Private Equity、R&D Investment And Innovation Performance

Research and development in promoting economic development and industrial restructuringis significant, but blind R&D investment will seriously hamper the ability of sustainabledevelopment of enterprises, and therefore, the results of research and innovation conversionefficiency has been the focus of the industry. This paper intervention from the perspective ofequity investment research and innovation process, elaborated innovation process of resourceconstraints, barriers and hysteresis effect, build a model of equity investment mechanismsregulating the relationship between R&D investment and performance transformation, whilemore in-depth analysis of the regulatory role of the different characteristics of the differencesarising from equity investments, and finally use the sample data of GEM listed companies,according to the manipulated variable identification process proposed by Sharma et al, usinghierarchical regression analysis and packet analysis to test regulatory role of equity investmentsand the different regulatory role of different characteristics, according to test results concluded:due to information asymmetry and solve business mechanisms to improve innovation capabilities,thus equity investments has a positive regulatory role between R&D and innovation performance,and the greater the proportion of equity investment holdings, the higher the reputation, the morethe number of joint investment, the regulation of relations between the two produced the stronger,but because there is a strong advantage of relationship between the state-owned backgroundnetwork edge, therefore compared to non-state-owned background of equity investments,state-owned background produces no significant differences. Based on this conclusion, the papergives the relevant policy recommendations.