An Empirical Study On The Relationship Between Equity Concentration Degree,R&D Investment And Enterprise Performance

With the trend of economic globalization and the rapid development of science and technology,innovation plays a vital role in the process of economic development.Manufacturing is related to the lifeline of China 's economy and is closely related to the national economy and people's livelihood.Compared with developed countries,the current R&D investment level of our country's manufacturing industry is far from enough The level of R&D investment is far from enough,which leads to the unoptimistic performance of manufacturing companies,and it is difficult to adapt to social progress and globalization.In the operation of an enterprise,shareholders are the key subjects for enterprises to make R&D investment decisions,and the concentration of equity may be one of the reasons for the above phenomenon.A reasonable concentration of equity can effectively alleviate the contradiction between the principal and the agent,improve the research and development level,and then improve the performance of the enterprise.Therefore,to explore the impact of R&D investment on corporate performance,and further analyze the moderating role of equity concentration in the relationship between R&D investment and corporate performance has a positive reference and reference role for government and corporate R&D investment decisions.At the same time it is of great significance to promote the vigorous development of our country's manufacturing industry.In addition,for companies with different equity types,whether the impact of R&D investment on corporate performance and the adjustment effect of equity concentration in R&D investment and corporate performance are the same,is worthy of in-depth study.Based on technology innovation theory,principal-agent theory and information asymmetry theory,this article selects data from manufacturing listed companies for empirical analysis.From the perspective of the nature of equity,it studies the impact of R&D investment on corporate performance,and further explores the concentration of equity Degree plays a role in regulating the relationship between R&D investment and corporate performance.First of all,this article expounds the research background and significance of this article,and then uses the method of literature analysis to summarize and sort out the relationship between the three and draw your own research perspective,then defines the concentration of equity,R&D investment and the concept of business performance,After analyzing the relevant theories,the research hypothesis of this paper is put forward,and finally,the model is constructed by empirical analysis,the appropriate variables are selected,and the relevant variables are subjected to preliminary analysis such as descriptive statistical analysis and correlation analysis,then conducted multiple linear regression analysis to draw the following conclusions:First,from an overall point of view,R&D investment will promote the improvement of corporate performance,and the different nature of equity has different effects on the relationship between the them;second,from an overall point of view,the concentration of equity plays a role When it comes to the positive adjustment effect,in companies with different nature of equity,the concentration effect of equity concentration in the relationship between R&D investment and corporate performance is different.The innovation points of this article are as follows:the innovation of the research object.At present,most scholars only select listed companies as research samples when selecting samples.A very small number of scholars classify them.In this paper,according to the different nature of property rights,a further sub-sample study of manufacturing listed companies was found.For companies with different nature of equity,the degree of impact of R&D investment on enterprise performance is different,and the role of equity concentration in the relationship between R&D investment and enterprise performance is also different.Second,innovation from a research perspective.Scholars have rich research on the relationship between equity concentration and corporate performance and the relationship between R&D investment and corporate performance,but few scholars have studied how equity concentration and R&D investment can affect corporate performance.Most of the existing studies will Research on R&D investment as an intermediary variable and insufficient research on equity concentration as a moderating variable,therefore,this article will further explore how equity concentration plays a regulatory role in the impact of R&D investment on corporate performance.