Research On Ownership Structure,R&D Investment And Company Growth

With the approaching of the era of Internet revolution and knowledge economy,new competition in the market goes to the customer's demand of technological innovation and the usage of knowledge information supported by high technology enterprise and high-end science and technology.Now,a golden period of development is coming for the new generation of IT industries,such as software,cloud computing,big data and education media.Growth Enterprise Market(hereinafter referred to as GEM),as a securities market that helps small and medium-sized high-tech companies to be engaged in independent innovation and solve financing problems,is a hot spot for newly established IT companies to raise funds for further development.However,as for the IT listed company,it is difficult for their shareholding structure arrangement,as well as the system of governance constructed on such basis,to match with the practical demand of R&D input in actual operation.Therefore,the study on equity structure,R&D investment and corporate growth of IT listed companies is rather significant in both theory and actual practice.With the financial panel data of listed companies from 2014 to 2017 as the research object,this paper carries out an empirical study on the mutual influence and relationship among its equity structure,R&D investment and corporate growth.Firstly,based on relevant studies both at home and abroad,literature review is conducted.Moreover,the theories on entrust-agent,growth and competitiveness are sorted out to reveal the internal influence mechanism.In this process,R&D input intensity is selected as an intervening variable to construct theoretical model,and a series of research hypothesis is put forward.In addition,financial panel data from 2014 to 2017 of 199 listed IT companies are selected as samples,for which descriptive statistical analysis,stationary test,hausman test and regression analysis are conducted and the proposed hypothesis is also verified by using the software such as STATA12.0 and EXCEL.Finally,relevant suggestions on management are proposed according to the conclusion of the study.This paper holds the view that the arrangement of equity structure possessed by IT listed company can bring positive influence to its growth firstly.Secondly,the equity concentration degree of IT listed companies on GEM can bring negative influence to their R&D investment,while the degree of equity balance can bring positive influence to their R&D investment.Thirdly,the influence imposed by R&D investment on IT listed companies in GEM is lagging.Fourthly,among IT listed companies on GEM,R&D investment serves as an intermediary in the growing process of equity structure's influence on equity structure.What is explained in detail as follows is the significance of this study.Firstly,as for the IT listed companies on GEM,its reasonable arrangement of internal equity structure can be optimized,and the R&D input requirements can be matched to the maximum so as to guarantee its healthy and continuous growth.Secondly,for other companies in the GEM market,it is of great significance to easing the contradiction between equity structure arrangement and R&D investment in the process of its sustainable growth and development,which can be referred to by other companies.