Study On The Factors Of Listed Company’s R&D Input

21 century is an era of information, technology and knowledge. With the development of globalization, the war of knowledge economy has begun. Technology innovation is the driving power of entrepreneur, it is also the engine pushing the economical society development and the weapon updating the industrial structure. Enlarging the scale of R&D input has become an important way to acquire high profit, take a leadership in technique area and achieve high percentage of market share. We have large amount of patents and much technological achievement every year, but we are faced up with two problems-low R&D intensity input and low input in basic research.Under different property, how these factors affecting the R&D expenditure are different. Because the macro environment such as policy and government factors can not be predicted and controlled, they are also difficult to be quantificat. On the contrary, the inside factors can be controlled more easily. In order to study the contrast between different properties, four most related inner factors of a companyhave been chosen. Shareholders and senior executive stands for most important kinds of person for companies. The shareholders decide whether they should innovate. The senior managers decide how to research and develop properly to enforce the R&D strength. They can totally decide the orientation and amount of R&D. The finance resource and intelligence resource are necessary power and motivation needed for R&D activities, they totally decide the scale and quality of R&D. Based on the summary and study of predecessor research, some research samples has been chosenfromShangHai and ShenZheng stock market in transportation chemical and medicine industry during 2010 and 2014. Then they are separated according to different property.The empirical study has illustrated that equity restriction ratio is positively related to R&D expenditure in both ownership system, ownership concentration is positively and negatively related to R&D expenditure in state-owned company and non-state-owned company. Stock reward is positively related to R&D expenditure in both ownership system, senior executive term is negatively and positively related to R&D expenditure in state-owned company and non-state-owned company. According to those conclusions and respective characters, I make some suggestions to different listed ownership companies to improve R&D expenditure and establish respective core competitiveness.