Research On The Relationship Among Ownership Structure, R&D Investment, Performance—Based On Data Of Listed Enterprises In China's Communication Equipemnt Manufacturing Industry

Communication equipment manufacturing industry has strong penetrability,pioneering.For other industries,it can provide the basis of high-tech equipment and technology.It can directly or indirectly influence almost every other industry technology level.For countries around the world to accomplish the economic growth pattern optimization,the industrial transformation and upgrading,the economic sustainable development and national defense security is of great strategic significance and practical effect.For the communication equipment manufacturing enterprises,innovation is the key factor of obtaining competitive advantage and sustainable development,is also the source of corporate performance improve.In the fierce market competition and the guide of preferential policies of the state,communication equipment manufacturing enterprises increased R&D investment.At the same time,due to the research and development activities is of high risk,long periodicity,information asymmetry,the principal-agent problems highlighted increasingly,seriously affected the efficiency of corporate R&D input.Equity ownership structure can help you to solve the principal-agent problems,reduce the corporate governance cost,and reduce the degree of information asymmetry.This article takes our country listed on the Shanghai and shenzhen stock exchange communication equipment manufacturing enterprises as the research object,selected the 46 companies' data from 2012 to 2015,based on the Sharma method,using the method of description statistics,inference statistics,for researching on the relation among ownership structure,R&D investment,performance.The main research conclusions are:(1)R&D investment have significant positive correlation with the same year's performance;R&D investment have significantly positive correlation with 1-3 year lag performance;In terms of influence degree,strongest performance impact on the lag 1 year,the weakest effects on the same year's performance;(2)In the state-owned enterprises,R&D investment have significant positive correlation with the same year's performance(ROA,REVA).but in the non-state-owned enterprises,R&D investment have not significant correlation with the same year's and lag 1-3 year's economic value added rate(REVA),have not significant correlation with the same year's and lag 3 year's return on assets(ROA)too,only have significant correlation with lag 1-2 year's return on assets(ROA);(3)There were no significant differences of R&D investment between state-owned enterprises and non-state-owned enterprises;Ownership concentration and equity balance degree have not significant correlation with R&D investment;(4)There were no significant differences between the performance(return on assets and the rate of economic valueadded)of state-owned and non-state-owned holding enterprises;Ownership concentration and equity balance degree have not significant correlation with performance;(5)R&D investment have no mediating effect between ownership Structure and corporate performance;(6)State-owned have positive moderating effect to relationship between R&D investment and performance;Ownership concentration and equity balance degree have negative moderating effect to relationship between R&D investment and performance.