企业研发创新活动所具有的风险性与跨期收益性会加剧两权分离制度下形 成的委托代理问题，影响研发活动的效率与效果。股权结构是公司治理体系中的 重要一环，研发活动对企业绩效产生影响时，势必也会受到股权结构的影响。合 理的股权结构往往会促进研发投入机制的完善，拉动企业绩效的提升。因此，将 股权结构作为调节变量来探讨研发投入与企业绩效之间的关系，对于提高创业板 上市企业研发投入效率具有一定的理论和实践意义。 基于此，本文选取了我国801家创业板上市公司2015-2019年的相关数据， 运用分层回归分析等方法对研发投入与企业绩效的关系，以及股权结构对研发投 入与企业绩效关系起到的调节作用进行了分析。为使结论更具有说服力，本文加 入了对滞后1-3期研发投入与企业绩效关系的研究。通过研究发现：（1）所研究 的各期研发投入均与企业绩效显著正相关。（2）研发投入对企业绩效的影响存在 明显的滞后性。（3）除股权制衡度以外，本文所选取的股权结构指标均能对研发 投入与企业绩效的关系起到调节作用。其中股权性质与股权集中度起到负向调节 作用，且为纯调节变量；股权激励起到正向调节作用，且为半调节变量。 最后，根据实证分析的结果，从研发投入与股权结构层面分别提出了相应建 议。 关键词：股权结构，研发投入，企业绩效 III Abstract Enterprise R&D and innovation activities have strong risks and inter-period returns, which can exacerbate the principal-agent problem formed under the separation of two rights system, and affect the efficiency and effectiveness of R&D activities.Shareholding structure is an important part of the corporate governance system, when R&D investment has an impact on enterprise performance, it is bound to be affected by the shareholding structure. A reasonable shareholding structure often promotes the improvement of R&D investment mechanisms, which in turn promotes the improvement of enterprise performance.Therefore, using the shareholding structure as a moderating variable to explore the relationship between the R&D investment and enterprise performance, to some extend, has a theoretical and realistic meaning to improve GEM listed enterprise performance. Therefore, this paper selects the relevant data of 801 GEM listed companies in china from 2015 to 2019, uses hierarchical regression analysis and other methods to study the relationship between R&D investment and enterprise performance, and the moderating role played by the shareholding structure. In order to explore the relationship more comprehensively, this article also considers the lag of R&D investment and conducts a targeted empirical analysis. Through analysis, this article draws the following conclusions:(1) The researched R&D investment in each period is significantly positively correlated with enterprise performance.(2)There is a significant lag in the impact of R&D investment on corporate performance.(3) Except for the equity restriction, the shareholding structure index this paper choiced plays a regulatory role in the relationship between R&D investment and enterprise performance. Equity nature and shareholding concentration play a negative regulatory role, while CEO share-holding rate play a positive regulatory role. Finally, based on the results of the empirical analysis, corresponding suggestions were put forward from the level of R&D investment and shareholding structure. Key words: Shareholding Structure, R&D Investment, Enterprise Performance IV 目 录 声 明 ............................................................................................................................................I 摘要 .......................................................................................................................................... II Abstract ................................................................................................................................... III 第一章 绪论 ............................................................................................................................. 1 一、研究背景与意义 ............................................................................................. 1 （一）研究背景 .............................................................................................. 1 （二）研究意义 .............................................................................................. 2 二、国内外文献综述 ............................................................................................. 3 （一）研发投入与企业绩效的关系研究 ...................................................... 3 （二）股权结构对研发投入与企业绩效的调节效应研究 .......................... 4 （三）文献述评 .............................................................................................. 7 三、研究思路与方法 ............................................................................................. 7 （一）研究思路 .............................................................................................. 7 （二）研究方法 .............................................................................................. 9 四、创新点 ........................................................................................................... 10 第二章 相关概念与理论基础 ..................................................................................... 11 一、相关概念 ....................................................................................................... 11 （一）股权结构 ............................................................................................ 11 （二）研发投入 ............................................................................................ 12 （三）企业绩效 ............................................................................................ 13 二、理论基础 ....................................................................................................... 13 （一）委托代理理论 .................................................................................... 13 （二）技术创新理论 .................................................................................... 15 （三）核心竞争力理论 ................................................................................ 16 （四）企业绩效评价理论 ............................................................................ 17 第三章 实证研究设计 ..................................................................................................... 19 一、假设的提出 ................................................................................................... 19 （一）研发投入对企业绩效的影响 ............................................................ 19 （二）股权结构对研发投入与企业绩效关系的调节作用 ........................ 20 V 二、样本选择和数据来源 ................................................................................... 22 三、变量的设定 ................................................................................................... 23 （一）股权结构 ............................................................................................ 23 （二）研发投入 ............................................................................................ 24 （三）企业绩效 ............................................................................................ 24 （四）控制变量 ............................................................................................ 25 四、回归模型的设计 ........................................................................................... 26 第四章 实证研究检验 ..................................................................................................... 29 一、描述性统计 ................................................................................................... 29 （一）股权结构 ............................................................................................ 29 （二）研发投入 ............................................................................................ 30 （三）其他变量 ............................................................................................ 32 二、相关性分析 ......................................................................................