The Study Of Controlling Natural Shareholders?R&D Investment On Corporate Performance

With the development of economic globalization,market competition is becoming more and more intense,thus,innovation ability is the key factor influencing whether the enterprise could stablish market position,and get long-term development.Through the analysis of financial data of listed companies,it is concluded that the average level of innovation in gem listed companies is at about 5%,which is a good phenomenon,but there are a lot of factors,which affect the company's innovation level,equity concentration.Therefore,this paper studies the natural large shareholder 's effects on innovation input,and the influence of the comprehensive effect on corporate performance,which have great significance to improve the corporate performance.This article selects the 228 listed companies year before 2013,and choose the relevant data from 2013 to 2015 as the research object,on the foundation of principal-agent theory,technological innovation theory,corporate governance theory,using EXCEL,SPSS20.0 software for data processing and regression analysis between natural shareholder control ?R&D investment and corporate performance.The empirical results show that there is curve relation among proportion of the first big shareholders holding,ownership concentration and equity balance degree and enterprise innovation investment,after eliminating equity concentration,the nature of the relationship between corporate performance and shareholder control become more significant;The relationship between Enterprise innovation input and corporate performance is u-shaped curve,and hysteresis effect on corporate performance is more obvious,the model explanation of lag period of 2 years is stronger than that of the lag period is 1 year,and the data has greater relevance.Finally,by choosing ROE for robustness test,getting that the model about natural shareholder control and R&D input data on the company's performance still has good explanation ability.All in all,one good dealing with the relationship between natural shareholder control,and R&D input is helpful to improve company performance.