摘要
在供给侧结构性改革的背景下,文章选取能源化工企业为研究对象,利用多元回归模型,对股权集中度与企业价值的关系以及研发投入的中介效应问题进行实证研究。研究结果表明,能源化工企业股权集中度与企业价值存在显著正相关关系;股权集中度越高,越有利于企业研发投入的提高,研发投入在股权集中度对企业价值的影响中具有中介作用,即股权集中度可以通过研发投入实现对企业价值的影响。
In the context of supply-side structural reform,the article selects energy and chemical companies as the research object and uses a multiple regression model to conduct empirical research on the relationship between equity concentration and corporate value,and the mediating effects of R&D investment.The research results show that there is a significant positive correlation between the equity concentration of energy and chemical companies and the value of the enterprise;the higher the concentration of equity,the more conducive to the increase of R&D investment of enterprises.R&D investment has an intermediary role in the impact of equity concentration on corporate value.That is,equity concentration can affect the value of the enterprise through R&D investment.
作者
吕焱
郑涵文
潘洋洋
LV Yan;ZHENG Hanwen;PAN Yangyang(School of Business Management,Liaoning Technical University,Huludao 125105)
出处
《科技促进发展》
CSCD
2020年第10期1253-1258,共6页
Science & Technology for Development
关键词
股权集中度
企业价值
研发投入
中介效应
equity concentration
corporate value
R&D investment
intermediary effect
作者简介
吕焱,硕士,副教授,研究方向:公司理财、成本管理等;通讯作者:郑涵文,在读硕士研究生,研究方向:公司理财。
