Internal Control?R&D Expenditure And Technological Innovation Performance

As an important means to enhance the company's core competitiveness,technological innovation is the fundamental way for the company to gain market competitive advantage.GEM is a gathering place for high-growth or high-tech companies.Its important feature is continuous technological innovation.Internal control is an important institutional arrangement within the company.Does the quality of internal control affect the company's technological innovation performance? How does it affect the performance of technological innovation? What is the impact path?Starting from thinking about these issues,this study is based on internal control theory and technological innovation theory.Through combing the literature,scholars have found that the research on internal control mainly lies in its connotation and economic consequences.Few scholars pay attention to internal control and technology of the company.The relationship between innovation performance and the research focus is mainly on the Main Board listed companies,and even fewer studies have considered mediating effects in the process of internal control and technological innovation performance.Since most of China's GEM listed companies are high-growth or high-tech companies with relatively small total assets and rapid earnings growth,the corporate governance structure is more chaotic than that of the Main Board listed companies.The impact of expenditure and technological innovation performance is higher than that of the main board company.Therefore,this study considers the variable of R&D spending and selects a three-year sample of GEM listed companies from 2014 to 2016 as panel data.It empirically studies the mechanism of internal control affecting technological innovation performance through R&D expenditures,with a view to achieving a Listed companies provide reference for the establishment of internal control systems and innovative development.The empirical results show that:(1)The internal control has a significant positive correlation with the company's technological innovation performance.The internal environment,risk assessment,information and communication and supervision have a significant positive correlation with the company's technological innovation performance,and the control activity has a significant effect on the technological innovation performance.No significant effect;(2)Internal control has a significant positive correlation with R&D spending,where internal environment,risk assessment,information and communication and supervision have a significant positive correlation with R&D spending,and control activities have no significant impact on R&D spending;(3)R&D expenditures play a partial intermediary role in the process of internal control exerting effects on the company's technological innovation performance.Among them,R&D expenditures play a part in the process of internal environment,risk assessment,information and communication and supervision that have a role in the company's technological innovation performance.effect.Finally,on the basis of summing up the empirical results,we provide advice and suggestions for the construction of our company's internal control and the company's innovation and development.