The Study On The Relationship Between R&D Investment And Corporate Performance Based Of Ownership Structure

Science and technology is the first productive force.A country's comprehensive national strength and international competitiveness strength mainly depends on the level of science and technological innovation.We can see that technical innovation is very important for the sustainable development of economy in our country.Enterprise is the main body of technology innovation decision,R&D investment,and scientific research organizations and achievements transformation.The competitiveness of the enterprises in the market undoubtedly depends on its ability of innovations.While most of modern enterprise' ownership and management right is in separation.The risk preference and target of owner and operator is not consistent so that it exist principal-agent problems.The risk and inter-temporal earnings of R&D investment makes the agent problem much more serious in R&D activities.But good ownership mechanism could reduce the agent problem,control the opportunism and supervise the manager's behavior so that R&D investment activities could create maximum value for shareholders.Thus,ownership structure would not only influence R&D investments but also influence the output effect.In other words,ownership not only has an effect on R&D investment but also can adjust the relationship between K&D investment and enterprise performance.Under the Chinese special economic system if company nature is different,ownership structure may also be different;also its effects on R&D investment and its adjustment effect also are different.Based on the perspective of different company nature,this paper studies ownership structure's effect on R&D investment,also studies ownership structure's adjustment effect on the relationship between R&D investment and enterprises performance.R&D input as the source of its innovation ability,its output or efficiency is the key.While R&D input converting into output of technological innovation is greatly affected by the corporate governance mechanism.And the ownership structure as the most basic part of corporate governance mechanism,it is necessary to research the bridge role of ownership structure played between R&D investment and corporate performance.At the same time,the efficiency of technology innovation output differs from different ownership types of enterprise organization form,and ownership structures also have the different role Thus,it has a certain theoretical significance and practical value to theoretically and empirically study our country listed companies' relationship of ownership structure,R&D investment and corporate performance from the angle of different ownership.On the basis of relevant research literature at home and abroad,this paper uses technological innovation theory,the principal-agent problem in R&D,and ownership structure in R&D to theoretically and empirically analyze of the influence of ownership structure on R&D input,R&D input impact on corporate performance and ownership structure influence between R&D investment and corporate performance relationship from the angle of the different company nature.In this paper,its object of study is small and medium enterprises,because small and medium enterprises are almost in the stage of starting and developing and they will continuously invest in R&D,so that it chooses the companies listed on the gem and the small and medium-sized plate in 2009 as company sample.And choose the date from 2009 to 2013 as sample.Then divide the sample companies into three categories:state-owned enterprises,private enterprises and other enterprises,comparative studying the ownership structure how to influence R&D investment and its output effect from the perspective of different company nature.Through theoretical and empirical research,the paper comes to three aspects conclusion.Firstly,R&D investment has a positive influence on corporate performance,state-owned enterprises and private enterprises has a positive significant current effect on corporate performance,but for other companies,there is no significant effect;In the hysteresis effects of R&D investment on corporate performance,three types of enterprises are confirmed but only lag period is different.Secondly,the conclusion of ownership structure influence on R&D input is:the top five shareholders' shareholding of three kinds enterprises have a negative influence on the R&D input,but state-owned enterprise is lack of significant;there is no significant correlation between equity balance degree and R&D input for three kinds enterprises;Institutional investors share-holding proportion of state-owned enterprises and private enterprises has positive influence on the R&D input,while for the other companies it has a negative influence;Executives shareholding proportion of private enterprises has positive influence on the R&D input,but for other enterprises it has a negative influence and for state-owned enterprise it does not exist significant effect.Finally,the conclusion of ownership structure's adjustment effect is:the top five shareholders' shareholding proportion of state-owned enterprises and other enterprises has a negative adjustment effect on the relationship between R&D investment and corporate performance,but there is no adjustment effect of private enterprises;The share-holding ratio of first big shareholders and second big shareholder of state-owned enterprises and other enterprises has a negative adjustment effect,but for the private enterprises it has a positive adjustment effect;Institutional investor shareholding proportion has a positive adjustment effect for state-owned enterprises and a negative adjustment effect for other enterprises,but there is no adjustment effect for private enterprises;Executives shareholding proportion has a positive adjustment effect for private enterprises and for other enterprises it is homogeneous adjustment variables,while there is no adjusting effect for state-owned enterprises.Based on above conclusions,this paper puts forward the relevant policy recommendations.