Research On The Effect Of R&D Investment On Technological Innovation Performance

It is a hot issue that how to improve the efficiency of R&D investment through effective corporate governance.In view of the lag effect and cumulative effect of R&D input,how to maximize the output of Limited R&D input to the technological innovation performance of enterprises depends not only on the intensity of R&D input,but also on the efficient deployment and effective implementation of innovation strategy.Considering that equity structure,as the basic link of corporate governance,is an important factor that affects the efficient deployment and effective implementation of R&D strategic decision-making.Based on this,it is the purpose of this paper to explore whether equity structure can effectively regulate the relationship between R&D investment and technological innovation performance.By summarizing the research literature of this subject,there is no definite conclusion in the existing research,which needs further testing and verification.So far,the research of this paper has a certain practical significance.Today,when the state vigorously advocates independent innovation,private listed companies in A-share high-tech manufacturing enterprises,as mature technology intensive enterprises,have a stronger demand for how to effectively improve the efficiency of R&D output.Under the condition that the existing literature is not clear about the adjustment effect of equity structure,in order to prevent them from blindly copying the experience of other enterprises,this paper chooses such enterprises as the research object It is hoped that this paper's simple confirmatory research can help sample enterprises to avoid detours.Based on Stakeholder theory and Principal-agent theory,this paper studies the equity concentration,equity balance,the proportion of senior managers' equity and institutional investors' equity in the equity structure,and discusses the regulatory effect of equity structure on R&D investment and technological innovation performance.In this paper,literature research and empirical analysis are applied.Firstly,by summarizing the research literature and combining with relevant theories,we put forward our research hypothesis.Then,through the definition and analysis of relevant concepts,the design of variable indicators and the construction of test model are carried out.According to the results of empirical analysis,our conclusions are as follows:(1)R&D investment is positively correlated with technological innovation performance,There is a certain lag effect,and the role of R&D investment on the performance of technological innovation in the current period,lag one period,lag two periods gradually strengthened.(2)Equity structure can have an impact on R&D investment.There is a significant negative correlation between ownership concentration and R&D investment,while equity balance has no significant impact on R&D investment.The proportion of senior executives' shares and institutional investors' shares can promote R&D investment.(3)Ownership structure has moderating effect on R&D investment and technological innovation performance.Among them,equity concentration is a semi regulatory variable,which negatively regulates the relationship between R&D investment and technological innovation performance;equity balance has no significant regulatory effect;the proportion of senior managers' shares and institutional investors' shares are semi regulatory variables,which positively regulates the relationship between R&D investment and technological innovation performance.Finally,according to the conclusions of the study,some suggestions are put forward for the sample enterprises.