R & D Investment,Control Allocation And Company Value

In recent years,domestic independent innovation and research and development capabilities have developed rapidly.However,compared with developed countries,there is still a big gap,so on the whole,the domestic R&D and innovation capability is very weak,which also means that there is still a lot of room for domestic development in terms of scientific and technological innovation and the task of development is very arduous.Now in the era of knowledge-based economy development,under the ever-accelerating pace of innovation,the company must pay attention to the improvement of its core competitiveness in order to survive and develop in the longer term.Otherwise,no matter the old industry giants or the new shows may be abandoned because they cannot catch up with the speed of market development.Therefore,the company should take improving its technological innovation capability and increasing research and development investment as its longer-term development strategic objectives.Domestic and foreign researchers have done research on research and development investment at the macro level.The main research basis is regional or national data.In addition,the relationship between company value and R&D investment is also studied from the micro level,mainly based on the R&D investment data disclosed by listed companies in China and some important financial data related to this.In addition to studying the relationship between R&D investment and company value,it also makes a specific study on the influencing factors of R&D investment.In addition,R&D innovation activities are characterized by high risks and asymmetric information,so in actual R&D innovation activities there may be principal-agent problems and conflicts of interest among stakeholders,thus affecting R&D results and company value.At this time,it is necessary to consider the allocation of control rights within the company and make use of a reasonable corporate governance structure to help the company's internal managers to optimize the allocation of company resources more reasonably,thus improving the value of the company.At present,China pays more and more attention to R&D innovation activities and actively encourages enterprises to increase R&D investment.Many researchers have found in their research that the R&D investment intensity of small and medium-sized enterprises is higher than that of large enterprises in terms of R&D innovation activities,because small and medium-sized enterprises have the advantage of high initiative in R&D investment.The economic benefits and R&D results produced by the intensity of R&D investment vary greatly depending on the size of the company,which is also closely related to the allocation of control rights within the company.We should pay attention to the regulating relationship between R&D investment and corporate value.The allocation of control rights is divided into three different levels.This paper mainly studies the allocation of control rights at the shareholder level,that is,the influence of ownership concentration and equity balance on the relationship between R&D investment and corporate value in the ownership structure.Therefore,this paper focuses on the relationship between R&D investment and corporate value,and introduces control allocation as a regulating variable,using empirical research to demonstrate the moderating effect of control allocation on the relationship between R&D investment and corporate value.This paper takes the A-share listed companies in Shanghai and Shenzhen stock markets from 2014 to 2018 as research samples,mainly verifying the relationship between R&D investment and company value and the corresponding impact mechanism.In addition,based on this influence mechanism,an empirical study is conducted to test the moderating effect of corporate control allocation on R&D investment and corporate value.First of all,this paper sorts out and summarizes the existing literature at home and abroad from three aspects: research and development investment,company value,and regulatory effect of control allocation,and on this basis sorts out the research ideas and methods of the article.Secondly,this paper reviews and expounds the allocation of control rights,the theoretical basis of R&D investment,explains the impact of R&D investment on the company's value,and analyzes the transmission mechanism of R&D investment activities.In addition,from the two latitudes of ownership concentration and ownership balance in the allocation of control rights,this paper also makes a specific analysis and research on the adjustment relationship between R&D investment and company value.On this basis,the research hypothesis of this paper is put forward,the control allocation is introduced as the regulating variable,and multiple linear regression and normative analysis are adopted to make empirical analysis on the samples.It can be seen from the research results that the research and development investment within the company plays a significant role in promoting the improvement of the company's value.The allocation of control rights plays a moderating role betweenR&D investment and company value.This paper mainly studies the relationship between the two at the shareholder level in the allocation of control rights,in which the ownership concentration plays a negative role in regulating the relationship between R&D investment and corporate value.The degree of equity balance plays a positive role in the adjustment between R&D investment and company value.Finally,combined with the actual situation in our country,the research conclusions are analyzed and discussed in detail,and based on this,the corresponding suggestions and prospects are put forward for the allocation of control rights,research and development investment and company value.