Research On The Relationship Between Management Power, R&D And M&A And Enterprise Performance

The demographic dividend and resource dividends released by the reform have made our traditional manufacturing industry and business develop vigorously,which has greatly promoted the development of China's social economy.But in the long run,long term development mode relying on cheap labor,human resources and natural resources is hard to help China achieve the leap from developing countries to developed countries.China's social economy wants to develop and occupy the commanding heights of national competitive strategy,and create the next miracle.We must pay attention to cultivate and develop enterprises vigorously.In the new era,enterprises want to achieve good performance and seek long-term development,only to improve their own level,but not limited to the technical level,the operation level and management level of improvement and promotion.The R & D investment of enterprises is an effective means to enhance their own level.Besides,the management level of an enterprise is a decision-maker who makes related investments.They have absolute right to speak about what to invest and how to invest.This paper is mainly about the relationship among managerial power,investment level and enterprise performance,and consider the management characteristics in the moderating effect of managerial power and the level of investment.Corporate investment includes external investment and internal R & D.The research is mainly focused on the following questions: 1.,does management power affect corporate investment level(including external investment and internal R & D)? 2.how does the investment level(external investment and internal R & D)affect long-term and short-term performance? 3.what is the role of the management layer's own characteristics in the relationship between the enterprise investment level and the enterprise performance?Based on the previous research results,this paper uses the principal component analysis to synthesize management power from four levels,such as structural power,individual power,organizational power and ownership power,and then constructs a multiple regression model to measure the relationship between management power,R & D and external investment and enterprise performance,and finally examines the regulatory role of management's own characteristics.The empirical results of this paper are as following:(1)the greater the managerial power is,the level of internal investment is lower and the level of external investment is higher;(2)increasing the external investment is a way to improve the short-term performance,and when the management power is greater,this effect is more obvious,and more in science and technology enterprises obviously;(3)the management of their own characteristics is to regulate the relationship between management power and investment level;(4)improving the internal research and development is of great significance to enhance the long-term performance,but when the management power is greater,this effect is more weaker,and in science and technology enterprises is more obvious.