An Study On The Impact Of Corporate Governance On R&D Investment On The Background Of Financial Risk

Based on the construction of financial risk model and the construction of regression model,this paper examines the corporate governance of equity structure,executive incentive and actual controller characteristics under different financial risks from 2011 to 2015 in Jiangsu and Zhejiang small and medium private listed companies.The Impact of Factors on R&D Investment Intensity.This paper analyzes the influence of the ownership structure,executive incentive and the actual controller on the R&D investment intensity of the enterprise under the three financial risk zones,which are in the bankruptcy risk zone,gray area and no bankruptcy risk zone.First of all,through qualitative analysis,from the ownership structure,executive incentives,the actual controller characteristics and financial status and R&D investment relationship between the literature comb.Secondly,this paper introduces the theory of financial risk and R&D investment relationship,the theory of corporate governance and R&D investment relationship,and introduces the research hypothesis.Thirdly,the author analyzes the status quo of the development of small and medium-sized private listed companies in Jiangsu and Zhejiang,the current situation of corporate governance and the current situation of R&D investment,summarizes the characteristics of internal governance of small and medium-sized private listed companies in Jiangsu and Zhejiang,and the current situation of R&D investment intensity,and summarizes its R&D investment.The empirical part is divided into empirical design and empirical analysis.The empirical design includes sample selection and data source,variable definition and model construction.In the empirical analysis,the selected samples are divided into three areas: the bankruptcy risk zone,the gray area and the non-bankruptcy risk zone through the financial risk region.The explanatory variables and the explanatory variables of the three regions are statistically analyzed by descriptive statistics and Analyse;In the correlation analysis,the Pearson correlation analysis method was used to confirm the correlation between the explanatory variables and the explanatory variables;In the regression analysis,the variables of the three dimensions of the ownership structure,the executive incentive and the actual controller are gradually substituted into the model by the stepwise regression method,and the fitting degree of the collinear diagnostic model.Finally,it is concluded that the concentration of equity can improve the R&D investment intensity of the firm,but its influence is limited by the degree of financial risk.The lack of reasonable equity checks and balances mechanism is not conducive to the promotion of R&D investment strength.Executives' equity incentives and pay incentives as a "benefit reward" can positively promote R&D investments.Executive as a "rights incentive" is also conducive to research and innovation.Based on the conclusion of this paper,this paper puts forward the corresponding policy suggestions for improving the current situation of R&D investment of small and medium-sized private listed companies in Jiangsu and Zhejiang,and points out the shortcomings of this paper.