A Mediating Effect Study Of R&D Investment On Ownership Structure And Enterprise Value

Enterprise R&D intensity has become an important symbol to measure the innovation and potential development of the enterprise, which is the main driver to promote technological progress and economic growth. It is the basic guaranty to make the enterprise to achieve get long-term advantage in the fierce market competition. Therefore, the related research of R&D investment has become common attention topics in theorists and practitioners.In the beginning of 2006, national deployment implemented "national long-term scientific and technological development plan (2006-2020)"and the Ministry of Finance issued the "New Accounting Standards", which is the context of this paper. It chooses 509 manufacturing sector of listed companies with a disclosure of R&D investment of 2007-2009 in Shanghai and Shenzhen securities as the samples of the study. Based on the research at home and abroad and related concepts, theories, it puts forward the hypothesis, and selects the sample, then sets variables, in the next it builds models, then it uses standardized analysis and multiple linear regression to analyze. It brings intermediate variables to make empirical analysis for these data with SPSS18.0 to study relationship among ownership structure, R&D investment and enterprise value, so as to provide empirical evidence for exploring to improve the enterprise value of their own.In this paper, it uses R&D investment as the core, with the ratio of the largest shareholders, blockholders, ownership concentration to measure ownership structure. Then it uses mediation effect theory, to discuss the mediating effect of R&D investment on ownership structure and enterprise value.The empirical results indicate that: (1) the ratio of the largest shareholder is significantly correlated with the value of the enterprise; the higher ratio the shareholders own, the greater impact it is on value. If there are other shareholders check and balance the largest shareholder, it the can improve the enterprise value; ownership concentration correlated with enterprise value positively, which is consistent with"synergy"hypothesis. The higher the ownership concentration, the higher the value of the enterprise; (2) the ratio of the largest shareholder does not encourage enterprises to increase R&D investment; In the conditions that other factors remain unchanged, making balance on the largest shareholders can promote the R&D investment intensity of the enterprise; ownership concentration was significantly correlated with the R&D intensity of the enterprise; (3) R&D not only has mediating effect on other shareholders balancing the ratio of the largest shareholder and the enterprise value, but also on ownership concentration and enterprise value.Finally, this article summarizes the results of the study, and recommends some suggestion for the aiming results. At the same time, it also points out the shortage and the possible research directions of the study in future.