机构投资者异质性、研发投入与企业核心竞争力
首发时间:2018-04-20
摘要:本文将机构投资者、研发投入与企业核心竞争力这三者密切联系起来,在实证研究研发投入与企业核心竞争力相关关系的基础上,以机构投资者作为调节变量,进一步研究机构投资者对研发投入与企业核心竞争力关系的影响。通过对2013-2015年沪深两市A股上市公司进行分析,本文发现:企业研发投入越多,其核心竞争力越强;机构投资者对研发投入与企业核心竞争力关系有积极的调节作用;相对于非独立的机构投资者,独立的机构投资者对研发投入与企业核心竞争力关系的积极调节作用更强。
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Institutional investor heterogeneity, R&D investment and core competitiveness of enterprises
Abstract:This paper links institutional investors, R&D investment and the core competitiveness of enterprises, based on the empirical research on the relationship between R&D investment and enterprise core competitiveness, it does a further research on the institutional investors\' influences on the relationship by introducing the institutional investor as a adjustment variable. By analyzing the data of the companies listed in Shanghai and Shenzhen from 2013 to 2015, we found that the more R&D investment the enterprise develops, the stronger its core competitiveness; the institutional investors have a positive effect on the relationship between R&D investment and core competitiveness; independent institutional investors have a stronger effect on the relationship between R&D investment and the core competitiveness of enterprises compared with dependent institutional investors.
Keywords: corporate core competence R&D investment corporate governance institutional investors
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