중국에서 기술집약적 기업의 지분구조가 연구개발(R&D)지출 및 기업성과에 미치는 영향

초록

We analyzed the regulatory effect of corporate equity structure of Chinese technology-intensive enterprises on R&D investment and corporate performance. Specifically, this study analyzed 370 technology-intensive enterprises from 2010 to 2018 in China. Major findings are as follows. Consistent with previous studies, this study reports that R&D investment of enterprises is significantly positively correlated with corporate performances. Second, this study documents that ownership is negatively correlated with R&D investment. Further, this study reports that equity balance and R&D investment is significantly related, and the equity incentives of the executives are positively related to the investment in R&D investment. Finally, this study provides that concentration of ownership does not regulate the relationship between R&D investment and corporate performance. The nature of the ultimate controller plays a regulatory role in the relationship between R&D investment and firm performance, and ultimately the nature of the controller is a semi-regulated variable. These analyses suggest that executives have a regulatory role in the relationship between R&D investment and corporate performance. Findings of our study may provide helpful guidelines to those who seek for more effective schemes which can promote performances in adjusting R&D expenditures and corporate ownership structures.

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