| Considering of the fierce market competition, both the nation and the enterprise are aware of the importance of innovation. Especially the enterprises, the R&D investment by company is growing every year. More and more scholars are studying whether R&D investment has positive influence on enterprise performance in reality. Even more, for the second agency problem in china is more serious, whether the second agency problem caused by the separation of the ultimate shareholder control and cash flow right, will have a negative impact on R&D activities attract the attention in this paper. Considering the R&D activity is one of the core competences of enterprises. besides, the second agency problem is very serious in our country, this paper takes the separation of ultimate shareholder control and cash flow right into the R&D investment performance in the view of the second agency problem has significant theoretical significance and practical significance.Previous scholars’ research on the problem of R&D investment is often the separation of the ultimate shareholder control and cash flow right on the influence of R&D investment. There are still no scholars studying the separation of the ultimate shareholder control and cash flow right on the influence of R&D investment performance. Because china is in emerging markets, unlike the first class agent in developed countries, the more serious problem of Chinese listed companies is the second agency problem. What will influence the R&D investment performance? These problems have been attaining the attention of many scholars. This paper concentrate on solving the problem how the separation of ultimate shareholder control and cash flow right will affect R&D investment performance.Based on the listed companies which disclose the R&D investment data as samples from2009 to 2014, through the segregate analysis and regression analysis, the empirical test whether the R&D investment affects the corporate performance, and test how will the control right, the separation of the ultimate shareholder control and cash flow right, the balance of the other shareholders on the ultimate controllers and the natural of actual controllers affect the R&D performance. The study found that:(1) R&D investment can promote the performance; (2) the control rights of ultimate shareholder has a negative effect on R&D performance; (3) the separation of ultimate shareholder control and cash flow rights has a negative effect on R&D performance;(4) other shareholders can make a balance in R&D activities, so it has a positive influence on R&D activities;(5)unlike the non state-owned character of ultimate shareholder, state-owned character of ultimate shareholder has a negative effect on R&D performance.This article contains the following six parts. The first chapter is introduction what introduces the situation and the deficiencies of R&D structure in our country. and it explains the research background, research significance of this article, research methods and content; The second chapter draw on the research overview in domestic and abroad, this paper review the domestic and abroad researches about the influence of R&D investment on enterprise performance, the influence factors of R&D investment and enterprise performance as well as the ultimate control and cash flow rights related literature review successively. Then the paper analyze and summarize the literatures, on this basis, this paper point out the view of this research; the third chapter is theoretical analysis and research hypothesis, this paper introduces the innovation theory, principal-agent theory and information asymmetry theory, then we apply the three theory to the separation of ultimate shareholder control and cash flow rights on the influence of R&D investment performance, and lead to the hypothesis of this article; The fourth chapter is sample selection, variable selection, model building; The fifth chapter contains the empirical analysis and the analysis of robustness; The sixth chapter is the experimental results and suggestions, this paper summarize and analyze the research results,expounds the limitations of this study, the future research trend in this field, put forward some proposals as well.This article has the following innovative points. (1) Although academics have studied the separation of ultimate shareholder control and cash flow rights on the influence of R&D investment, but those researches are not extremely the separation of ultimate shareholder control and cash flow rights whether has influence on the performance of R&D activities? R&D investment does not mean good R&D performance, therefore, taking the separation of ultimate shareholder control and cash flow rights, R&D investment and enterprise performance into a system has an important meaning;(2) in this paper, we use a hierarchical and grouping regression method, this can distinguish the type of adjusting effect;(3) It is the first time discovering that the supervision from the ultimate controllers and balances from other controllers is helpful to the performance of R&D investment. |
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