The Research About The Adjustment Of The Relationship Between R&D Expenditures And Enterprise Value From Corporate Governance Perspective

With the progress of science and technology and the further development of knowledge economy,the strategy which makes technology innovation as the forerunner becomes the source to promote the state economy growth,industrial upgrading and the development of enterprises.Acting as the rising industry of the national strategy,IT shoulders heavy responsibility to ensure national security,revitalize the national industry and transfer economic structure.The primary task that must be solved is that strives to develop IT, increase the investment in industry,strengthen the core technology of R&D ability.Organized by enterprises,the R&D activities have become increasingly important in the market.It is the ongoing R&D expenditures that makes enterprises meet the fierce competition,get the market dominance and achieve sustainable development,which provides a valid path.The main part in R&D activities is enterprises’sizable funding which achieves the same level of developed countries.However,it is unbalanced on investment of domestic enterprise and foreign invested enterprise.The latter spends more.Due to the particularity of R&D activities (high risk,long intertemporal earning,serious information asymmetry)There are some principal-agency problems that restrict the expense’s level and implementation’s effect.In order to reduce the information asymmetry and solve the agent problems,a fair corporate governing mechanism will be helpful.Therefore,it has profound influence and significance on the view of researching the factors of the relationship between R&D expenditures and enterprise value.The main task of this article is to find the relationship among the corporate governance,the R&D spending and the enterprise value based on the available literature,to summarize the influence of the relationship between the R&D spending and the enterprise value on the view of corporate governance and to put forward the emphasis of this article.It has to clear disadvantages of principal-agent problems on R&D activities on the foundation of the principle-agent problems on R&D activities on the foundation of the principle-agent theory. Based on the relationship between the R&D expenditures and the enterprise value,it will form the theoretical framework from the view of corporate governance.It also will explore the adjustment and experiment the result.The article first put forword the research background, purpose and importance of the article, a review of the foreign literature, and the expound of agency theory, contingency theory and modern stewardship theory. Secondly, this paper defines the corporate governance structure of the internal governance, discuss the impact of corporate governance on R&D expenditures and corporate value from the relationship between the owner of the three levels of governance and management, analyze the different factors under the corporate governance structure of R&D expenditures affect the relationship between enterprise value and make first off assumptions. This paper selects A-share listed companies1527sample data2008-2012period, the ratio of R&D expenditures to total assets as R&D intensity R&D expenditures as a proxy variable studied, in order to measure the business value of Tobin’s Q, the introduction of the corporate governance structure under10governance indicators as a moderator, the select of the logarithm of total assets, total assets of the company for age and growth rate as control variables, the empirical analysis. The empirical results show that the corporate governance structure of R&D expenditures and corporate value exists regulation. Through this study to improve the corporate governance structure of the enterprise, and improving the efficiency of R&D expenditures and their effects, and enhance their ability to innovate, and ultimately increase the value of the enterprise to provide some theoretical guidance and empirical experience.