Research On The Relationship Between Shareholding Structure, Innovation Investment And Firm Performance

During the “12th Five-Year Plan” period,innovation has gradually become the latest driving force in the development of the whole society.Our society has ushered in a new situation,the economic growth rate from the original high speed into a high-speed,innovation-driven investment and gradually replaced the factor-driven.For enterprises,innovation and R&D investment is an indispensable key factor in improving business performance.Its influence is obvious.The technological innovation capability of an enterprise determines the reasonable implementation of China's innovation-driven development strategy,and in turn improves China's economic sustainable development capability.If we want to continue to enhance the company's overall innovation,we must increase investment in technology upgrades,and then promote the company's R&D production efficiency.In recent years,domestic investment in technological innovation has continued to increase in quantity and intensity,and the innovation capabilities of various companies have also gradually increased.From the perspective of the company's property starting to study,from both financial and personnel engaged in research and innovation investment,enterprise innovation and investment analyzes corporate performance and the impact of proposed hypothesis.According to the principal-agent and resource-based theories,the article also introduces the ownership structure as a regulatory variable and studies its mechanism of action on innovation input and company performance.By constructing a model between the two and putting forward the hypothesis foundation of this paper,the data of the A-share listed companies in the domestic manufacturing and information technology industries were collected,and an empirical conclusion was drawn.That is,there is a significant positive correlation between innovation investment and business performance,state-owned equity is not conducive to R&D investment,equity concentration,and senior management shareholding ratio have a positive adjustment effect on innovation input and corporate performance.Finally,from the research results of the article,it puts forward the internal and external suggestions for the research,and looks forward to the research: the enterprises themselves should raise their awareness of innovation and optimize the governance structure;in terms of the external environment,they should continue to strengthen the standardization of the capital market and establish the external supervision mechanism for the enterprise creates a more fair and orderly competitive environment,so as to better promote the company's innovation ability and maximize the value of the company.