Research On The Influence Of Ownership Structure On R&D Input Of Manufacturing Listed Companies

With the advent of the knowledge economy era and the global economic integration accelerating, people gradually realized that for the development of national economy and growing of enterprises the scientific and technological progress and innovation have a extremely far-reaching influence.Research and development activities,as the representative of the innovation ability of science and technology made great contribution to promote enterprise's core competitiveness.But due to the high risk and long return cycle characteristics of R&D activity, often do not receive the favor of the managers.The company's shareholders are more inclined to the R&D activities because it can bring long-term benefits for the enterprise.Good corporate governance mechanism can effectively solve the principal-agent problems between shareholders and managers,and to help improve the quality of enterprise R&D spending.Equity structure as an important aspect of the corporate governance mechanism, study its effect on R&D spending is especially important.This article first analyzed and summarized the domestic and foreign scholars' research on the effects of ownership structure on corporate R&D input,and on the basis of theoretical analysis,select disclosure of R&D expenditure in 2012-2014 data of a-share manufacturing listed companies as samples,established Multiple Regression model,using spss20.0 statistical software for regression analysis model.In this paper, the empirical results indicate that:First, in terms of equity property, R&D investment in the non-state-owned holding companies is significantly higher than state-owned enterprises.Second, between ownership concentration and corporate R&D have been down to up "U" type of relationship.Third, equity checks and balances is conducive to enterprise's R&D spending.Fourth, the executives shareholding has a negative effect on corporate R&D.According to the research conclusion,put forward some advises:Establishing and perfecting the system of technology innovation system;Give full play to the ownership concentration and equity checks and balances;Reasonable design of equity incentive mechanism.In order to make a certain contribution to optimize the enterprise ownership structure and promote the enterprise R&D input.