终极股东超额控制对公司研发投资的影响

以中国沪、深两市主板披露的研发投资上市公司为研究对象，基于终极产权论视角，研究终极股东超额控制如何影响公司研发投资以及上述影响在不同产权性质公司间的差异。结果表明：终极股东超额控制程度越高，代理问题越严重，就越倾向于减少高风险、长周期性质的研发投资，终极股东超额控制程度与公司研发投资显著负相关。与非国有控股公司相比，国有控股公司终极股东超额控制程度对公司研发投资的负向影响较小。

The Effect of Ultimate Shareholder Excess Control,Nature of Ownership and Corporate R&D Investment

Using a corporate-level dataset of Chinese listed companies disclosing the R&D information,based on the perspective of ultimate ownership,this paper studies the impact of ultimate shareholder excess control on corporate R&D investment and the difference of that impact between companies about different types of ownership property.The results show that:the higher the extent of ultimate shareholder excess control,the more serious of the agency problems,and the lower level of R&D investment.Ultimate shareholder excess control is negatively associated with corporate R&D investment.Compared with non-state owned companies,the negative impact of ultimate shareholder excess control on corporate R&D investment in state owned companies is relatively smaller.