| The Small and Medium Enterprise Board created since 2004 has been impressive growth rate, the total number of listed companies has reached 328 as of December 31, 2009. As is known to all, SMEs are an important pillar of the economic development and social stability. In order to drive economic growth, it is important to pay attention to the development of SMEs. R&D investment is an important source of innovation and the foundation of survival and development for enterprises. Therefore, to promote steady and rapid development of SMEs, it is necessary to guide SMEs to increase Research & Development investment and constantly improve the innovation ability.The ownership structure has a significant role on the company's development strategy and even on the operating performance. With the advancement of technology and science, enterprise's competition mainly concentrates in technology innovation. R&D expenditure as a business investment is increasing, so people gradually begin to focus on the ownership structure and R&D investment.This paper reviews literatures about R&D expenditures, based on the theory of princial-agency and ownership control, puts forward hypothesis, and makes empirical study on the influence of the ownership structure on R&D investment, by analyzing the research data of 611 listed companies from Small and Medium Enterprise Board in Shenzhen Stock Exchange during 2007 to 2009, with the help of statistical software SPSS17.0 for statistical description and linear regression. Lastly, according to the empirical results, this thesis puts forward policy recommendations, so as to provide some directions for the restructuring of listed companies corporate governance from Small and Medium Enterprise Board.The definition of the ownership structure is divided into two aspects of qualitatively and quantitatively as the type of the nature of the ultimate controller and ownership concentration ratio, ownership restrietion ratio. In some extent, this method may help us root out the control theory and extend related research. At the same time, it also can help us understand how ownership structure affects R&D investment, in the context of different quity natures. According to the controlling shareholder, we select different stimulation methods to promote R&D investment to increase business value.The main conclusions are as follows:first of all, as far as the nature of the actual controller, state holding listed companies have input much less in R&D investment than non-state controlled listed companies. Secondly, as far as ownership concentration ratio, there is the remarkable N-shaped pertinence relation between the ownership concentration ratio and R&D investment. With the increase in ownership concentration ratio, R&D investment first increases, then decreases, and finally increases. Moreover, the state-owned Holding company's undulatory property is bigger. Thirdly, ownership restrietion ratio and R&D investmen present the non-significant positive related relation.According to research conclusions, this paper gives three suggestions:we should cut down the number of state-owned companies, appropriately reduction of state-owned shares, encourage competition and make full use of ownership concentration ratio and ownership restrietion ratio. |
