financing, and the company is more inclined to use the funds of internal financing, Faced with limited internal resources, the ability of major shareholders to use internal funds has a significant impact on the intensity of R & D investment. The article takes the A-share listed companies on the main board of Shenzhen Stock Exchange for 2010 as the research object. The analysis shows that when the ratio of the number of the largest shareholder to the total number of the second to the tenth largest shareholders is larger, From the perspective of long-term development of the company’s investment in research and development to reduce the pressure on short-term managers exert pressure to promote the growth of listed companies R & D investment, the company showed a good momentum of development. The article systematically analyzes the impact of ownership structure on the R & D investment intensity of listed companies from the perspective of the sample company’s financial background and puts forward relevant suggestions.