Research On The Relationship Between Corporate Expected Performance Gap And Corporate R & D Investment

The pressure on the transformation and upgrading of the new normal domestic economy is high,and the growth rate of the national economy has slowed down.The situation of Sino-US trade frictions abroad is serious,global trade protectionism is on the rise,and the wave of anti-globalization is constantly expanding.Great changes have taken place in China's domestic and international development strategy environment in the past 40 years.In this regard,China and Chinese enterprises must have a full sense of crisis and make adequate strategic preparations.Science and technology are the primary productive forces,and the development of science and technology strongly influences and determines the rise and fall of the country.Enterprise innovation is very important for an enterprise to improve its core competitiveness.Enterprise R & D decision is one of the company's core strategic decisions.It is still practically practical to study which influencing factors will increase the investment in research and development of enterprises.At the same time,according to corporate behavior theory and previous research,companies expect that performance feedback will affect corporate R & D decisions,but the relationship between the two research results is controversial.Based on the theory of corporate behavior,this paper explores two questions:(1)what is the effect of expected performance gap on R & D investment,non-linear or linear;(2)what is the effect of human capital of the board of directors on the relationship between expected performance gap and R & D investment.Based on the summary of the literature and theory,this article proposes hypotheses and establishes a research model to verify the empirical data of 592 listed companies in Shanghai and Shenzhen A shares from 2013 to 2017,and draws the following conclusions.The research shows that:(1)History and industry performance gaps have an inverted U-shaped relationship with companies ' R & D investment,that is,as performance gaps continue to increase,companies' R & D investment first increases and then decreases.(2)The clarity of the informal hierarchy of the board of directors,the strength of the informal hierarchy of the board of directors,and the top of the informal hierarchy are the relationship between the negative adjustment history of the chairman and the expected performance gap of the industry and R & D investment.(3)The first place in the informal hierarchy of the board of directors is the relationship between the positive adjustment history of technical origin and the expected performance gap of the industry and R & D investment.(4)The first place in the informal hierarchy of the board is that financial origin does not affect the relationship between expected performance gap and R & D investment.(5)The first place in the informal hierarchy of the board of directors is that the overseas origin only negatively regulates the relationship between the industry's expected performance gap and R & D investment,and does not affect historical performance feedback.This paper uses the theory of corporate behavior and performance feedback model to find an inverted U-shaped relationship between the expected performance gap and indeed R & D investment,which enriches the research content of performance feedback.This study also deeply analyzes the moderating role of the informal structure of the board of directors,and deepens the understanding of the expected performance gap and R & D investment.