The Impact Of R & D Investment Of Small And Medium-sized Plate Manufacturing Enterprises On Enterprise Performance

The rapid development of economic globalization and the advent of the era of the knowledge economy have made R & D independent innovation capabilities one of the core indicators of the country's comprehensive competitiveness.R & D has a non-negligible effect on the performance of the company,and R & D decisions also affect the development of the company.The equity governance structure of the company is undoubtedly very important for the effective allocation of resources and the effective development of R & D activities.Improving market competitiveness has certain strategic significance.Most of the small and medium-sized board manufacturing companies are small companies that are leading in their respective sub-sectors.Their independent innovation capabilities are relatively strong.Their R & D investment plays a crucial role in the development of the company.They want to compete in today's fiercely competitive market.Having a place in China requires companies to have strong R & D capabilities,maintain efficient productivity,reasonably arrange the company's equity governance structure,attach importance to R & D investment projects,and formulate the most suitable R & D strategy to promote sustainable and healthy development of the company.Based on the sample of small and medium plate manufacturing companies from 2013 to2017 and the theoretical basis of principal-agent theory and Schumpeter's innovation theory,this paper studies the small and medium plate manufacturing enterprises using literature research,theoretical analysis and multiple regression analysis.The intensity of R & D investment includes the relationship between R & D investment intensity and R & D human input intensity and corporate performance,and the equity structure including the property rights,the concentration of equity,and the balance of equity to regulate the relationship between the two angles.The empirical analysis results show that:(1)the strength of R & D investment and R & D manpower has a significant promotion effect on corporate performance,and this promotion effect is lagging;(2)the relationship between the nature of property rights and R & D investment and corporate performance It has a regulating effect and is a homogeneous regulating variable.For non-state-owned enterprises,the relationship between R & D investment and corporate performance is significantly positive,while for enterprises with the property rights of state-owned enterprises,the R & D investment andcorporate performance have a negative correlation;(3)equity concentration on R & D investment and enterprises The relationship between performance has a moderating effect and is a homogeneous moderating variable.Enterprises with lower equity concentration have stronger positive correlations between R & D investment and corporate performance than those with higher equity concentration;(4)Equity balance has a regulating effect on the relationship between R & D investment and corporate performance,Is a homogeneous adjustment variable.A company with a relatively high degree of ownership balance has a stronger positive correlation between its R & D investment and enterprise performance than a company with a relatively low degree of ownership balance.Based on the above empirical research conclusions,this article puts forward specific policy recommendations:(1)flexibly carry out corporate research and development to form a long-term development mechanism;(2)optimize corporate equity structure and improve corporate governance in China.