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Ownership structure and R&D: The role of regional governance environment

机译:所有权结构和研发:区域治理环境的作用

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摘要

The Regional Governance Environment (RGE) is the key issue along with the rapidly industrial upgrading in China. We seek to investigate the moderating effect of the RGE on the relationship of firms' ownership structure and R&D based on the Chinese listed firms during 2007-2018. The results show that the ownership concentration has a negative effect on R&D intensity, which is restricted by the improvement of RGE. Meanwhile, the ownership restriction has a positive effect, which is significantly strengthened by the improvement of RGE. The conclusion is valid through a series of robust tests. Our study contributes to the relationship between firms' ownership structure and R&D investment from the perspective of external governance, such as RGE. Some implication is also presented for industrial upgrading policy based on firms' R&D investment.
机译:区域治理环境(RGE)是中国迅速产业升级的关键问题。我们试图调查2007 - 2018年中国上市公司基于中国上市公司的公司所有权结构与研发关系的调节效果。结果表明,所有权浓度对研发强度产生负面影响,这受到RGE改善的限制。同时,所有权限制具有积极的效果,这是通过改进RGE的显着增强。结论是通过一系列强大的测试有效。我们的研究有助于从外部治理(如RGE)的角度来看,公司所有权结构与研发投资之间的关系。基于公司研发投资的工业升级政策还介绍了一些含义。

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