Private High-tech Listed Company Ownership Structure And R&d Correlation Studies

Corporate R&D is a key factor in innovation, R&D investment as a measure of the size of the growing research and development capabilities of the most effective measures. In recent years, private high-tech enterprises have become China’s national economic development and promote the technological progress achieved an important force. Private high-tech analysis of factors affecting R&D investment has an important meaning, but as an important factor is the ownership structure of accounting and finance scholars to study the various types of company first consider the elements, this paper examines the private high-tech companies mainly on the composition of equity in ownership concentration, stock type, ownership and core management and technical personnel holding other factors, and were examine its impact on corporate R&D investment. Empirical test showed that there exits U correlation with R&D investment; equity types, the proportion of family ownership is associated with R&D investment, while domestic institutional ownership, foreign ownership and corporate R&D investment relationship is not clear; stake and R&D executives investment is related to the core technical staff and R&D investment is equity-related incentives, in addition, the paper also found that the chairman and general manager of personal holdings and R&D investment are related. In short, different shareholders have different incentives, the level of investment managers with the ability of supervisory control companies. This study suggests that different R&D investment for the company’s shareholders have different preferences.Finally, this paper presents relevant policy and management recommendations. On the one hand, emphasis on law outside investors has considerable importance. Improve the legal protection of investors can encourage them to become long-term rather than short-term investors. On the other hand, agency theory in question is actually the first class of agents of different types of conflicts of interest between shareholders of a reflection. China as typical emerging market countries, private enterprises should attach importance to China’s economic transition in the role of technological innovation, private enterprise groups should be encouraged to grow, improve the technological innovation system, long-term development strategy, in order to play an important role in international competition.