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An Empirical Study on the Impact of Executive Shareholdings on GEM Listed Companies on R & D Investment

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DOI: 10.23977/jrw.2020.010101 | Downloads: 15 | Views: 3138


Peng Wang 1


1 School of Economics and Management, Dalian University, No.10, Xuefu Avenue, Economic & Technical Development Zone, Dalian, Liaoning, The People's Republic of China (PRC)

Corresponding Author

Peng Wang


This article selects companies listed on GEM between 2010 and 2018 as the research object, and obtains 2,200 samples after screening. This paper puts forward research hypotheses on the basis of sorting out relevant literature and classical theoretical analysis. After empirical testing, the following conclusions are drawn: (1) The higher the company's executive shareholding ratio, the more it can promote the company's R & D investment; (2) High, it will inhibit companies from investing in R & D; (3) The higher the company's equity deviation, the higher the proportion of independent directors, and the combination of the chairman and general manager can promote R & D activities. According to the conclusions of the study, this article starts with optimizing executive incentives, equity structure and corporate governance mechanisms, and puts forward corresponding suggestions to promote the company's R & D investment level and achieve long-term healthy development of the GEM market.


Executive holdings; R & D investment; GEM; regression model


Peng Wang. An Empirical Study on the Impact of Executive Shareholdings on GEM Listed Companies on R & D Investment. Journal of Radio and Wireless (2020) 1: 1-4. DOI:


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