Research On The Impact Of Corporate Governance On R&D Investment In Mixed Ownership Enterprises

Manufacturing industry is the focus and lead of China's mixed ownership reform,and it is the key driving force for economic restructuring and development.The successful transformation of the manufacturing industry must rely on continuously increasing the intensity of R&D investment and improving the R&D investment structure.Corporate governance,as the foundation of a modern enterprise system,is the institutional basis for companies to conduct R&D activities and plays a key role in the decision-making and implementation of R&D activities.Therefore,how companies should improve their corporate governance and thus increase the R&D capabilities of manufacturing companies has become a topic that domestic scholars are more concerned about.This article takes a sample of the Shanghai-Shenzhen A share manufacturing mixed-listed companies as a sample for the 2014-2016 study.Firstly,it analyzes the status quo of corporate governance and R&D investment in mixed-owned manufacturing enterprises.Secondly,it analyzes the mechanism of corporate governance impacts on R&D input at all levels;finally,it empirically studies both state-owned and non-state-owned holding companies from two aspects of internal governance and external governance.The impact of various aspects of corporate governance on R&D investment.The results of the study show that:(1)The ownership mix of the state-owned holding sample companies has a positive"U" relationship with innovation investment,and its turning point is 46.03%,while non-state-owned holding companies are negatively correlated;(2)Board size and innovation input The relationship between the state-owned and non-state-holding sample companies is negatively correlated;(3)The proportion of independent directors in non-state-owned enterprises and corporate R&D investment is an inverted "U" type relationship,when the proportion of independent directors is in the range of 0-43.07%,The increase in the proportion of independent directors has a positive effect on R&D investment in enterprises,while there is no significant relationship between the two in the state-controlled sample companies.(4)The positive impact of executive monetary incentives and equity compensation on innovation investment is in the state-owned holding and Non-state holding samples have been verified;(5)The long-term compensation intensity of non-state-owned holding companies is positively related to innovation investment,with a turning point of 43.38%.The state-owned holding company does not have such a significant relationship;(6)whether it is state-owned The controlling or non-state-holding sample enterprises,the stronger the ability of creditors to participate in corporate governance,the more unfavorable the enterprises to carry out R&D activities;(7)Regardless of the nature of enterprises with property rights,the higher the degree of government intervention,the higher the R&D investment of the company,and the more obvious this effect is in the state-owned holding companies;(8)The fierce products in the sample enterprises of two types of property rights Market competition is not conducive to the improvement of corporate R&D investment.Finally,according to the results of empirical research,some suggestions are proposed such as establishing a multi-equity structure,improving the governance mechanism of the board of directors,establishing a more reasonable incentive and restraint mechanism for senior managers,and establishing a sound and reasonable external governance environment.