Equity Ownership Structure And High-tech Enterprises' Innovation Investment

In the science and technology become the first productivity today,high-tech enterprises are springing up,R&D and innovation has been caused widespread concern.However,the overall level of R&D innovation of high tech enterprises is not high.Through theoretical research and empirical research,this paper studies the ownership structure and innovation investment of high-tech enterprises,and analyzes the relationship between them.On this basis,some suggestions and countermeasures are put forward to improve the level of R&D investment.The article mainly uses the empirical analysis method to study the influence of the various factors of the equity structure of China's high-tech enterprises on the innovation investment.Selected China 2007-2013 the Shenzhen SME board and gem 296 listed high-tech enterprises as samples,first of all,in sample data of Pearson correlation analysis to test various independent variables between whether in multicollinearity problems.The results show that there are no strong correlation between the various independent variables,to avoid the relationship between various independent variables of the empirical result caused by.Secondly,the state-owned high-tech enterprises and non state owned high technology enterprise innovation investment and index of innovation output were analyzed by student's t test.The results showed that both from the innovation input and innovation output angle,state owned high-tech enterprises innovation investment level were lower than those of the non state owned high tech enterprises.And then set up the model of regression analysis,comparative study of the influence of various factors,the difference of ownership structure on enterprise innovation investment of the conclusions:first,the actual control of state-owned property of high-tech enterprises has a negative impact on the investment in innovation that management of state-owned holding enterprises tend to focus on the company's short-term interests and political goals the power increased,the lack of long-term development of enterprises through technological innovation;second,high-tech enterprise ownership concentration increasing,has obvious inhibitory effect on the innovation of investment activities,shows that when the ownership is concentrated,from shareholders supervision power shortage will cause the company's actual controller to the pursuit of private benefits of control,the behavior deviated from the principle of maximizing the value of the company,the enterprise innovation investment intensity;third,High technology enterprise ownership divergence degree continuously improve,the innovation investment activities have significantly inhibited and that caused by the second agency problem of enterprise management right and cash flow right deviation will lead to reduce the innovation of the investment;fourth,high-tech enterprises equity balance degree unceasing enhancement,the innovation investment activities has significant role in promoting,indicating that the reasonable equity restriction ratio could alleviate the second agency problem caused by equity deviation caused by the adverse effects,increase the investment in innovation.Finally,combined with the theoretical analysis and empirical results,from the enterprise itself,the external environment and related legal modification put forward the countermeasures to improve the investment in research and development of high-tech enterprises in our country,to provide a reference for the R&D activities in high-tech enterprises.The innovation of this paper is the first sample selection,introduced the SME board and gem 296 listed high-tech enterprises,making research results more representative and targeted;secondly,the influence of high technology enterprise innovation investment ownership structure factors subdivision into four aspects,and one by one analysis effects of various elements on the high-tech enterprise innovation investment activities,the scope of the study is more refined.Finally,scientific and technological innovation activities of enterprises are divided into two dimensions of science and technology innovation investment and technological innovation output,from different angles,the impact of ownership structure on innovation investment.The inadequacies of the paper is selected the data of the year 2007-2013,year is short,may not fully reflect the out in a longer time frame,ownership structure of the high-tech enterprise innovation investment deep influence.In the other hand,the patent data of this article is all collected by hand,so it is inevitable that there will be some error,which may cause some impact on the conclusions of this paper.