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The Impact of R&D Investment on Enterprise Market Value—Based on the Moderating Effect of Ownership Concentration

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DOI: 10.25236/eiemss.2022.019


Yuanjing Chen

Corresponding Author

Yuanjing Chen


In the new economic era characterized by innovation, R&D investment is the basic guarantee for enterprises to occupy a dominant position in the long-term market competition. This paper takes the listed companies that disclosed R&D investment information in China from 2016 to 2021 as the research object, empirically analyzes the impact of R&D investment on the market value of enterprises by using multiple linear regression model, and further explores the moderating effect of ownership concentration on the relationship between them. The results show that R&D investment is positively correlated with the market value of enterprises. Ownership concentration plays a positive role in regulating the relationship between R&D investment and enterprise market value. At the same time, based on the research conclusion, some countermeasures and suggestions are put forward, such as firmly establishing innovation consciousness, continuously increasing R&D investment, optimizing ownership structure and moderately increasing ownership concentration.


R&d investment, Enterprise market value, Ownership concentration, Multiple linear regression, Regulatory effect