The Influencing Factors Of Enterprises R&D Investment

Since the "Innovation driven development strategy" was put forward,most companies are actively seeking ways to improve independent innovation capabilities and drive development through innovation.As R&D investment plays an important role in influencing enterprise's innovation ability,it has important practical significance to improve the enterprise's innovation consciousness and strengthen its independent innovation ability through the research on the influencing factors of R&D investment.Based on the theory of technology innovation,stakeholder and principal-agent,this paper constructs a theoretical model of the influencing factors of R&D investment.In general,the factors affecting R&D investment are mainly divided into two major dimensions: external factors and internal factors.The external factors are divided into government perspective and market perspective.Then the impact of government subsidies,intellectual property protection,market competition status and market demand for new products on R&D investment are specific analyzed.The internal factors are divided to three aspects,R&D decision-making,R&D protection and profit-driven.And it's specifically analyzing shareholding concentration,capital structure,and executive incentives;R&D personnel,corporate technology capabilities,operating cash flow and corporate profitability impact on R&D investment.Taking the listed companies in the automobile manufacturing industry as an example,the multivariate linear regression model was constructed to empirically test the research hypotheses proposed about various influencing factors.The results found that market demanding for new products,government subsidy and market competitive position are significantly positively correlated with the R&D investment among the external influence factors.The enterprises with low market competitiveness have more impetus for R&D.The effects of government subsidies and market competition status on R&D investment are more evident in state-owned enterprises.Among the internal influence factors,ownership concentration and capital structure has not passed the significant test.Executive incentives,technical resources and early-stage profitability have significantly boosted R&D investment.R&D personnel are positively correlated with R&D investment,but it's not obvious in the state-owned enterprises.Operating cash flow is only proportional to R&D investment in state-owned enterprises.