The Empirical Research On The Relationship Between The Equity Structure And R&D Input In Listed Companies

Along with the Chinese market economy perfect progressively, and the gradual establishment of modern enterprise system, more and more scholars begin to pay attention to the corporate governance optimization problem. Ownership structure is the core of corporate governance structure, so the relevant research is beyond count, but existing studies mostly focus on the influence of the equity ownership structure on corporate performance and company value. On the other hand, as a measure of the important index for the long-term sustainable development of enterprises, R&D also receives many foreign scholars’ attention, but domestic scholars study not much, the study on the relationship between ownership structure and R&D is even less. This article will discuss the relationship between the ownership structure and R&D investment, hope to provide a theoretical basis for our country’s enterprises to increase investment in research and development and to keep the core competitiveness of the need to select the optimal ownership structure.In order to study the relationship between ownership structure and the R&D input, the paper will summarized previous related literatures, based on the research of theoretical analysis, and then put forward the research hypothesis, and through the sample data to research hypotheses and empirical tests, at last this thesis draws the conclusion.This paper combined the empirical research methods with theoretical research methods. In the empirical research, the sample this paper selects is 2007-2010 cross-sectional data of 113 pharmaceutical biotechnology companies approved by the state. Because many companies did not disclose the development data, the paper finally collected a total of 94samples. In the choice of variables, the explanatory variables this paper selected are equity concentration ratio (the proportion of the first shareholder) and equity balance degree; explained variable is R&D investment intensity (R&D spending/total assets); control variables included four variables, such as the enterprise scale, profit ability, cash flow, capital structure. In the model, this paper uses SPSS software individually examined relationship between the proportion of the first shareholder and R&D investment, and then joined two power and three power of the proportion of the first shareholder to test the ownership concentration degree and R&D investment relationship. Finally, the above two models were added respectively in four control variable inspection; secondly, we apply the same method to text the relationship on the degree of ownership balance and R&D investment; finally, and put all the variables into a model for testing.Through theoretical analysis and empirical test, this paper draws the following conclusions:the relationship between ownership concentration and R&D investment showed "N" shape. When the company’s largest shareholder shares proportion gradually increase, R&D investment strength increases gradually. When the first major shareholders’shares arrive 21.95%, R&D investment strength will decrease gradually; when the first shareholder’ shares add to certain ratio (54.24%), R&D investment strength will gradually increase. The relationship between Equity balance degree and R&D investment intensity is a positive linear. When the ratio between company’s second to fourth shareholders’ shares with the company’s largest shareholder shares gradually increases, R&D investment intensity will gradually increases, but also the relationship is a linear.