Empirical Research On The Influence Of Corporate Governance On Enterprise R&D Investment

President Xi Jinping pointed out in the report of the 19 th National Congress that innovation is the most important driving force for leading China's social development.As a major executive body of R&D and innovation activities in China,the core of modern enterprise system is corporate governance,which will have an important impact on R&D and innovation of enterprises.In recent years,there have been more and more studies on the relationship between corporate governance and R&D investment in China,but they are all biased in one aspect,not comprehensive,and the conclusions are not the same.Therefore,it is necessary to study the impact of the company's governance mechanism on the company's R&D investment.Through the conclusions drawn from this study,we provide reasonable advice to Chinese A-share listed companies on how to improve corporate governance to improve the level of R&D and innovation of enterprises.In the end,it will provide some help for China to build an innovative country.This paper studies the relationship between corporate governance and corporate R&D investment based on panel data of A-share listed companies.The article first reviews the relevant literatures of domestic and foreign scholars on the relationship between corporate governance and R&D investment,and summarizes their research results.Then,from the theoretical level,the internal governance structure and external governance mechanism of the company and the impact of the overall level of corporate governance on the R&D investment of the enterprise are analyzed.Based on the theoretical analysis results,the research hypothesis of this paper is proposed.Then,the principal component factor analysis method is used to construct the measurement index of corporate governance level,and the semi-logarithmic model is selected.Based on the relevant data of China's A-share listed companies in 2013-2017,the empirical hypothesis of the proposed hypothesis is obtained.The impact of corporate governance on corporate R&D investment.The results of empirical analysis show that the company's equity state-owned nature,asset-liability ratio and enterprise R&D investment are significantly negatively correlated;the company's equity concentration is in a “U-shaped” relationship with the company's R&D investment;the company's board independence,management equity incentives,The management compensation incentives and product market competition degree are significantly positively correlated with the enterprise R&D investment;while the board size and control market competition has no significant impact on the company's R&D investment;the corporate governance level is significantly positively related to the company's R&D investment.And make recommendations based on the results of empirical analysis.