The Research On The Chinese Growth Enterprise Market Listing Enterprises’ Ownership Structure Impacing On R&D Investment

Research and development (R&D) is a key factor to produce the corecompetitiveness of enterprises, but also an important force for the survival anddevelopment of enterprises. Thanks to the two secondary market stock circulation inChinese Gem Market, high-tech innovation enterprises’ R&D investment and R&Dproduction can get precious capital from the market. At present, the GEM listedcompanies ownership structure is constantly adjusted, R&D input intensity and the corecompetitiveness of enterprises has not been significantly improved, how ownershipstructure influences the R&D input intensity is not clear.In this paper, we use270GEM listing companies from2009to2012as the researchobject, demonstrate the different ownership structure factors of R&D investment fromtwo angles: theoretical and empirical research. Firstly, using the R&D input, the influenceof ownership structure, ownership structure theory of R&D investment, analysis Chinesegem enterprise characteristic, do work board characteristics of ownership structure andR&D investment in enterprise. Objective to adopt the influence of ownership structure onenterprise R&D investment in existing literature, we propose three hypotheses, thevariables were selected. Through the Hausman test and the mixed effect, according topanel data, the establishment of ten fixed effect model and two mixed effect model. Thedescriptive statistical analysis based on the panel data model, the results of regressionanalysis and conclusions, and put forward the corresponding policy recommendations.Studies have found that there are inverted U relationship between the shareholdingratio of the first shareholder and the R&D input intensity; the top five and the top tenshareholders of R&D input intensity of positive role is very limited; managerialownership and R&D input intensity significantly positive correlation; largest shareholderfor the non state owned shares than the state-owned shares can promote the R&D inputintensity. This paper tries to find out the influence of ownership structure China GEMListing enterprise R&D investment, listing on the gem enterprise reasonable equitystructure adjustment, promote R&D investment and R&D production to the market, hasa certain practical significance to enhance the core competitiveness of enterprises.