Research On The Relationship Between Corporate Governance Structure And The Xi’an High-tech R&D Investment

With the accelerated pace of technology updates, continuous and efficient R&Dinvestment can become a key factor in the survival and development of high-techenterprises in the fierce market competition environment. High-tech enterprises, the keyto competitive advantage is to establish a sound and effective R&D investmentmechanisms to ensure the correctness of the decision-making R&D investment strategy.At present, the introduction of external technology still in the research and developmentinvestment of Chinese enterprises investing in a larger proportion of high-techenterprises with foreign R&D investment compared to a big gap between the industry,innovation is clearly insufficient. Establishment of corporate R&D investmentmechanism relies on corporate governance, corporate governance mechanisms affect thedevelopment and investment in R&D investment decisions quantities. China is in aperiod of economic restructuring, corporate governance mechanism is not sounddomestic enterprises, which led to the current shortage of high-tech R&D investmentcapabilities main reason.In this paper, starting from the perspective of corporate governance,"affectedXi’an high-tech enterprise corporate governance mechanisms of corporate R&Dinvestment " as the theme, combined with corporate governance theory, the basictheory of R&D investment theory, property rights theory to empirical econometricanalysis as a research tool, a comprehensive analysis of the influence of corporategovernance mechanisms in Xi’an high-tech enterprise for business R&D investment,and explores the Xi’an high-tech enterprise innovation environment in which the impactof the R&D investment. In the empirical study, this paper constructed two researchmodel: Based on the regression equation based on cross-sectional data and panel dataregression equation. Empirical results show that the Xi’an high-tech enterprises,corporate governance has a significant impact on corporate R&D investment. Amongthem, the national ownership of R&D investment had a negative impact; proportion ofthe largest shareholder and corporate investment in R&D investment showed asignificant inverse U-shaped relationship; presence of independent directors on thehigh-tech enterprise R&D investment to produce a significant positive influence, twojobs-one R&D investment will also promote investment; executives have an averageannual salary of a significant positive impact on high-tech enterprise R&D investment,but the impact on the average R&D investment stake is not significant; favorableenvironment for innovation has conducive to high-tech innovation behavior ofenterprises. On the basis of theoretical and empirical analysis, this paper questions the currentcorporate governance mechanisms Xi’an high-tech enterprises and R&D investment inexisting economic transition period of China put forward the correspondingcountermeasures: Reduce the proportion of state-owned shares, to maintain a certaindegree of ownership concentration; sound board structure enhance the ability of R&Dinvestment oversight board; increase the incentive and monitoring the implementationof equity incentive operators; improve business environment in which innovation,increase policy support and legal protection of corporate R&D investment, and so on.Finally, the future research directions in this article.