Research On The Moderating Effects Of Ownership Structure On The Relation Between R&D Investment And Firm Performance

Based on the data of manufacturing and information technology listed companies on the main board from 2007 to 2014, the article verifies the effect of corporate R&D investments on firm performance and the mechanism behind. On this basis the paper empirically examines the moderating effects of corporate ownership structure on enterprise R&D performance.First, this article reviews the relevant results of previous studies at home and abroad that from two aspects: the relationship between R&D investments and firm performance, the relationship between ownership structure and implementation of the R&D. On the basis of this, research ideas and research methods are formed. Secondly, the theoretical basis of the ownership structure and R&D activities is reviewed and commented, the connotation of R&D activities and the impact of R&D activities on technological innovation are explained and the transmission mechanism of R&D activities is explored. In addition, based on the transmission mechanism, the article analyzes the moderating effects of ownership structure on the relationship between R&D investments and firm performance in stages from the four dimensions of ownership concentration, ownership balance, nature of shareholders and managerial ownership. And then this paper puts forward the hypothesis and conducts the corresponding empirical research. The results of this study show: corporate R&D investment has a significantly positive effect on firm performance through the mediating role of technological innovation; Equity structure has moderating effects on the stages of output of technology and transformation of innovation achievements. Wherein ownership concentration negatively affects the efficiency of innovation output, but can actively improve the ability of innovation transformation; Ownership balance degree promotes innovation output, while it does not have moderating effect on innovation transformation; Shareholders nature not only exerts an influence on the innovation output of R&D projects, but also affects the transformation of innovation achievements in these projects; In addition, because of the lack of incentive effect of managerial ownership, executives shareholding ratio negatively affects innovation output and can’t promote innovation transformation. Finally, combining the reality of our country, the conclusions of the study are analyzed and discussed. On this basis, this paper puts forward some suggestions to improve enterprise R&D performance.