Research On The Impact Of R&D Investment Of China's Manufacturing Listed Companies On Enterprise Performance

With the advent of the era of the knowledge economy and big data,the status of innovation in the development of enterprises has become increasingly prominent.In the report of the 19th National Congress of the Communist Party of China,General Secretary Xi Jinping clearly stated that it is necessary to establish an innovation system based on enterprises and strengthen national innovation.The construction of the system,as the main contributor to the innovation capability of the enterprise,its innovation activities have received much attention.Although China is a big manufacturing country,its R&D investment has always been increasing year by year in recent years.However,compared with R&D power,there is still a big gap.One of the reasons for this phenomenon is the principal-agent problem.As the basis of corporate governance,the shareholding structure can theoretically alleviate the principal-agent problem and improve the conversion efficiency of R&D investment.However,in practice,whether the change of ownership structure has an impact on the relationship between R&D activities and firm performance is still unknown.These are all issues that do not need to be tested in practice immediately.In view of this,on the basis of reviewing relevant literatures,firstly expounded the related concepts of ownership structure,R&D investment and enterprise performance of listed companies in manufacturing,and discussed related theories,namely,technology innovation theory,principal-agent theory,information asymmetry theory.And the theory of intangible assets;secondly,it analyzes the status quo of equity structure,R&D investment and enterprise performance of listed companies in China's manufacturing industry.On this basis,it puts forward the research hypothesis of the relationship between R&D investment and enterprise performance,equity structure on R&D investment and firm performance.The regression model of the three relationships was constructed.The sample of manufacturing companies in Shanghai and Shenzhen in China from 2016 to 2018 was used as a research sample.The relationship among equity structure,R&D investment and corporate performance was analyzed by multiple regression and hierarchical regression.Discuss the adjustment effect of ownership structure on R&D investment and corporate performance.The research results show that:(1)the increasing of R&D investment has a positive impact on the performance of the enterprise lag period,and has the greatest impact on the lag phase;(2)the ownership structure has a regulatory effect on R&D investment and enterprise performance,among them,Equity concentration will promote the improvement of R&D investment on corporate performance,and play a positive role in regulating the relationship between R&D investment and corporate performance.The balance of equity and state-owned equity will inhibit the R&D investment's role in improving corporate performance.The relationship between input and business performance plays a negative regulatory role.Based on the above empirical conclusions,this paper proposes that in terms of R&D investment,enterprises should strengthen the R&D investment and accelerate the transformation of scientific research results;the government should introduce relevant policies that are conducive to R&D activities.In terms of shareholding structure,enterprises should maintain a reasonable shareholding structure and improve the internal governance mechanism of the enterprise;the government should deepen the relevant proposals for the reform of state-owned enterprises.