Ownership Structure and R&D Innovation——Based on Panel Data of Domestic Listed Companies
Abstract
Taking Chinese listed companies from 2013 to 2018 as samples, this paper conducts an empirical study on the relationship between ownership structure and R&D innovation. The empirical results show that ownership concentration has a significant inhibitory effect on R&D innovation. Further, in the case of distinguishing the nature of corporate ownership, the research shows that ownership concentration has a significant negative correlation with R & D innovation of enterprises no matter the ownership nature is state-owned or non-state-owned. In order to improve innovation ability of Chinese listed companies, governance mechanism of major shareholders should be improved.
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DOI: http://dx.doi.org/10.18686/mmf.v6i8.7754
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