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

Yuanyuan Zhang

doi:10.47297/wspdecWSP2515-797319.20261002

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An Empirical Study on R&D Investment, Ownership Concentration, 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, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board
An Empirical Study on R&D Investment, Ownership Concentration, 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：98-104
纸质出版：2026-02-28
DOI：10.47297/wspdecWSP2515-797319.20261002
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Yuanyuan Zhang. (2026). An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board. 发展经济学, 10(2), 98-104.

Zhang Yuanyuan.An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board[J].Development Economics of China,2026,10(02):98-104.
Yuanyuan Zhang. (2026). An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board. 发展经济学, 10(2), 98-104. DOI： 10.47297/wspdecWSP2515-797319.20261002.

Zhang Yuanyuan.An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board[J].Development Economics of China,2026,10(02):98-104. DOI： 10.47297/wspdecWSP2515-797319.20261002.

摘要

Abstract

This study employs a sample of companies listed on the Sci-Tech Innovation Board from 2020 to 2025

constructing panel data models to empirically examine the direct impacts of R&D investment and ownership concentration on corporate performance

with a specific focus on the moderating role of ownership concentration in their relationship. The findings are as follows. First

R&D investment significantly and positively promotes corporate performance

validating the core logic of innovation-driven development. Second

ownership concentration exerts a significant positive influence on corporate performance

indicating that a moderately concentrated ownership structure contributes to enhanced governance and decision-making effectiveness. Finally

ownership concentration plays a significant positive moderating role in the relationship between R&D investment and corporate performance; that is

a higher degree of ownership concentration strengthens the positive effect of R&D investment on performance. The conclusions of this study provide valuable empirical evidence and decision-making references for companies listed on the Sci-Tech Innovation Board to optimize the allocation of innovation resources and improve governance mechanisms

thereby more effectively transforming R&D efforts into market competitiveness.

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references

Boerkamp E. P. G. ( 2019 ). Ownership concentration, ownership identity and firm performance: An empirical analysis of Dutch listed firms[Doctoral dissertation, University of Twente ] .

Fei Y. X. ( 2020 ). A study on the impact of ownership concentration on corporate performance[Master's thesis, University of International Business and Economics ] .

Gaur S. S. ( 2018 ). Ownership concentration, board characteristics and firm performance . Management Decision , 53 ( 5 ): 911 - 931 .

Li Z. F. , & Huang J. H. ( 2021 ). Participation of non-state capital and technological innovation in state-owned enterprises . Statistical Research , 38 ( 01 ), 75 - 88 .

Liu L. H. ( 2021 ). Ownership concentration, equity nature, and corporate innovation investment: Based on data from listed companies in Guangdong . Journal of Lingnan Normal University , 42 ( 02 ): 97 - 104 .

Ma J. J. , & Ji Y. C. ( 2023 ). R&D investment and corporate performance of listed companies . Economic Research , 2023 ( 2 ): 58 - 60 .

Opoku-Mensah E. , Yin Y. , & Addai B. ( 2021 ). Do mature firms gain higher economic value from R&D investment? Journal of Industry, Competition and Trade , 21 , 1 - 13 .

Wang Q. N. , & Huang C. L. ( 2020 ). Ownership concentration, debt financing, and corporate performance . New Economy , 2020 ( 01 ): 21 - 29 .

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An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board​

An Empirical Study on R&D Investment, Ownership Concentration, and Corporate Performance of Companies Listed on the Sci-Tech Innovation Board​

DOI：10.47297/wspdecWSP2515-797319.20261002

摘要

Abstract

关键词

Keywords

references

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

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