The Study On The Impact Of Ownership Structure On The Listed Companies’ R&D Investment

Science and technology which have become a power that support and lead theeconomic development and progress of human civilization are primary productiveforces, an important measure of the country’s core competitiveness and a key factorthat promote China’s economic development, improve the social, cultural andpolitical status of countries. While the R&D is the root of the development and thesource for the growth of science and technology and the most innovative part.Although the China’s R&D intensity has increased annually, there is still a gap withthe developed countries in resent years. Most scholars study the relationship betweencorporate governance and investment currently, As one of the control mechanisms inthe area of operators’ residual rights of control, equity structure is the importantsystem arrangement to resolve managers’ agency behavior. This article will discussthe relationship between the ownership structure and R&D investment, hope toprovide a theoretical basis for our country’s enterprises to increase investment inresearch and development and to keep the core competitiveness of the need to selectthe optimal ownership structure.This paper combined the empirical research methods with theoretical researchmethods. In the empirical research, the sample which this paper selects is2009-2012cross-sectional data of948listed companies in the manufacturing and ITindustries approved by the state. Model the relation of the ownership structure andthe R&D which is as the ownership concentration (the proportion of the firstshareholder), equity nature (State-controlled or non-state-owned holding) and equityrestriction explanatory variables and as the enterprise scale, Tobin’s Q, developmentcapacity and cash flow control variables. The results show that as follows: therelationship between ownership concentration and R&D investment showed "N"shape. Non-state-owned holding enterprises R&D investment is higher than thestate-controlled enterprises. The relationship between Equity balance degree andR&D investment intensity is a positive linear.