| In the fierce market competition under the background of knowledge economy,R&D investment dominates the enterprise's survival mode and development potential.Compared with many developed countries,R&D investment in China has a large gap compared with that of many developed countries.At present,there are many researches on the influencing factors of R&D investment in the perspective of macro-angle and technology economy.Due to the limitations of research data and other factors,there are still many deficiencies in the research on corporate governance and equity structure and enterprise R&D investment relationship.In this paper,we select the enterprises that disclose R&D expenditure for five years from 2012 to 2016 in China's a-share listed companies in Shenzhen stock exchange.This paper studies the influence of China's equity structure on the investment behavior of enterprise R&D,the shareholding structure has a close relationship with the enterprise R&D investment behavior.Ownership concentration and corporate R&D investment intensity in overall,the first big shareholder ownership and enterprise R&D investment intensity,has a very significant negative correlation relationship between the grouping in different ownership concentration and equity balance degree group received the same validation.The intensity of R&D investment of stateowned listed companies is greater than that of non-state-owned listed companies with the change of ownership concentration.Equity balance degree and intensity of R&D investment has a very significant positive correlation,the second to the fifth largest shareholders,big shareholders to powerful checks and balances equity checks and balances can effectively ease the ownership concentration on the negative impact of R&D investment.There is a significant positive correlation between executive shareholding and the intensity of R&D investment.Big shareholder control of executives shareholding incentive for enterprise R&D investment had a negative effect.Equity balance degree on executive equity incentive for enterprise R&D investment has a positive influence.In addition,as an external governance mechanism,improving the legal environment can effectively restrict the negative impact of equity concentration on enterprise R&D investment.In this paper,the a-share listed company ownership structure in our country to explore the influence factors of enterprise R&D investment,adjust the reasonable ownership structure of listed companies in our country constitution,increase the intensity of R&D investment,improve the enterprise core competitiveness provide A certain amount of experience and theoretical support. |
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