A Study On The Influence Of Ownership Structure Characteristics Of Family Enterprises On R&D Investment In China

In current era,the pace of scientific and technological progress is getting faster and faster,technological innovation has become an important source of economic growth in various countries,and at the same time,people often use it to measure a country's comprehensive strength and international competitiveness.Research and development investment plays an important role in how to transform technology innovation into economic growth and the improvement of enterprise profit level,so R&D investment has important strategic significance in technological innovation activities.Most scholars from both micro and macro aspects study R&D investment.Macroscopically,it is mainly based on national or regional data to study the impact of R&D investment on the economy.Microscopically,it is based on the data disclosed by companies to study the impact of R&D investment on enterprise value.Research and development activities have high risk,and there are some principal-agent problems in corporate management due to asymmetric information.All of these will have an impact on R&D performance.So,it is necessary for enterprise managers to look for a perfect governance structure to optimize the allocation of enterprise resources effectively.As a special private economy,family business exists widely in the social economy,regardless of a country's level of development.They play an important role in the development of a country's economic.Many family businesses can stand for a hundred years in the market competition.Why? Because there are two systems in their corporate compared with ordinary business,the family system and the enterprise system.This extensive development model has led to a series of problems,such as environmental pollution,excessive consumption of resources,low labor income,and so on.The old development model can no survive,so people have begun to realize that the national economy and business management must be transformed and upgraded.What should they do to optimize the ownership structure of family business to get continuous development and contribute to the national economy,so it's necessary to study the family business.Based on the principal-agent theory,the efficient market hypothesis theory and the technological innovation theory,this paper study the relationship between the ownership structure characteristics and the R&D investment from the equity concentration,equity balance,the length of pyramid control chain and the degree of separation of two rights to.Firstly,this paper summarizes the literature on corporate governance,R&D investment and corporate value.After analyzing the relevant theories,we put forward the research hypothesis.We choose the data sample is the family enterprises in Shanghai and Shenzhen stock markets from 2010 to 2015.The data are processed simply in the early stage by excel and then descriptive statistics are made by using SPSS software.We use multiple regression analysis to study the relationship between ownership structure characteristics and R&D investment of family enterprises.We found that the ownership concentration of family firms is negatively correlated with R&D investment,that is,the higher the ownership concentration is,the higher the ownership concentration is.Family firms usually adopt pyramid ownership structure,the length of pyramid control chain,the degree of separation of two rights have negative correlation with R&D investment.Family firm forms a certain equity balance,which is beneficial to the R&D investment of the company.