Research On The Relationship Between Second Type Of Agency Cost,Degree Of Equity Counterbalance And R&D Input

The report of the 19 th Party Congress pointed out the important position of innovation: as the primary driving force,innovation leads the sustained economic and social development,supports the entire modern economic system.In order to link science and technology research with sustainable economic and social development closely,it is imperative to formulate a set of deep integrated innovation systems.Corporate governance mechanism is the foundation of technological innovation,therefore,reducing the second type of agency cost and increasing the degree of equity counterbalance have become an important way for companies to further promote R & D investment and enhance their development capabilities.This paper used empirical research method and selected 1454 observation samples from A-share listed companies of Shanghai stock market from 2013 to 2015,in order to study how the second type of agency cost and the degree of equity counterbalance affect R & D investment,and test the effect of equity balance on the adjustment effect of the second type of agency cost and R&D input.In addition,in further study,based on principal-agency theory and technology innovation theory,this paper also examined the relationship of the degree of equity counterbalance and the R & D input by dividing the samples into four types: the degree of deviation of two rights,the degree of equity balance,the ownership,and the type of industry.The results show that: first,the second type of agency cost and R & D input is significantly negative correlation.Second,the degree of equity counterbalance and R & D input is significantly positive correlation.Third,the degree of equity balance has a positive adjustment effect on the second type of agency cost and R&D investment.The above conclusions enrich the theses of the second type of agency cost and equity counterbalance,which provides a reference for the companies to improve the governance effects.