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

With the rapid development of science and technology and economic knowledge,R&D investment has become an important source of national economic growth, it isalso the important strategic decision for the survival and development of enterprises,Get the attention of scholars both home and abroad. Whatever, the strength ofcorporate R&D investment activities will affect the efficiency and effectiveness ofinnovation directly, it will affect the ability to adapt to market changes fatherly of thecompanies, finally will make an impact on operate performance and the survival anddevelopment of enterprise. So how to construct a reasonable ownership structure todetermine enterprise R&D investment strength to improving the operatingperformance of the enterprise is the problem this paper will discuss. And in theframework of the corporate governance, make a study on the relationship between R&D investment and ownership structure and corporate performance has importanttheoretical and practical significance.This study make the present status of the enterprise development and thecorporations listed on GEM into consideration, using a combination of normative andempirical methods to make a study and analysis relationship between the130manufacturing enterprises listed on GEM of the ownership structure and corporate R&D strength and business performance of the three. In the process of empiricalresearch, R&D investment is the core of the study, also mediating variables of thisarticle, Shareholding structure using the ratio of the largest shareholder, the degree offocus on equity, equity as a measure of the degree of checks and balances, businessperformance represented by ROE. After the study of the relationship between thethree, draw the following specific conclusions:(1)The proportion of the firstshareholder and R&D investment had a positive relationship with firm performance;(2)Ownership concentration and R&D investment had a positive relationship withfirm performance, The top five shareholders of the ratio is higher, favorable toinvestment in R&D is more, also make the enterprise operating performanceimproved to a certain extent.;(3)Equity balance degree, and R&D investment had apositive relationship with firm performance, Second to the fifth largest shareholder ofthe first major shareholder balance degree is more higher, the more help to enterprise’sR&D investment activities,make advantages to enterprises to improve businessperformance;(4)In the progress of the first shareholder and ownership concentration, and ownership balance degree make influence on business performance, R&Dinvestment will conduction the influence partly. The R&D investment play theintermediary role between ownership structure and corporate performance.On the basis of the above research, the paper will make a summary of thisresearch and put forward relevant proposals, the analyses the shortcomings and theprospects for future research at last.