Effect Of Ownership Structure On The Relationship Between R & D Investment And Enterprise Performance

In recent years,China's independent innovation capability has developed rapidly,but there is still a big gap with developed countries,and the overall weakness means that China's scientific and technological innovation is still a long way to go.In the era of knowledge economy,accelerating the pace of innovation,industry giants in the short time the former may be abandoned by the market,the enterprise must have the core competitiveness to survive development,accelerate the technological innovation of enterprises has become the strategic target of the long-term development of enterprises.Along with our country more and more attention to research and innovation activities,many scholars have found that the small and medium-sized enterprises in the research and development investment has very high initiative advantage,R & D investment relative strength of large enterprises are more often than high,but also the economic benefits of the R & D strength may have a larger difference,the impact of corporate governance mechanism is not underestimated.Ownership structure is the basis of the content of corporate governance,its influence on the relationship between R & D investment and enterprise performance worthy of our study,this article aims to demonstrate the moderating effect of ownership structure on the relationship between R & D investment and enterprise performance through empirical research.The empirical results show that:(1)R & D investment intensity has a significant role in promoting business performance.(2)the nature of the actual controller,executive equity incentive and R & D investment is significantly positive correlation,and because of the GEM listed companies are more concentrated equity characteristics,ownership concentration and equity checks and balances negatively related to R & D investment.(3)ownership concentration,ownership balance,executive stock ownership incentive negatively regulate the relationship between R & D investment and operating performance,and the nature of the ultimate controller is not adjusted.Based on the empirical research conclusions,this paper puts forward two suggestions for improving the intensity of R&D investment and adjusting the ownership structure.