The Research Of R&D Investment On Corporate Core Competence In The Perspective Of Institutional Investment

In the fierce market competition,the core competitiveness of enterprises is the most important and powerful driving force of the enterprise growth,which is the source of enhancing the competitive advantage of enterprises.Cultivating the core competitiveness can create long-term competition initiative for enterprises and bring profits above the average profit level,thus becoming the key to survive in the complex competition environment.How to successfully cultivate the enterprise's core competitiveness has become the focus of many scholars.This paper provide a systematic analysis and research on enterprise core competence under this background,so it may become a favorable reference for the domestic enterprises to enhance their core competitiveness.This paper tried to doing researches by selecting enterprises,which clearly disclose the R&D expenditure in their financial statements in Shanghai and Shenzhen Stock Exchange during the period from 2013 to 2015,as the research object on the basis of researches that academia has made.This paper used factor analysis as well as multiple linear regression model to do empirical research.Firstly,this paper used factor analysis to build the core competence evaluation system of listed companies.The regression equation was to test the relationship between R&D investment and the core competence.Secondly,this paper studied the regulation of institutional investors in R&D investment and the core competence.At last,to have a further in-depth study,this paper classified the institutional investors into the independent institutional investors and dependent negative institutional investors to discuss the regulation of different types of institutional investors.The results showed that: the more investment in enterprises' R&D,the stronger its core competitiveness;institutional investors has a positive effect on R&D investment and the core competence relationship.The institutional investors have played a positive role in corporate governance,and the protection of minority shareholders' interests as they expand in number and size rapidly.This article introduced institutional investors into the research of the corporate core competence,and revealed the influence of institutional investors on corporate governance from the angle of investment,so it not only provides a theoretical support for the promotion of core competitiveness of Chinese enterprises,but also provides a reference on how to guide institutional investors to participate in corporate governance.