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国内外学者围绕股权集中度与企业R&D活动的关系已做过大量的研究,但至今仍没有定论。而事实上,以经理自主权为中间变量深入分析股权集中度与R&D投入之间关系的内在机理,将有助于抓住公司治理的关键因素和关键环节,从而为理论和实践提供借鉴。以陕西省技术型企业为对象,应用定性与定量结合的分析方法,初步实证分析结果表明,陕西省技术型企业的股权集中度对经理自主权的配置有正向影响,而股权集中度正是通过这一正向影响间接对企业R&D投入产生显著的正向影响。根据研究结果,陕西省技术型企业应当在确保对经理有效监督和大股东有效制衡的前提下,稳步推进经理自主权配置水平和企业股权集中度水平,从而有效促进其技术创新活动的动力与有效性。
Domestic and foreign scholars focus on the relationship between ownership concentration and corporate R & D activities have done a lot of research, but so far there is no conclusion. In fact, the in-depth analysis of the inherent mechanism of the relationship between ownership concentration and R & D investment by using manager autonomy as an intermediate variable will help grasp the key factors and key links in corporate governance so as to provide reference for theory and practice. Taking Shaanxi technology-based enterprises as an example, the qualitative and quantitative analysis methods are used. The preliminary empirical results show that the ownership concentration of technology-based enterprises in Shaanxi Province has a positive impact on the allocation of managers’ autonomy, and the degree of ownership concentration is exactly Through this positive impact indirectly on the enterprise R & D investment had a significant positive impact. According to the results of the study, Shaanxi technology-based enterprises should steadily promote the allocation of manager autonomy and the concentration of ownership of enterprises under the premise of ensuring effective supervision of managers and effective checks and balances among major shareholders so as to effectively promote the motivation and effectiveness of their technological innovation activities Sex.