The Research On The Influence Of Governance Structure And R&D Investment On The Financial Performance Of New Three Board Listed Companies

National Equities Exchange and Quotations(NEEQ),also known as the new three-board,provides a platform for small and medium-sized innovative high-tech and growth-type enterprises,which is an important supplement to main board,small board and GEM.Since the establishment of the new three-board market in 2006,the number of listed companies has exceeded 10000,the new three-board companies have become not only one of the most active economic development groups,but also an important innovation subject in China.Due to the short development period,the research of NEEQ mainly focuses on the legal system,financing efficiency,transaction methods and so on.The factors affecting the financial performance of the new three-board listed companies are rarely involved.As the cornerstone of China's multi-level capital market,the improvement of its operating performance means great significance to China's market economy.So,in order to study how the governance and R&D work on the financial performance,this article takes the new three-board listed companies as the object of study,and selects those who had published the financial statements of 2013-2015 as a sample.The number of screened samples is 181.Firstly,on the basis of summary,the relevant literatures and theories from home and abroad,and combining with the characteristics of the new three-board listed companies,this paper puts forward the hypotheses from the four aspects of ownership structure,capital structure,R&D investment and independent director system,and establishes relevant multiple linear regression model.Secondly,this paper adopts the ROE as the explanatory variable,taking the proportion of the largest shareholder,the balance of ownership,the liability ratio,the current debt ratio,the long-term debt ratio,the R&D investment intensity and the independent director system as explanatory variables.To rule out the interference of other factors,the firm size and the year are selected as the control variables to carry out empirical research.The results show that:the enterprise's financial performance and the largest shareholding ratio have positive correlation,and the more the second largest shareholder check and balance the largest shareholder,the better the financial performance will be.Asset-liability ratio,R&D investment intensity and independent director system are significantly negatively correlated with financial performance;the impact of current debt ratio and long-term debt ratio on financial performance has not passed the significant test.Finally,in order to ensure the reliability of the research results,this paper selected earnings per share as a surrogate variable to verify the robustness of the conclusion.Finally,this article sums up and analyzes the research results.According to the results,a series of suggestions and countermeasures are given on how to improve the financial performance of the new three board listed companies.