The Influence Of Ownership Structure On The R&d Efficiency

In recent years,R&D funds invested by Chinese enterprises have continued to grow at a high speed,but the efficiency of R&D investment in enterprise performance is very different.Therefore,it has great practical significance to study the efficiency of R&D.Enterprise management has a decisive role in the allocation of R&D resources,and then determine the efficiency of R&D.Management stock holding,R&D personnel holding,the nature of large shareholders,ownership concentration and other ownership structure have an impact on the management of R&D resources,so the study of ownership structure on the impact of R&D efficiency also has some theoretical significance.This paper first uses literature research to summarize the literature on the relationship between ownership structure and R&D efficiency.It summarizes that the existing literature lacks research on the incentive of R&D personnel and it is not comprehensive enough to measure R&D output.And then using the normative research method to analyze the influence mechanism of the ownership structure on the R&D efficiency.It is found that the ownership structure is the foundation of the corporate governance,which affects the principal-agent relationship between the shareholders and the management and the R&D personnel,thus affecting the management efficiency of the R&D resources.Finally,using case study method,calculating the R&D efficiency of Hisun and Hengrui,the results show that compared with Hengrui,Hisun has also invested a huge amount of R&D resources,but R&D personnel per capita output is low,Patent and finished drug into the ability to sell income is weak,research and development efficiency is poor.Analyze the reasons:from the ownership structure of the impact of R&D efficiency mechanism,on the one hand,Hisun lacks of management and R&D personnel incentive,Hengrui continuous implementation of the two management and R&D personnel equity incentive,which may make Hengrui's management layer more emphasis on R&D resource allocation,and R&D personnel to take the initiative to improve R&D efficiency.On the other hand,Hisun shares are low,the major shareholders are local governments,and the proportion of shares is very low.Hengrui equity concentration is higher,the major shareholders are natural persons,and a higher proportion of shares.This shows that compared to Hisun,Hengrui's major shareholders have the power and ability to supervise the management of management,so as to improve R&D efficiency.The policy implications of this paper:For the decentralized state-owned holding enterprises,shareholders and management between the principal-agent problem is more serious and is not conducive to the R&D activities.In order to improve the efficiency of enterprise research,it is necessary to implement equity incentive for management and R&D personnel.