Research On Correlation Between Ownership Structure And R&D Investment Of High-tech Enterprises In China

Being the first productive forces of today, science and technology have become moreand more important. With High-tech enterprises'spring up, innovation as the final event ofhigh-tech enterprise is getting more and more concerned. However, the R&D situation ofhigh-tech enterprises in China is not very optimistic. In this thesis, using empirical research,we have investigated the ownership structure of the high-tech companies and the R&Dinvestmentofthem,andthereisaresearchonthecorrelationbetweentheownershipstructureandtheirR&Dinvestment.In this thesis, first we reviewed the general theory and related research of the ownershipstructure and R&D, and analyzed the industry characteristics of the high-tech enterprises.Secondly, with the financial data between 2006 and 2008 of high-tech listed company as aresearch sample, we selected six financial indicators to measure the ownership structure andtwoindicatorstomeasureR&Dinvestment.Withtheseindicatorsweconstructedaregressionanalysis model. Through the correlation and regression analysis of indicators, we obtainedsome conclusions about correlation between the all aspects of ownership structure and R&Dinvestmentandhowtheyrelevantandsoon.The results show that: Equity properties has a significant influence to enterprises'R&Dinvestment; in the high-tech enterprises, "due to the dominance" phenomenon is notconducive to their R&D expenditure, and the concentration of equity is not conducive tobusiness R&D too; state-owned enterprises'R&D investment relative is smaller than privatefirms;increasingtheproportionofthecirculatingsharesandlegalpersonsharesofenterpriseswill help increasing the enterprises'R&D expenditure; executive equity investigation andcorporate'R&D investment has a non-linear relationship like an inverted "U", and the equityincentive plan within a certain range is conducive to enterprises'R&D investment increasing; theexternaldebtpressuretocorporationhas asignificantlyinhibitiontotheR&Dinvestment;thesmallerfirmhasmoreenthusiasmthantheothers.Finally, from two aspects, enterprises themselves and the external policy environment,weproposedsomesuggestiontoincreasetheChinesehigh-techenterprises'R&Dinvestment,and we hope to provide some reference to the high-tech listed company's research anddevelopmentactivities.