A Study On The Impact Of Equity Structure On R&D

Technology innovation is increasingly becoming the key to obtain long-term development ability for enterprise,and it is the key factor for enterprise to obtain or maintain the core competitiveness.In China,the economy faces a new normal,and the central party committee strongly advocated innovation-driven development strategy to promote the economic transformation and upgrading.Under this circumstances,that how to improve the level of technological innovation,and how to make the enterprise maintain advantageous position in the cruel market competition increasingly become focus of the theoretical and practical circles.This paper is to start from enterprise internal governance structure that affects its technology research and development level,to focus on equity ownership structure of internal governance structure,to take the three important aspects of equity ownership structure——properties of equity,equity concentration,senior administrators' equity ownership proportion as explanatory variables,to take research and development intensity that reflects the level of enterprise technology research and development innovation as explained variable,and to build multiple linear regression equation to analyze the relation between the three aspects of equity ownership structure and research and development intensity by collecting the data of 1926 listed enterprises of China in 2014 as the empirical material.Through empirical research,the author find that the enterprises with non-state-owned equity pay more attention to enterprise research and development level than the enterprises with state-owned equity.The relation between equity ownership concentration and enterprise research and development intensity is significantly negative,the relation between senior administrators' equity ownership proportion and enterprise research and development intensity is significantly positive.Through empirical test,this paper is to put forward relevant suggestions on policy,first,China's listed enterprises should appropriately reduce the state-owned composition in equity structure,second,moderately reduce the equity ownership proportion of big shareholders of enterprise,establish and improve equity ownership incentive management system.Third,the equity incentive management system is supposed to established and improved,and the company should increase the equity incentive tools in certain amounts.By taking the suggestions listed in this paper,Chinese listed corporations can improve the enterprise's R&D investment intensity and promote their level of technological innovation.