The Mediating Effect Of R&d Investment On Ultimate Controllerand Enterprise Performance

Innovation,the development of the power source,is an important way of enterprise development.The R&D investment enterprises as an important part of the innovation process,is an important strategy for enterprises whether can obtain the advantage in the market.So the innovation in all walks of life have been highly valued.So,R&D investment is the common concern of the theory and practice of the topic.In recent years,our enterprises is increasingly to understand the importance of R&D activities.The investment in R&D investment has been increasing significantly.According to preliminary statistics,in 2015,China's R&D expenditure had more than 1 trillion and 100 billion yuan,an average annual increase of 11.9%;total expenditures of the whole society R&D funds accounted for 77.4%,Among them,the expenditure of Industrial Enterprises above the scale of R&D funds for the first time exceeded trillion yuan,up 1 trillion and 15 billion 90 million yuan.Among them,the enterprise of R&D personnel is about 4 million 250 thousand people.Therefore,we should regard scientific and technological innovation as a productive force,and increase investment in science and technology innovation,so that enterprises in the whole industry can be more competitive.This is the major mision of each medium-sized and small enterprise.As a large number of enterprises,small and medium listed enterprises are facing more opportunities and challenges.As we all know the small and medium-sized enterprises in the country account for as high as99%,so they,in the development of the national economy,plays a decisive role.And investment in research of small and medium enterprises is particularly important,can activate the vitality,take advantage in the market.So,it is necessary to guide them to increase investment in research and development.Ownership structure plays a very important role in improving the performance of the business.With the continuous improvement of enterprise research and development expenses,equity structure and R&D expenditure has gradually become the hot topic in the theoretical and practical field.According to statistics,pyramid structure is widely used in China's private listing corporation.,which is small andmedium-sized listed companies are in the most low-end Pyramid structure.According to the all kinds of results,the vast majority of listed companies adopted a pyramid ownership structure.The small and medium-sized listed companies are in the most low-end in the structure,which leads to the separation of cash flow rights and control It is the question that the structure of the enterprise inhabit or support innovation input and output.This paper is based on the theory of principal agent theory,control right,technological innovation and so on.Through the review of the previous literature,this paper puts forward the hypothesis based on the research of domestic and foreign scholars.To the Shenzhen stock exchange in 2012-2015,totally 434 disclosure of R&D expenditures of the SME board listed companies as the sample,starting from the characteristics of the ultimate controller's point of view,the research of R&D investment company,the relationship between ultimate controller characteristics and corporate performance of the three,so as to provide evidence to improve enterprise performance.The empirical results show that:(1)There is a significant positive correlation between R&D investment and corporate performance,the more R&D investment,the higher the performance of the company;(2)control right,cash flow right,the control level have obvious negative effect on the growth of the enterprise,the greater the degree of deviation of the two rights,the worse the performance of the enterprise;(3)R&D investment plays an intermediary role between the ultimate controller characteristics and enterprise performance;(4)R&D investment has partial mediating effect on pyramid structure and enterprise performance.Finally,this paper puts forward some suggestions for the small and medium-sized enterprises and the government,as well as the problems in this paper and the future research direction.