Institutional Environment,Internal Control And Enterprise R&D Investment Efficiency

In recent years,from the construction of an "innovative country" to the construction of a "manufacturing powerhouse,2025," the country is vigorously promoting innovation.At present,China has become the world's second largest R&D expenditure country after the United States.The enterprise is the main force of innovation,but the R&D investment of Chinese enterprises generally has the problem of low efficiency,including excessive R&D investment and insufficient R&D investment.This not only has a significant impact on the long-term development of the company,but also on the long-term stable development of the entire country.Therefore,it has important theoretical value and practical value to explore the impact of institutional environment and internal control on the efficiency of corporate R&D investment and the impact of internal control on R&D investment efficiency under different institutional environments.The specific arrangements of this paper are: First,sum up the research results of previous generations,and according to the theory of principal-agent theory,information asymmetry theory,institutional economics,the impact of internal control and institutional environment on R&D investment efficiency,specifically the lack of investment in research and development.A theoretical analysis of the effects of over-investment in R&D and the establishment of a theoretical framework,and then put forward the research hypothesis.Secondly,using a total of 5005 annual data of Shanghai and Shenzhen A-share listed companies from 2011 to 2014 as a sample,using SPSS 16.0 statistical software,using linear regression methods to empirically test the impact of institutional environment and internal control on R&D investment efficiency and different systems The impact of internal control on the efficiency of R&D investment in the environment,among which the impact on R&D investment efficiency is specifically divided into the impact on R&D investment insufficiency and the impact of excessive R&D investment.Through empirical research,the research conclusions obtained in this paper are:(1)The improvement of the quality of internal control can significantly inhibit excessive investment in R&D.(2)The improvement of the quality of internal control can significantly ease the lack of R&D investment.(3)The better the institutional environment,the more significant the suppression of excessive R&D investment.(4)The better the institutional environment,the more it can significantly ease the lack of R&D investment.(5)In areas where the system environment is poor,the effect of internal control on the suppression of excessive investment in R&D investment is more pronounced.(6)In regions where the institutional environment is good,the effect of internal control on the suppression of excessive investment in R&D investment is less pronounced.(7)In regions where the system environment is poor,the mitigation effect of internal control on insufficient R&D investment is less pronounced.(8)In regions where the institutional environment is good,the mitigation effect of internal control on insufficient R&D investment is more significant.Finally,according to the results obtained from the research,this paper gives relevant suggestions from the angle of government and from the perspective of enterprises,in order to provide some reference for the government to formulate policies and R&D investment activities of enterprises.