Moderating Effects Of Ownership Structure On The Relation Between R&D Input And Firm Performance

As a new growth point of economy,independent innovation in our country is getting more and more attention of the whole society.So the innovation and development has become the basic principle of the sustainable development of our country.With the increasingly fierce market competition,the R&D capability of enterprises has become the key factor to determine the sustainable development of enterprises,and has become the primary factor affecting the innovation performance of enterprises.The level of R&D can not only reflect the strength of the enterprise competitiveness,but also decides enterprise's core advantage and improves the business performance of the key factors.However,there is a serious agency conflict in modern enterprise system,and the relationship between R&D investment and enterprise performance is not in a simple positive correlation.Due to R&D investment's features high-risk,information asymmetry and earnings lag,the agency conflicts increase.Benign conflict of corporate governance mechanism can relieve the agent conflict,reduce the agency cost,promote investment in research and development,and can ensure the execution effect of R&D,thus improving corporate performance.And as the basis of governance structure,well-designed ownership structure can ease the contradiction between the principal agent and be conducive to R&D projects,thereby enhancing the performance of enterprises.Therefore,based on the relationship between R&D investment and enterprise performance,this paper sees the ownership structure as the adjustment variable and studies the regulation of R&D investment and corporate performance by the ownership structure of listed bio-medical companies.This paper takes the biomedical companies listed on the Main Board in 2010-2015 as the research object,and investigates the moderating effects of ownership structure on the relation between R&D input and firm performance by hierarchical regression analysis and balanced panel data model and Hausman test,it is based on the theory of technology innovation and the theory of principal-agent with the lag of the decision-making effect and the lag of R&D investment being taken into account.R&D index is lagging behind the one-year index of ownership structure,and the enterprise performance index lags the R&D.First,the R&D investment as an independent variable,the total return on assets(ROA)as the dependent variable,we conduct correlation analysis on bio-medical manufacturing enterprises R&D investment and corporate performance.Then,the ownership structure as the independent variable,corporate performance as the dependent variable,we study the impact of ownership structure on corporate performance.Finally,the ownership structure is introduced as a regulatory variable,and the relationship between R&D investment and corporate performance is discussed from the three aspects of ultimate controller nature,ownership concentration degree and equity balance degree.According to the empirical results,the author puts forward some suggestions on the nature of the controller,the degree of ownership concentration and the degree of equity repayment,and points out the limitations and future prospects of this study.The results of empirical research in this paper can make the bio-medical manufacturing enterprises in our country improve the ownership structure of the company according to its own development characteristics.In this way,the corporate R&D investment activities can enter the virtuous circle,improve the R&D investment and its operation effect so as to enhance the core competitiveness Provide theoretical guidance and practical advice.