Research On The Impact Of R&D Investment On Financial Competitiveness Of Oil And Gas Companies From The Perspective Of Corporate Governance

As the representative traditional energy companies,China's oil and gas companies are facing increasingly fierce market competition in the context of economic globalization and the intensification of the international energy crisis.How to scientifically evaluate and enhance financial competitiveness has become a prerequisite for oil and gas companies to cope with fierce competition.With the acceleration of economic integration,the level of technological innovation of oil and gas companies has become the key of improving financial competitiveness.The level of technological innovation is closely related to R&D investment.Therefore,analyzing the impact of R&D investment on financial competitiveness has become a top priority for China's oil and gas companies.According to the development history of many companies at home and abroad,effective corporate governance is conducive to the company's technological innovation level and financial competitiveness.Therefore,improving corporate governance and improving the efficiency of R&D investment have important theoretical and practical significance for the improvement of financial competitiveness of oil and gas companies.Through the research of this paper,it tries to achieve the following research purposes: scientific quantitative evaluation of the financial competitiveness of oil and gas companies,empirical research on the impact R&D investment on financial competitiveness of oil and gas companies,empirical research on the regulatory role of corporate governance on the relationship between R&D investment and financial competitiveness of oil and gas companies,to propose the strategy of improving the financial competitiveness of oil and gas companies based on corporate governance and R&D investment.First of all,this paper defines the concepts of corporate governance,R&D investment and financial competitiveness and analyzes the related theories based on the literature.And it constructs a mechanism framework for the impact of R&D investment on financial competitiveness of oil and gas companies from the perspective of corporate governance,which provide the theory guidelines for subsequent empirical research.Secondly,based on the definition of China's oil and gas companies and data sources,this paper analyzes the current situation of corporate governance from four dimensions: equity characteristics,board characteristics,supervisory board characteristics and senior management characteristics.It analyzes the current situation of R&D from two dimensions: R&D capital investment and R&D personnel input.In order to analyzes the current situation of the financial competitiveness of oil and gas companies,this paper constructs the evaluation index system of financial competitiveness of oil and gas companies from seven aspects: solvency,profitability,operational capability,development capability,cash flow capacity,risk management ability and social responsibility performance,and uses factor analysis method to evaluate financial competitiveness of oil and gas companies.Thirdly,this paper puts forward the empirical research hypothesis from the two aspects: the impact of the R&D investment on financial competitiveness of oil and gas companies and the regulatory role of corporate governance on the relationship between R&D investment and financial competitiveness.And this paper constructs an empirical model with financial competitiveness as the interpreted variable,with R&D capital input intensity and R&D personnel input intensity as explanatory variables,with equity concentration,equity balance,proportion of state-owned shares,proportion of legal person shares,proportion of public shares,size of board of directors,numbers of board meetings,proportion of independent directors,size of board of supervisors,numbers of meetings of board of supervisors,ratio of executive shareholding and executive compensation as adjustment variables,with the company size and capital structure as the control variables.And it uses the software SPSS22.0 for descriptive analysis,correlation analysis,multiple regression analysis and robustness test.Empirical research results show that the R&D capital investment positively promotes financial competitiveness of oil and gas companies;the R&D personnel input significantly promotes financial competitiveness;equity concentration significantly positively regulates the relationship between R&D investment and financial competitiveness;equity balance negatively regulates the relationship between R&D investment and financial competitiveness;the proportion of state-owned shares has no adjustment effect on the relationship between R&D investment and financial competitiveness;the proportion of legal person shares positively regulates the relationship between R&D personnel input and financial competitiveness,but has no adjustment effect on the relationship between R&D capital investment and financial competitiveness;the proportion of social public shares negatively regulates the relationship between R&D investment and financial competitiveness;the size of the board of directors has no adjustment effect on the relationship between R&D investmentand financial competitiveness;the number of board meetings has no adjustment effect on the relationship between R&D investment and financial competitiveness;the proportion of independent directors positively regulates the relationship between R&D investment and financial competitiveness;the size of the board of supervisors positively regulats the relationship between R&D capital investment and financial competitiveness,but has no adjustment effect on the relationship between R&D personnel input and financial competitiveness;the number of meetings of board of supervisors positively regulats the relationship between R&D capital investment and financial competitiveness,but has no adjustment effect on the relationship between R&D personnel input and financial competitiveness;the executive compensation positively regulates the relationship between R&D investment and financial competitiveness;the ratio of executive shareholding positively regulates the relationship between R&D investment and financial competitiveness.Finally,based on the situation analysis and the empirical research results,this paper proposes the improvement measures of financial competitiveness from the perspective of R&D investment and corporate governance.The improvement measures of financial competitiveness from the perspective of R&D investment includes: increasing government support for R&D investment in oil and gas industry,improving information disclosure system related to R&D investment,strengthening IPR protection,and appropriately increasing R&D capital investment to form more R&D innovative results,improving the training mechanism for R&D personnel,and establishing a dynamic management mechanism for R&D activities.The improvement measures of financial competitiveness from the perspective of the corporate governance include: moderately increasing the shareholding ratio of the largest shareholder,moderately reducing the proportion of public shares,moderately increasing the proportion of legal person shares,increasing the number of independent directors and improving the mechanism of independent directors,establishing a performance-oriented executive compensation system,and establishing an effective executive mechanism of shareholding incentives.It is expected that the improvement measures will provide direction for the improvement of corporate governance,R&D investment efficiency and financial competitiveness of oil and gas companies.