以974家深市主板和中小板企业为样本，围绕不同产品市场竞争度中企业研发投入强度与创新绩效的关系进行多层次回归分析，并对公司治理结构中的股权集中和两职合一的调节效应进行了实证检验。结果表明：在产品市场竞争度低的行业，研发投入强度与创新绩效正相关，股权集中和两职合一对研发投入强度和创新绩效之间的调节作用不显著；在产品市场竞争度高的行业，研发投入强度与创新绩效不相关，股权集中和两职合一对研发投入强度和创新绩效之间的调节作用明显，即在股权集中的企业，研发投入强度对创新绩效的影响好于股权分散的企业；在两职合一的企业，研发投入强度对创新绩效的影响好于两职分离的企业。最后，根据实证分析结果，提出了相关政策建议。%This paper examines the relationship between R&D intensity and corporate performance by using multiple re-gression analysis of the Shenzhen main board ,small and medium-sized board enterprises under the different product mar-ket competition ,and analyzes the moderating effect of ownership concentration and CEO duality as well .The results show as follow s :(1) R&D intensity and innovation performance are positively related to ow nership concentration in low product market competition and the moderating effects of ownership concentration and CEO duality on the relationship between R&D intensity and innovation performance are not significant ,w hich in high product market competition are the opposite ;(2)The influence of R&D intensity on innovation performance is better in the enterprises of ownership concentration than in dispersed ow nership enterprises ;(3)When CEO duality ,the higher R&D intensity ,the better innovation performance ;the separation of board chair-man and CEO makes the R&D intensity have no influence on innovation .Finally ,according to the results of empirical analysis ,some relevant policy recommendations are suggested .
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