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Permeability of Non-state Capital,Equity Incentive for Senior Executives and R&D Costs |
Ji Yiting1,2,Cheng Kunyu1 |
(1.School of Management, Yunnan University of Finance and Economics;2.China Vocational College,Yunnan University of Finance and Economics,Kunming 650221,China) |
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Abstract This paper selects the mixed-ownership enterprises of Shanghai Stock Exchange from 2013 to 2017 as the research object. From the perspective of the classified governance of mixed ownership enterprises,this paper analyzes the influence of non-state capital penetration and equity incentive for senior executives on R&D costs in Competitiveand Public welfare state-owned enterprises. It’s found that:(1)The infiltration degree of non-state capital in competitive state-owned enterprises?is significantly positively correlated with R&D costs.The infiltration degree of non-state capital in Public welfare state-owned enterprises has no significant effect on R&D costs.(2)For competitive state-owned enterprises, the equity incentive for senior executives weakens the promotion effect of non-state-owned capital infiltration on R&D costs.For public welfare state-owned enterprises,the equity incentive for senior executives is not significant for the promotion effect of non-state capital on R&D costs.
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Received: 24 September 2019
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