Research On The Effect Of Internal Capital Market Efficiency On R&d Investment Under The Regulation Of Ownership Structure

Innovation is an inevitable choice for building an innovative country,and R&D is an unremitting driving force for the development of enterprises.Enterprises gradually develop into a group organization,and then carry out capital operations through the internal capital market of enterprise groups.Based on the key role of corporate R&D in industrial transformation and the important impact of internal capital market and equity structure characteristics on corporate research and development levels,this article will analyze the impact of internal capital market efficiency on corporate research and development investment,and consider the regulatory role of equity structure comprehensively.It aims to provide theoretical basis for improving the efficiency of the internal capital market and optimizing the shareholding structure.This article first summarizes the domestic and foreign research on internal capital market efficiency,enterprise R&D investment,and equity structure.Secondly,it defines related concepts and expounds the relevant theoretical foundations of principal-agent,information asymmetry,transaction cost and innovation.Then this paper puts forward assumptions on the basis of theoretical analysis,uses the adjusted profit sensitivity coefficient analysis method to measure the efficiency of enterprise group's internal capital market,and selects other variables for research and design.It uses multiple regression to test the effect of enterprise group's internal capital market efficiency on member companies' R&D investment,and it also empirically tests the regulatory effect of the equity structure from three perspectives: the nature of equity,the degree of equity concentration,and the degree of separation of controlling shareholder control from cash flow rights.The empirical results show that the higher internal capital market efficiency of enterprise groups can promote member companies' R&D and innovation activities.The nature of state-owned equity,a high degree of equity concentration,and a small degree of separation of controlling shareholder's control and cash flow rights improve the degree to which the efficiency of internal capital markets promotes corporate R&D investment.In terms of expansive research,this paper examines the secondary adjustment of the role of equity in regulating the degree of separation of the controlling shareholder's power,and verifies that the outbreak of Sino-US trade friction in 2018 can restrain the promotion of internal capital market efficiency on R&D investment.Finally,based on the results of empirical research,the related countermeasures and suggestions are put forward from the three aspects of improving the internal capital market of the enterprise group,optimizing the internal governance structure of the group,and improving the technological innovation ability of the enterprise.