Research Of The Moderating Effect Of Corporate Governance Structure Onrelation Ship Between R&D And Firm Performance

With the changes in technology advancement and the changes of economic development mode,market competition becomes more and more intense,and technological innovation has become the source for enterprises' growth and development.As the strategic emerging industry,information technology industry shoulders the responsibility about the revitalization of China's national industry and the important task of economic restructuring.The information technology industry also promotes China's science and technology to keep up with international.Besides,this industry is related to the safety and development of our country.However,China pays less attention to technology innovation than developed regions in the world.It is urgent for our country that increasing the financial input in the innovation of the information technology industry,enhancing research and development of cutting-edge technology,and strengthening innovation ability.A large of practice has proven that there exists a serious agency conflict in the modern company system,and the practice has noticed the relationship between R&D and innovation is not a simple positive correlation.Because innovation is a high-risk activity,and R&D has characteristic as high-risky or revenue lagged,the conflict caused by the principal-agent problem has aggravated.Good corporate governance structure can not only ease the agency conflict,it can also promote R&D,ensure the implementation effect of R&D investment and increase business performance.Therefore,on the view of corporate governance structure,exploring the relationship between information technology industry's R&D and business performance has afar-researching theoretical and practical meaning.This article mainly explores the relationship among corporate governance structure,R&D investment and business performance.The innovation point of my research is regarding corporate governance structure as moderating variables,and exploring the moderating effect of corporate governance structure on R&D investment and firm performance.First of all,we reviewed the documents of effect of corporate governance structure on R&D,the relationship between R&D input and business performance.Based on the existing achievements,we fully refer innovation theory and agency theory.Next we discuss themoderating effect of corporate governance structure on R&D investment and firm performance in the view of stock right,board of directors,excitation mechanism and capital structure.Then according to all these,we putforward the research hypothesis and establish the empirical model.Following these work,we examine the hypothesiswith the sample of listed on Shenzhen and Shanghai Stock market.During this study,we used descriptive analysis,hierarchical regression and subgroup analysis to examine the hypothesis.Finally,this paper provides suggestions on the basis of conclusions.At the same time,point outthe shortcoming of this study and future direction.The empirical results can encourage our country's information technology industry to improve corporate governance,to raise R&D investment and turn these inputs into business performance effectively.In addition,the results provide academic guidance and practical experience to urge innovative activities into virtuous cycles enhance the innovative ability and promote business performance in the end.