The Influence Of Ownership Structure On Enterprise R&D Investment

With the deepening of the market economy system,China has entered a critical stage of transforming the economic development mode,transforming the driving force of economic growth and optimizing the economic structure.Innovation-driven development has become the first driving force for national development.As the main body of national scientific and technological innovatio n,the importance of enterprises is self-evident.Strengthening enterprise scientific and technological innovation is important support for accelerating the transformation of economic development mode,a key link for promoting scientific and technological system reform and an important content for b uilding an innovation-oriented country.In order to improve the core competitiveness of enterprises and build a national innovation system,it is necessary to strengthen the innovation ability of enter prises and enhance their R&D investment.With the in-depth research of domestic and foreign scho lars on the factors affecting the R&D investment of enterprises,it is found that the shareholding s tructure,as a key factor affecting corporate governance,determines the internal governance contradi ctions of enterprises,and finally affects the R&D innovation decisions of enterprises.So this articl e from the micro aspects of corporate governance mechanism,this paper studies internal influence of ownership structure on corporate R&D input,the hope can through theoretical land empirical re search,this paper provides effective feasible suggestions,so as to enhance the creativity of the ent erprise,enhance the competitiveness of the country,to promote long term development of the coun try's economic health.Firstly,this paper sorts out the research results of domestic and foreign scholars on e quity structure,corporate governance and R&D investment,and sorts out and analyzes China's overall R&D investment,R&D investment and equity status of gem listed companies.Secondly,based on the basic theory,this paper analyzes the influence mechanism of equity structure on enterprise R&D investment,and then puts forward four research hypotheses.At the end of the paper to the gem listed companies panel data for six years as the research object,the selection of enterprise R&D is as explained variable,ownership concentration and equity balance degree,the institutional in vestor shareholding and two post concurrently as the explained variable,as in the correlation and multicollinearity,on the basis of empirical analysis,using multiple regression analysis,the whole s amples from the aspects of enterprise scale,marketization process of these two points sample regre ssion analysis,hoping to study the influence of ownership structure on the R&D investment of ent erprises from multiple perspectives.The conclusions of this paper mainly include the following four points:(1)The owners hip concentration degree has a reverse inhibitory effect on the R&D investment of enterprises.(2)The degree of equity balance plays a positive role in promoting the R&D investment of enterprise s.(3)The shareholding of institutional investors has a positive effect on the R&D investment of e nterprises,among which the shareholding of institutional investors has a more significant effect on the R&D investment of small-scale enterprises and enterprises with low marketization degree.(4)T he dual employment has a reverse inhibitory effect on the R&D investment of enterprises,among which the dual employment has a more significant inhibitory effect on the R&D investment of lar ge-scale enterprises and enterprises with a high degree of marketization.In view of the research of this paper and the current situation of China,the following Suggestions are proposed:(1)Enterprises should avoid excessive concentration of their stock rights,improve the supervision and management mechanism,and better play the supervisory role of the board of directors,board of supervisors and independent directors.(2)Enterprises should moderately improve the degree of equity balance,enhance the creativity of enterprises,and promote the overal l development of enterprises.(3)Enterprises should encourage institutional investors to increase the irs hareholding.Among them,small-scale enterprises and enterprises with low marketization degree need to increase the shareholding ratio of institutional investors.(4)An enterprise shall avoid the c oncurrent appointment of the chairman of the board of directors and the general manager,especiall y for larger enterprises and enterprises with a higher degree of marketization.(5)The enterprisesho uld build an internal governance mechanism that matches its own characteristics,alleviate the contr adictions among various subjects within the enterprise,and promote the enterprise to make scientifi c decisions that are conducive to improving its competitiveness.