An Empirical Study On The Relationship Between Executive Shareholding、R&D Investment And Corporate Performance

In recent years, with the continuous development of social economy, the effect of science and technology progress on economic growth has gradually increased. For companies, only keep leading in technology, and focus on product innovation, can win the market competitiveness and development prospects. Two rights separation of modern enterprise system, however, make the enterprise owners and the actual manager has a different view on innovation: the enterprise owners want to achieve a long-term development, so they are more inclined to increase the investment in technological innovation, however,as the agent,the managers are more inclineded to avoid R&D activities, because of its high-involvement and long periodicity, and eventually damage the interests of the companies. At present, some scholars through study found that executives shareholding policy can effectively solve this contradiction through unify the utility function of enterprise owners and managers, and improve the execution effect of the R&D activities, and ultimately increase the business performance. So this article in the reference on the basis of a large number of previous studies and related theories, use the method of empirical analysis to explore the relationship between executives shareholding, R&D investment and enterprise performance.The main content of this paper is divided into six parts: The first part introuduces the research background and research meaning of this article, makes sure the research content and research methods, points out the innovation of this article. The second part based on the study of the existing literature at home and abroad makes a summary and classification, form the literature review. The third part introduced the related concept and theory of this paper. The fourth part is the present situation of the R&D innovation and executives shareholding of the manufacturing enterprise in our country, this part first introduces the general situation of the development of manufacturing industry in our country,then makes industry analysis and development trend analysis about the present situation of the R&D innovation and executives shareholding of the manufacturing enterprise in our country. The fifth part is empirical study, firstly based on the previous analysis of the current situation and theory gives the research hypothesis, secondly introduces the sample’s acquiring and screening process, thirdly specifies the variables the paper involves and builds the models, finally analyzes the empirical test results and gives test conclusion. The six part makes conclusions according to the results of the empirical,and discuss relevant policy recommendations, then puts forward the shortage of the study and future research direction.Through the empirical test the thesis concluds: At present, in the manufacturing listed companies in our country, R&D investment is insufficient, executives shareholding proportion are not taken seriously, but the situation is gradually improving. Executives shareholding has positive role in promoting to the R&D investment in listed manufacturing industry of our country, and the promoting effect is stronger when the proportion of executives more than one range; R&D investment has a positive role in promoting enterprise performance, and there is time lag in the promoting effect; Executives shareholding can strengthen the relationship between R&D investment and enterprise performance.