Research On The Correlation Between Ownership Structure And R&D Investment-Listed Companies Based On The Growth Enterprise Market

This paper chooses the listed companies from January 2013 to 2015 to study the impact of ownership structure on the R&D investment intensity in a combination of normative research and empirical research.First of all,according to the China Statistical Yearbook data analysis of China's R & D investment situation,the GEM industry characteristics,GEM ownership structure characteristics and R&D investment status.On the basis of the literature review,the author puts forward the research hypothesis based on the ownership concentration,the equity balance and the institutional investors' holdings.Manual collection of corporate R&D expenditure data,as well as in the Cathay Pacific database,RESSET financial research database finishing ownership structure-related data,financial data,and strive to complete data,real and comprehensive.Through the empirical analysis,multiple collinearity analysis,regression analysis,comparative analysis and other methods of empirical analysis,through the multiple regression results to verify the hypothesis and come to the conclusion,put forward the corresponding policy recommendations.The results show that the largest shareholder has the tendency to seize the private gain of control,leading to the trench effect of major shareholders,ownership concentration and R&D investment was a significant negative correlation;the second to the fifth largest shareholder to the implementation of the largest shareholder There is a significant positive correlation between the equity checks and balances and the R&D investment,and the enterprises should pay attention to the cultivation of the checks and balances of the largest shareholder.Institutional investors can actively participate in corporate governance and institutional investors as external active investors And R&D investment was a significant positive correlation.This paper explores the impact mechanism of the ownership structure of listed companies in China on the R & D investment,and provides some experience for the listed companies to adjust the shareholding structure reasonably,improve the corporate governance structure,increase the R & D efforts and improve the independent innovation capability of the enterprises Evidence and theoretical basis.