| Innovation-driven development is the internal path for high-quality development of enterprises.In the fierce market competition,only enterprises with innovation-driven can gain core competitiveness and achieve long-term stability.According to the data released by the National Bureau of Statistics,in 2021,China’s total expenditure on research and experimental development was about 2.79 trillion yuan,and China’s R&D intensity continues to set new highs.However,technology innovation requires large amounts of R&D investment,and R&D activities have the characteristics of long-term,sensitivity,and information asymmetry,which greatly affect investors’ recognition of enterprise value.Since the opening of the Science and Technology Innovation Board(STAR Market),regulators have repeatedly emphasized their support for companies with "hard-tech" strength,and whether they have "innovation and entrepreneurship" attributes is the primary question that prospective STAR Market-listed companies need to answer.By combing through the data,it is found that the average and median values of various conventional indicators of innovation and entrepreneurship of STAR Market-listed companies both exceed the stipulated values by more than double,indicating the "technological content" of STAR Market-listed companies is evident.Therefore,this paper takes STAR Market-listed companies as the research object to analyze whether and how R&D investment affects enterprise value,introduces the ultimate controlling person characteristics as a moderating variable,and takes ultimate controlling person’s cash flow rights,control rights,and deviation between the two rights as the starting point to explore whether these variables play a moderating role in the relationship between R&D investment and enterprise value,so as to maximize enterprise value.Through research,this paper finds that:(1)moderate R&D investment has a promoting effect on enterprise value,while excessive R&D investment has a negative effect on enterprise value,that is,there is a inverted U-shaped relationship between R&D investment and enterprise value;(2)the impact of R&D investment on enterprise value is temporal;(3)cash flow rights play a negative moderating role in the linear relationship between R&D investment and enterprise value,weakening the inverted U-shaped relationship between the two;control rights play a positive moderating role in the linear relationship between R&D investment and enterprise value,strengthening the inverted U-shaped relationship between the two;deviation between the two rights plays a negative moderating role in the linear relationship between R&D investment and enterprise value,weakening the inverted U-shaped relationship between the two;(4)the impact of R&D investment on enterprise value is more obvious in private enterprises,and compared with state-owned enterprises,the negative moderating effect of deviation between the two rights on the relationship between R&D investment and enterprise value is stronger in private enterprises.On this basis,this paper puts forward the following suggestions: listed companies on the STAR Board should increase R&D investment within an appropriate range,and when the R&D intensity of a listed company on the STAR Board is between(0,9.73%),the higher the R&D investment,the greater the enterprise value;Companies listed on the STAR Board should make continuous and stable R&D investment;Enhance the quality and extent of information disclosure on R&D activities;Listed companies on the STAR Board should optimize their shareholding structure and improve their corporate governance mechanisms;Private enterprises should increase the intensity of investment in research and development. |
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