R&D Investment,Executive Shareholding And Corporate Financial Performance

In recent years,with the rapid development of high-tech industry,information technology has become one of the important pillar industries of our national economy.Compared with traditional industries,technological innovation is the key means for the survival and development of information technology enterprises.Through effective R&D activities,the financial performance of information technology enterprises can be improved.In practice,executives are the decision makers and executors of R&D activities,which also have an important impact on the financial performance of R&D investment.Therefore,it is necessary to study the impact of R&D investment on corporate financial performance from the perspective of executive shareholding adjustment.This paper takes the listed companies in the information technology industry as the sample,and uses the methods of literature research,theoretical model analysis and empirical research to quantitatively investigate the impact of R&D investment on corporate financial performance under the adjustment of executive shareholding.Firstly,on the basis of combing domestic and foreign literature,the core concepts of R&D investment,financial performance and executive shareholding are defined.Secondly,set the variable index and measurement method,and put forward the research hypothesis and regression model based on the theoretical logic of IT enterprise executives' shareholding,R&D investment and financial performance.Thirdly,based on the sample of 149 information technology enterprises in Shenzhen Stock Exchange from 2016 to 2019,this paper analyzes the main variables of this paper in full sample and annual description;analyzes the correlation between R&D investment and financial performance in the current period and later lag period;conducts regression analysis on the impact of R&D investment and personnel investment on financial performance,and adds executive shareholding variables on this basis to check the impact of R&D investment on financial performance examine the specific impact of investment in funds and personnel on the financial performance of enterprises.Finally,the senior management's shareholding is proportional to the high and low levels to test the moderating effect of senior management's shareholding in the process of R&D investment affecting financial performance.The conclusions are as follows:(1)The R&D investment intensity of information technology enterprises has a significant positive effect on the financial performance of the current period and lag 1-2 periods,and has no significant impact on the financial performance of lag 3 periods;(2)the R&D personnel investment intensity of information technology enterprises has no significant impact on the financial performance in the current period and lag 1-3 periods;(3)information technology company executives' shareholding plays a positive role in the impact of R&D investment on financial performance.The above conclusions provide a reference for R&D investment and executive incentive decision of information technology enterprises.