| As China's economy has entered a new normal,the mode of economic growth continues to change,and the industrial structure continues to escalate.Innovation has become the source of corporate development.As a strategic emerging industry of our country,the high-tech industry bears the heavy responsibility of China's economic structural transformation and the great national rejuvenation,and shoulders the lofty mission of national security and future development.Constantly increasing investment in R&D in high-tech industries,mastering the core technologies for industrial development,and improving the ability for independent innovation have become an urgent task of the times.For high-tech companies,whether a large amount of R&D investment can eventually translate into corporate performance has become a problem that cannot be ignored.However,the relationship between R&D investment and corporate performance is not a simple positive correlation.It is influenced and constrained by various factors.The level of corporate governance is one of the key factors.Good corporate governance can not only ease the problem of principal-agent,but also increase the intensity of R&D investment,ensure the implementation of R&D activities,and ultimately improve corporate performance.Therefore,from the perspective of corporate governance,it is of far-reaching practical significance to explore the relationship between R&D investment and corporate performance.This paper is devoted to exploring the relationship among corporate governance,R&D investment and corporate performance.It uses corporate governance as a regulatory variable,constructs a theoretical model of corporate governance's impact on R&D investment and corporate performance,and further explores the relationship between corporate governance and R&D investment and corporate performance.The regulatory effect of the relationship.This paper first sorts out the existing literature on the relationship among corporate governance,R&D investment,and corporate performance,and summarizes the three-variable index measurement system.Second,the research hypothesis is proposed based on technological innovation theory and principal-agent theory.Establish a theoretical model;again,use the data of high-tech enterprises in 2013-2016 as a sample for standardized research,and empirically study the effect of corporate governance on R&D investment and corporate performance adjustment from the three dimensions of equity structure,board of directors characteristics,and incentive mechanism;Based on empirical results,draw conclusions and propose management recommendations.The main conclusions of this paper are as follows: First,the R&D investment of high-tech enterprises can positively affect the performance of enterprises,and there is a lagged effect;Second,the ownership concentration of high-tech enterprises,whether the two positions are integrated,the proportion of independent directors,and senior executives The proportion of shares can positively influence the impact of R&D investment on corporate performance.Third,the high and high-tech companies' equity balance and executive compensation incentives have no regulatory effect on R&D investment and corporate performance.Fourth,the corporate governance of high-tech companies invests in R&D.There is a regulatory effect on corporate performance. |
