Abstract: Based on the data of biopharmaceutical companies listed on the main board of the Shenzhen and Shanghai in 20102012 year as a study sample, the corporate performance as the dependent variable, the shareholding structure as the independent variable, and R&D investment as an intermediary variables regression model was established. An empirical test was accomplished by software SPSS19.0. The results showed that R&D investment was of mediated effects between ownership structure and corporate performance.

Key words: Intermediary effect, R&D investment, Ownership structure, Corporate performance, Biopharmaceutical companies

摘要：  以深沪主板上市的生物医药企业2 0 1 0 - 2 0 1 2年的数据为研究样本, 以企业绩效为应变量, 股权结构为自变量, 研发投入为中介变量, 建立回归模型, 用软件S P S S 1 9. 0作为分析工具进行了实证分析。结果显示, 研发投入在股权结构与企业绩效之间确实具有中介效应。

关键词: 中介效应, 研发投入, 股权结构, 企业绩效, 生物医药企业