能源化工行业股权集中度对企业价值的影响研究——基于研发投入的中介效应分析

在供给侧结构性改革的背景下，文章选取能源化工企业为研究对象，利用多元回归模型，对股权集中度与企业价值的关系以及研发投入的中介效应问题进行实证研究。研究结果表明，能源化工企业股权集中度与企业价值存在显著正相关关系；股权集中度越高，越有利于企业研发投入的提高，研发投入在股权集中度对企业价值的影响中具有中介作用，即股权集中度可以通过研发投入实现对企业价值的影响。

Research on the Impact of Ownership Concentration in Energy and Chemical Industry on Enterprise Value

In the context of supply-side structural reform, the article selects energy and chemical companies as the research object and uses a multiple regression model to conduct empirical research on the relationship between equity concentration and corporate value, and the mediating effects of R & D investment. The research results show that there is a significant positive correlation between the equity concentration of energy and chemical companies and the value of the enterprise; the higher the concentration of equity, the more conducive to the increase of R & D investment of enterprises. R & D investment has an intermediary role in the impact of equity concentration on corporate value. That is, equity concentration can affect the value of the enterprise through R & D investment.