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在竞争日益激烈的今天,研究与开发(R&D)程度关乎着中国企业的未来,与此同时,大股东行为也在近些年吸引着大众的注意,而这两者之间,存在着微妙的关系。本文以中国A股的上市公司作为研究对象,实证分析大股东行为与R&D投入之间的关系。研究表明:大股东股东大会的出席率与研发密度为负相关;现金股利发放情况与研发密度为显著负相关。而后引入股权结构的交互项检验其对大股东行为效应的影响,发现股权结构并非影响大股东行为和R&D投入的直接因素,而是对大股东行为与R&D投入之间的关系存在不同程度的调节作用。
In an increasingly competitive market today, the extent of research and development (R & D) relates to the future of Chinese enterprises. In the meantime, the behavior of major shareholders has also drawn public’s attention in recent years. However, there is a delicate relationship. This paper takes Chinese A-share listed companies as the research object, and empirically analyzes the relationship between the behavior of major shareholders and R & D investment. The research shows that the attendance rate of the major shareholders’ general meeting is negatively correlated with the research and development density, and the cash dividend distribution has a significant negative correlation with the research and development density. Then we introduce the interaction of ownership structure to test its effect on the behavior of major shareholders. We find that the ownership structure is not the direct factor that affects the behavior of major shareholders and R & D investment, but has some degree of adjustment to the relationship between the behavior of major shareholders and R & D investment effect.