Research On The Ownership Structure,R&D Investment And Enterprise Performance Of Enterprises Listed On SMEs Board

In this knowledge economy era, with the progress of science and technology,technology innovation become the important source of national economic growth and key elements to measure a country’s comprehensive strength and international competition. As the catalyst of converting technology innovation to promoting economic growth and improving the level of corporate profits,R&D has become the key link of strategic significance in the technological innovation activities.So it got the attention of many scholars at home and abroad.At the macro level,the research are mainly based on the data of a national or regional,studying on the relationship between the R&D input and economic growth.At the micro level,the research are mainly based on the R&D and financial data disclosed by the listed companies,studying on the relationship between the R&D input and enterprise value and performance.There are some study on the effect factors of R&D investment,too.IIn addition, due to the research and development activities are high risk,information asymmetry, etc,it makes that the research and development activities may exist certain principal-agent problems,which influence on R&D performance.Then it needs to improve the governance structure of security.It can make the enterprise managers distribute resource reasonably and effectively, and ultimately improve R&D performance.And as the basis of the governance structure, The perfect ownership structure can reduce principal-agent conflicts to some extent.So optimizing the ownership structure will be conducive to project of enterprise R&D activities,ultimately enterprise core competitive ability get promoted and maximize the value of enterprise get implemented. So,after studying the relationship between R&D investment and enterprise performance, this paper introduces the ownership structure as a moderator variable, studies the regulating effect of ownership structure between the R&D input and enterprise performance.Using the data of enterprises listed on SMEs Board during 2010 to 2014 and with the technology innovation theory,this article researches the correlativity between R&D input and enterprise performance according to the classification of the industry,and it introduces the ownership structure as a moderator variable, then with the principal-agent theory as the theoretical basis,studies the regulating effect of ownership structure between the R&D input and enterprise performance.The empirical results indicate that : R&Dintensity in enterprises listed on SMEs Board in China is on the rise, but it exists a big gap among the enterprises;In general,R&D investment and enterprise performance have positive correlation,but there is different degree of correlation and lag among different industry;Ownership structure has regulating effect between the R&D input and firm performance,and among the ownership structure, the state-owned enterprises and ownership balance have negative regulating effect on relationship between R&D input and firm performance; The ownership concentration has positive regulating effect on the relationship between the R&D input and firm performance.Finally, on the basis of the research conclusions, this article puts forward following suggestions:Increase government R&D incentive mechanism of enterprises;Establishment of internal R&D mechanism of enterprises;deepening of the reform of state-owned enterprises; holding a certain ownership concentration.