The Research About The Moderating Effect Of Ownership Structure On The Relationship Between R&D Investment And Enterprise Performance

It is mentioned that we should boost efforts to implement the strategy of pursuing innovation-driven development, and upgrade traditional engines while creating new ones for driving development in the Report on the Work of the Government 2015.Under the background of this strategy, technology innovation will play more and more important role in the development of our country in the future, as the core part of technology innovation, R&D investment has profound influence on whether listed companies of China can build sustainable competitive advantage around the globe. Because of the existence of principal-agent problem, the R&D allocation efficiency of listed companies becomes lower by present, but the improvement of corporate governance mechanism based on Ownership structure can effectively alleviate the principal-agent conflict, and improve R&D input and output transformation rate. Therefore, it is practical to explore the impact of Ownership structure on the Relationship between R&D investment and Enterprise performance.Firstly, according to the theory of principal-agent and technology innovation and the relevant domestic and foreign paper, put forward the research hypothesis. Secondly, using the sample data of 337 listed companies during 2007-2013, the paper study the relationship between R&D investment and Enterprise performance, and furtherly study the moderating effect on the Relationship between R&D investment and Enterprise performance from the ownership property, ownership concentration and equity balance degree Perspective.Empirical study shows that:(1)During the period of 2007-2013, listed companies of China has significantly improve the strength of R&D investment, but the gap of overall level of R&D between China and other countries such as Korea, Japan, America is obvious.(2) R&D investment has positive impact on current enterprise performance and 1 period lag enterprise performance.(3)State-owned property has negative moderating effect on the Relationship between R&D investment and current Enterprise performance, 1 period lag enterprise performance; Ownership concentration has negative moderating effect on the Relationship between R&D investment and current enterprise performance; Equity balance degree has no moderating effect on the Relationship between R&D investment and current Enterprise performance, 1 period lag enterprise performance.According to the results of empirical research, the paper puts forward some suggestions form the level of R&D investment and ownership structure.