Research on the Influence of Ownership Concentration on Enterprise Performance:Based on Intermediary Effect of R&D Innovation
The ownership structure is an important factor affecting the profitability of enterprises.The paper selects the listed manufacturing companies from 2012 to 2022 as samples to analyze the relationship between ownership concentration and enterprise performance,and analyzes the heterogeneity through property rights grouping.Further,R&D innovation is introduced as an intermediary variable to explore whether there is an intermediary effect in the influence of ownership concentration on firm performance.The empirical results show that:(1)ownership concentration can positively promote enterprise performance,and this conclusion has also passed the robustness test;(2)R&D innovation plays an intermediary role in the relationship between ownership concentration and corporate performance.
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