| Innovation is an inexhaustible motive force for national prosperity and the core competitiveness of enterprises' survival and development.The problem of insufficient R&D investment in Chinese enterprises is still serious,and high-tech enterprises,as the main force of innovation,have aroused the attention of the state and the public.Psychologically,the special emotions between the founder and the enterprise make the founder and the shareholders have the same goal and pursue ong-term development.When the founder grasps the control of the enterprise management,he will pay more attention to improve R&D investment and the core competitiveness of the enterprise,thus promoting the improvement of enterprise performance.Frequent contests for control rights have a significant impact on the development of enterprises,and destroying the security of future entrepreneurs in innovation and entrepreneurship,the founder's shareholding can reduce the occurrence of the struggle for control rights,and enhance its control rights in the enterprise,and ensure the consistency of the implementation of the enterprise strategy,and help to improve the enterprise performance.Therefore,this paper argues that founder ownership can increase R&D investment,and then enhance the enterprise performance,while founder control has an impact on the relationship between founder control and the enterprise performance.This paper takes the private high-tech enterprises listed on China's GEM from 2009 to 2016 as the research object,and studies the impact of founders on R&D investment and the enterprise performance from the perspective of founders' control by drawing on relevant theories and literature at home and abroad,and is based on the separation of powers theory and principal-agent theory.The intermediary role of R&D investment is verified.Furthermore,the effect of founders' control on the relationship between founders' control rights and firm performance is discussed.Research findings:(1)Founders' control of the enterprise control significantly improves the enterprise performance,and the relationship between founder control and the enterprise performance is positive linear rather than inverted u-shaped or other non-linear.(2)The founder's control of the enterprise will promote the enterprise's R&D investment;(3)R&D investment plays a part of intermediary effect in the process that the founder's control right affects enterprise performance;(4)Founder control can promote the positive influence of founder control on the enterprise performance.The research deeply reveals the founder,the relationship between R&D investment and enterprise performance,and the influence of the founder of ownership.It is of great significance to the allocation of enterprise control rights,the implementation of innovation strategies and the direction of future policy-making. |
PDF Full Text Request