Research On The Influence Of R&D Investment On The Performance Of Listed Pharmaceutical Companies Under The Adjustment Of Equity Structure

China has entered the era of knowledge-based economy,and the requirements for new technologies are constantly improved,and the competition among enterprises is the competition of their core competence.Research and development is the key to the production and management of enterprises.Enterprises can develop new products to meet the needs of the market through R & D activities,and obtain huge profits,so as to improve the core competitiveness of enterprises.But at present,the principal-agent conflict exists in most enterprises in our country,which further affects the relationship between R & D investment and enterprise performance.The ownership structure is the core and key of the internal governance mechanism of the company.A good ownership structure can alleviate the principal-agent contradiction to a certain extent,and can not only promote the internal governance mechanism of the company.Increasing the investment of R & D,increasing the enthusiasm and initiative of R & D activities,is also beneficial to optimize the allocation of enterprise resources,and then to improve the performance and benefit of the whole enterprise.Based on the above considerations,this paper studies the further impact of R & D investment on the performance of listed pharmaceutical companies under the different ownership structure,taking listed companies in the pharmaceutical industry as the object of study.Firstly,the related literatures about R & D investment,equity structure and enterprise performance are summarized,and technological innovation,core competence and principal-agent theory are expounded as the theoretical basis of the research.Secondly,through the collection and collation of relevant data about pharmaceutical listed companies,this paper analyzes the problems existing in R & D investment,equity structure and corporate performance of listed pharmaceutical companies.And on this basis,we first explore the R & D investment of pharmaceutical listed companies to the performance of enterprises.The effect of different ownership structure on R & D investment and enterprise performance is analyzed.Finally,the following conclusions are drawn: the R & D investment of pharmaceutical listed companies in China is positivelyrelated to enterprise performance,and there is a certain period of lag;the equity concentration can positively regulate the relationship between R & D investment and enterprise performance,and the relationship between R & D investment and enterprise performance can be positively regulated by equity concentration.Equity nature,equity balance degree will negatively regulate the relationship between R & D investment and enterprise performance.