An Empirical Study on R&amp;D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board​

Yuanyuan Zhang

doi:10.47297/wspceWSP2516-251923.20261002

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An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board

10卷第2期

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An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board
An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board
The Chinese University of Hong Kong, Hong kong, 999077, China
2026年10卷第2期页码：112-118
纸质出版：2026-04-30
DOI：10.47297/wspceWSP2516-251923.20261002
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Yuanyuan Zhang. (2026). An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board. 创意经济（英文版）, 10(2), 112-118.

Zhang Yuanyuan.An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board[J].Creative Economy,2026,10(02):112-118.
Yuanyuan Zhang. (2026). An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board. 创意经济（英文版）, 10(2), 112-118. DOI： 10.47297/wspceWSP2516-251923.20261002.

Zhang Yuanyuan.An Empirical Study on R&D Investment, Fund Shareholding Ratio, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board[J].Creative Economy,2026,10(02):112-118. DOI： 10.47297/wspceWSP2516-251923.20261002.

摘要

Abstract

This paper takes 328 listed companies on the Sci-Tech Innovation Board from 2020 to 2025 as the research object

selects 896 panel observations

and empirically examines the relationship between R&D investment

fund shareholding ratio

and corporate performance. The findings are as follows: Firstly

R&D investment has a significant positive impact on the performance of companies listed on the Sci-Tech Innovation Board. Sustained R&D investment can enhance corporate operational performance by accumulating technological resources and promoting the transformation of research outcomes. Secondly

the fund shareholding ratio has a significant positive impact on the performance of these companies. As professional institutional investors

funds can contribute to performance improvement by optimizing corporate governance and providing financial support. Thirdly

the fund shareholding ratio plays a significant positive moderating role in the relationship between R&D investment and corporate performance. A higher fund shareholding ratio can strengthen the positive effect of R&D investment on corporate performance. The conclusions of this study not only enrich the research in the fields related to R&D investment

institutional shareholding

and corporate performance

but also provide theoretical support and practical insights for listed companies on the Sci-Tech Innovation Board to optimize R&D investment decisions

introduce professional institutional investors

as well as for regulatory authorities to improve the board's regulatory mechanisms and guide the capital market to support technological innovation.

关键词

Keywords

references

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