The Impact Of Characteristics Of Actual Controller On R&D Intensity

The Eighteenth National Congress of the Communist Party of China clearly put forward to implement the innovation-driven development strategy, technological innovation is the key to not only maintain the core competitiveness, but also to enhance the strategic support of social productive forces and overall national strength. As China’s economic development has entered a new normal, an increasingly competitive market, the process of economic globalization is still continuing progress, technological innovation and technological change for enterprises, especially the importance of the survival and development of listed companies become more prominent. New economic development period, the market environment has undergone profound changes, deepening market competition, innovation, and technology has become a typical feature of our time, the formation and maintenance of a competitive advantage core competitiveness of enterprises increasingly rely on the company’s R&D activities stand by. R&D investment is the company’s core competencies to maintain and improve the competitive edge in the market an important guarantee, it has become a major strategic decisions of enterprises. And as the company’s actual control of the ultimate controller, especially private enterprises in our country, the actual controller of universal participation in enterprise management, and R&D strength there necessarily linked.The actual control of certain abstract qualities having characteristics difficult to quantify, such as basic values, cognitive methods, in terms of the reference population characteristics related to research, upper echelons theory actual controller can be quantified by some form of personal characteristics as an alternative to abstract qualities of these variables, and that the business performance and strategic decision-making enterprise businesses will be affected by the actual controller of these personal characteristics. Exist with respect to individual characteristics of the R&D investment impact studies mostly focused on executives and board level, on the basis of existing research on the traceability up to the actual control, influence of the actual control of the individual characteristics of R&D investment for factors affecting R&D investment to provide a new perspective, the risk factors for the expansion of R&D investment in research, promote China’s listed companies to improve the capability of independent innovation, promote China’s sustainable and healthy development of listed companies and further to China’s comprehensive national strength upgrade to provide a theoretical basis and empirical support.Based on the existing actual control, R&D investment research on the basis of relevant theories first involved in this study were analyzed introduced, followed by the upper echelons theory and based on the ultimate property rights theory, analysis of actual private listed companies controllers feature on R&D strength. In this paper, "the actual controller of personal characteristics-values, cognitive style-strategic decision" for the research paradigm, and use 2011-2014 years of private listed company data, empirical test of actual control of five main characteristics (age, gender,, education, political identity, equity ratio) on R&D strength. The empirical results show:the actual controller age and R&D intensity negatively correlated, education and R&D intensity positively correlated, and have passed the test of significance; the actual control of political identity and political identity level R&D intensity of negative correlation, also passed the test of significance; the actual controller of R&D intensity of negative gender equity ratio negatively correlated with R&D intensity, but did not pass the test of significance. Finally, the combination of theoretical analysis and empirical conclusions, proposed to enhance the actual control their own level of professionalism and knowledge, optimizing ownership structure of private listed companies, rational view of the actual control of the political identity of comments and suggestions.