A Research On The Influence Of Corporate Governance On R&D Investment

With the economic development and the advancement of technology, the enterprises havegradually become the mainstay of technological innovation. Technological innovationcapability of enterprises is difficult to improve, because the serious shortage of enterprisesR&D investment, which ultimately led to the overall low level of competitiveness. Fromcorporate governance perspective, the role and influence of the corporate governance ofenterprise technology innovation has become increasingly prominent. Once the existingcorporate governance structure is difficult to meet the needs of all aspects of enterprisestechnology innovation activities will be hindered enterprises technological innovation, whichis not conducive to the long-term development of the enterprises. Therefore, from a corporategovernance perspective, the study of the impact factors of enterprises R&D investment hasimportant theoretical and practical significance.The topic of this research is the impact of corporate governance on corporate R&Dinvestment. In the first of dissertation, it introduce the research background, significance,research methods and research contents, and review the theoretical foundations and researchesfor this paper. In addition, we made an analysis on the current situation of corporategovernance, R&D investment and technological innovation in China. On the basis oftheoretical analysis, corporate governance is divided into internal governance structure andexternal governance mechanisms, and constructed the theoretical framework of the impact ofcorporate governance on R&D investment.In the following, select the high-tech listed companies in China2008-2010data as theresearch samples. Using multiple linear regression model, positive analysis of the ownership structure, board structure, the structure of the supervisory committee, incentive mechanism,capital markets competition, product market competition on the impact of R&D investment.The results showed that state-owned holding, ownership concentration, the independence ofboard, executive ownership, the capital market competition and the product market competition,which all have a significant influence on the R&D investment, and ownership concentrationhave the greatest impact on R&D investment. At the end of the dissertation, the relevant policysuggestions were proposed according to the positive results.