A Study Of Relationship Between Ownership Structure,R&D Investment And Growth Of SMDs

R&D is a source of a country’s economic growth,an important way to technologicalinnovation of enterprises, not only maintain long-term development of enterprises in the fiercecompetitive pressures, but also can be developed accumulation into forming their own coreresources. It is the common concern of the circles of theory and practice to study the topic ofcorporate R&D investment.In this paper，the reality background of released “Chinese technology2011StatisticalYearbook” and National deployment implemented “national long-term scientific andtechnological development plan (2006-2020)”, It chooses547small and medium-sized listingCorporation with a disclosure of R&D investment of2010-2012in Shenzhen securities as thesamples of the study. R&D investment and growth of SMEs, ownership structure and growthof SMEs, the shareholding structure regulating the relationship between R&D investment andgrowth of SMEs as the main line, Review of study literature at home and abroad and Definedthree variables concepts, based on the Principal-agent theory and technology innovation theoryand build Logistic model to act factor analysis, descriptive statistical analysis, multiple linearanalysis, correlation analysis and multiple linear hierarchical regression analysis.In this paper, through factor analysis, with12variables into4factors and thecomprehensive factor score of GP as a explained variables, R&D intensity as a explanatoryvariables,, the shareholding structure as a manipulated variables, explores the relationshipbetween the effects of these three factors. The empirical results show that: Firstly,There is asignificant positive correlation with R&D investment and the growth of small andmedium-sized enterprises, the R&D intensity is more high, more can promote the long-termdevelopment of small and medium enterprises; Secondly, Ownership concentration with thegrowth of SMEs have a significant positive correlation, the higher of it, the greater impact onthe growth of SMEs; Thirdly, Ownership concentration positively regulate R&D investmentand the growth of SMEs effect, but the second to the fifth largest shareholder of checks andbalances the largest shareholder, have a negative effect on regulation of R&D investment andthe growth of SMEs. At last, summarize the findings of research, and put forward some ofsuggestions.