An Empirical Study On The Impact Of Equity Structure On R&D Investment

Nowadays,the innovation of "acceleration" has become a strong call for the country,International competition is becoming increasingly fierce.If an enterprise or even a country lacks of innovative consciousness and innovative thinking,it will still lose its way in the torrent of the times and keep itself in a very dangerous situation.The nineteen major government work reports emphasized that we should speed up the construction of the innovative country and move the economic development from the high speed growth stage to the stage of high quality development.Domestic and foreign scholars' research on the internal and external factors of R&D investment is also deepening.The effectiveness of corporate governance structure,especially the rationality of equity structure,is an important driving force for the formation of R&D investment decision-making mechanism.This paper focuses on the impact of the ownership structure on R&D investment.Through the literature review,based on the principal-agent theory,equity balance theory,innovation theory of Pete bear as a support,and construct the research model related to the manufacturing industry to A shares of listed companies as the research object,using SPSS22.0 software to analysis,and the regression results are robust test.The empirical study found that R&D strength of state-owned enterprises to be more obvious;the implementation of equity incentive and between R&D investment showed a significant positive correlation of executives;the moderate concentration of ownership helps to promote the R&D investment;increase the equity balance degree is beneficial to increase R&D intensity.After a lot of theoretical analysis and the analysis of the empirical results,the author has some suggestions to improve the R&D investment in China: Increase government support for innovation policy,through reform and innovation to further enhance the innovation ability of state-owned enterprises;improve the equity incentive mechanism,play a long-term incentive executives shareholding,effectively increase R&D investment;appropriate increase in ownership concentration,the implementation of effective supervision of management;give full play to good effect of equity balance degree,promote good supervision and restraint mechanism between major shareholders,carry out increase enterprise innovation activities.Finally,I hope that some suggestions in this paper can contribute to improving the level of R&D investment and enhancing the innovation vitality of enterprises in our country.