An Study On Ownership Structure And R&D Investment Of GEM Companies

Innovation as a state change original source power of the pattern of economic development,and innovation is not only the fountain of enterprise survival and development,but also the embodiment of the comprehensive national strength.In recent years,China has gradually shifted from innovation to practice,and enterprises have gradually become the biggest innovation subjects,and they are also important forces in China's economic development.The development of enterprises needs innovation,especially technological innovation,and R&D activities as the form of technological innovation is particularly important.And because the ownership structure is one of the core issues of corporate governance,and at present,the background of the corporate internal and external environmental factors and the impact of diversification,management based on personal experience,education level,work experience and salary incentive to analyze these factors,at the same time,managers have the cognitive level and their own values,but also can not be ignored.Therefore,this paper introduces the characteristics of management team to explore whether the ownership structure of management team plays a moderating role in R&D investment.This paper takes 188 listed companies with R&D investment data in 2011-2015 as the research samples,simultaneously analyzes the influence of the ownership structure,the management team characteristics and the management incentive characteristics on the R&D investment of the listed companies on the SME board and puts forward the relevant assumptions,lastly empirically validates the relationship between them by statistical analysis software,the result as follows:(1)There is a significant correlation between ownership structure and enterprise R&D investment.The relationship between equity concentration and R&D investment was "U" type.The increase in the equity of the firm will enhance the investment of R&D,and taking on a significant positive correlation.In addition,the agument in the proportion of institutional investors also contributed to the significant increase in R&D investment.Management team shareholding ratio contributed to the significant increase in R&D investment.(2)Management team characteristics and ownership structure has a moderating effect on R&D investment.Management team compensation,the average educational level and age of the management have a moderating effect on the impact of ownership structure and R&D investment,while the management term and scale has no moderating effect on the latter two.Combined with the results from the experience,This paper from the aspects of optimizing the ownership structure,management team and management team incentive structure,and puts forward corresponding suggestions,provide a theoretical basis for improving the level of research and development of SME enterprise competitiveness,promote the rapid development of China's economy.