A Study On The Relationship Among Slack Resource, Ownership Structure And R&D Expenditure

The reform and opening up greatly liberate the productive and force domestic economy, our country economy has obtained the remarkable Chinese economic growth. However, the destruction of the ecological environment and a large number of waste of resource accompanying the rapid economic development.The extensive mode of economic growth caused people pursuit the speed and scale of economic development, while ignoring the importance of efficiency and quality. In addition, most enterprises in our country lie in the low-end of the famous industrial chain "Smiling Curve". Although it is one of the most critical part of the whole industrial chain, but it is low value-added, low profit and high cost. The economic growth pattern urgently need transformation. Enterprise translate the mode of economic growth in a good position, not only need capital, but also rely on scientific and technological progress and raise the level of education and training. The development of many foreign experience show that most important way to realize the economic growth mode transformation are:technology innovation, improve production technology and process improvement, employees’ comprehensive qualities and perfect market competition system. Thus, technology innovation is very important. Enterprise is the main body of market economy, so in order to realize the national economic growth mode transformation, ultimately depends on technology innovation of the enterprise.Technology innovation is the sustainable competitiveness of enterprise, which is the source of core competence. The implementation of technology innovation cannot without resources. Both maintain normal operation of essential resources and idle resource are in the enterprise. The idle resource is called slack resource. As a form of resource, slack resource inevitably have impact on enterprise’s innovation activities. In application of necessary resource, how to utilize well the redundant resources in the enterprise at the same time? Slack resources have what kind of impact on enterprise’s product innovation? Under different ownership type, the slack resources have any differences on the impact of product innovation? At present, the academia has not reached a unified point of view, still need further discussion. Based on the technological innovation theory, the redundant resources theory and corporate governance theory, we solve the above problems from the micro perspective, and puts forward relevant countermeasures and suggestions, which has certain theoretical and practical significance. This article is divided into five parts, as follows:The first part elaborates the research background, research purpose and significance of this article, the research content and research framework, research methods and possible innovations.The second part, the literature review and related theory. This part systematically introduce the concept, classification and function of slack resources. And the study about factors which influence the innovation in the domestic and foreign literature research provide theoretical preparation for us to study the relationship between redundant resources, property rights and the product innovation performance.The third part, the research design. First of all, we analyze the relationship between slack resources, property rights and the relationship on the basis of slack theories, and put forward the research hypothesis. Then introduce the empirical research data sources and variable set in this paper. Finally, we propose the research model according to the relationship of slack resources and product performance. Finally, the Robustness test confirm the empirical analysis of results is feasible in this paper.The fifth part, the research conclusions and management suggestions. The previous section summarize the research conclusion of this paper on the basis of empirical analysis, and put forward proposals concerning the management on the basis of the conclusion. Finally, we analysis the limitations and deficiencies, and put forward the future research prospects.This article study the data of 643 manufacturing listed companies from 2010 to 2014 panel, and the empirical results show that:(1) In general, the relationship of slack resource and product innovation performance is "U" shape; (2) The impact of unabsorbed slack resource have on product innovation performance is significant positive than absorbed resources; (3) The relationship of unabsorbed resource and absorbed resource impact on product innovation performance show a significant positive correlation in non-state-owned property rights than state-owned; (4) The equity concentration negatively regulate the relationship between the slack resources and R&D expenditure; (5) The equity balance degree positively regulate the relationship between slack resources and R&D expenditure.Based on the research conclusion, we put forward some management countermeasures and suggestions at the end of the article. That is how to play the role of slack resources to improve the technical innovation ability of enterprise. In addition, the empirical research of this paper may have the following innovative points:First, it broaden the research angle of view. Previous study of slack resources, is often focus on the slack resource’s impact on enterprise performance. Based on the research of slack resources on product innovation performance mechanism at the same time, we introduce the property rights’ regulating effect, check the relationship between slack resource and product innovation, which enrich the research contents of slack resource and innovation performance.Second, it reveal the inner mechanism of the factors influencing product innovation performance. This study regard slack resource as the independent variable, and introduce the ownership’s nature of the adjustment variables, discuss different types of slack resource’s influence on product innovation, as well as the relationship between ownership types’ regulation, it is easier to get the actual data, also can indirectly reflect the characteristics of resource utilization of enterprises of different ownership types.