The Mediating Effect Study Of R&D Investment On Ownership Structure And Enterprise Performance

The2011Annual European debt crisis let the world economy in recession, strongly hitthe development of business enterprises in world, it’s also sounded the alarm bell to all themanagement strategy of the enterprise. Enterprises in order to survive and develop,maintain the leading products, set up product competitive advantage, must continue todevelop new products, and meet the growing demand of consumers. Enterprises should befully aware of the important role of R&D investment, recognizing the input of researchand development is the foundation and key of the core competitiveness in enterprises, sothat could in the forefront of science and technology.In present, our country R&D investment is shortage overall, R&D investment has thevery big disparity to abroad in the average level; it is a certain extent restricted theimprovement in the level of science and technology. Our country enterprise as the mainpart of the research and development investment, especially small and medium-sizedenterprises in the possession of a large proportion in the R&D investment, it is the carrierof R&D investment and technology innovation. Small and medium-sized board listedenterprise basically represents China’s innovation the strength of the technology industry,and in recent years develop rapidly, promote the rapid development of China’s scientificand technological level, so this paper to small and medium-sized board listed enterprise asthe research object. The relationship study among Enterprise R&D investment, equitystructure and business performance, for enterprise R&D activities to provide academicsupport, help enterprises to increase R&D investment, enhance enterprises take the road ofindependent innovation with confidence. At the same time, it’s better to help enterprises toestablish R D investment and ownership structure harmonious management mechanism, soas to improve enterprise performance. Therefore, this paper has certain theoretical andpractical significance.This paper according to the present situation of the enterprise R&D investment, fromChina’s small and medium-sized board listed. Studies theory foundation is principal-agenttheory and stakeholder theory, discusses the R&D investment intermediary effect betweenthe ownership structure and corporate performance, This paper on the basis of combiningthe theoretical analysis and empiric, the small and medium-sized board listed enterprise2008-2010year’s panel data as samples, make use of the R&D input data of the annual report, the profit rate of main business as be explained variables, the ownership structure,explain R&D input variables, the enterprise scale, cash strength, asset ratio as the controlvariables, puts forward the related between variables hypothesis, build regression model,using the statistical methods of empirical test. This paper the empirical results show that:equity concentration, ownership restriction, R&D spending are enterprise performancewith a positive correlativity; Share ratio of the largest shareholder, ownership restrictionand ownership concentration and R&D input are positive correlativity; And, R&Dinvestment is intermediary effecting between the ownership structure and corporateperformance. Finally, in this paper on the basis of research conclusion and puts forwardrelevant suggestions for improvement, and the deficiency and research prospects. In thispaper, the possible innovations, including research of equity structure and corporateperformance, investment in research and development of the relationship between the three,as well as the choice of small and medium-sized enterprises listed on board to conductresearch on behalf of relatively strong.