Managerial Ownership,R&D Input And Financial Performance

With the gradual infiltration of information technology into the production and life of the people of our country,the popularity of the Internet has been greatly improved in recent years,and the application of the Internet has developed rapidly,which has promoted the rapid expansion of new technologies and new industries on this basis.At the same time,the strategic position of network space in our country is becoming more and more prominent,and the complex and changeable information security problem in the network space has become the block tiger on the road of realizing the construction of the network power in our country,and the demand of the information security field in our country erupts at the beginning.The information security industry,as a newly emerging industry,faces a series of challenges at the same time of rapid development.The information security industry belongs to the intelligence intensive industry.Based on the related enterprise experience,many operators try to improve the management performance by implementing the managerial ownership,and the R&D investment is the main flow of capital investment.Therefore,exploring the impact of managerial ownership and R & D investment on the financial performance of enterprises is self-evident to the enterprises in the information security industry.This paper makes an empirical study on the impact of managerial ownership and R&D expenditureson financial performance by using the domestic information security industry open company,which is disclosed on the 2014-2017 year in Wind.The total assets return rate is interpreted as explanatory variable,management stock proportion and R & D investment as explanatory variables,company size,capital structure,growth and cash flow as control variables,using multiple regression analysis to verify the relationship between management stock ownership,R&D investment and financial performance in information security industry.The following conclusions are drawn from the study:(1)the shareholding ratio of the management level in the information security industry is positively related to financial performance.(2)there is a negative correlation between R & D investment and financial performance in the information security industry,and the R & D investment has a negative correlation with the financial performance of a year lag.There is a negative correlation between R & D investment and financial performance,which is contrary to most mainstream research conclusions.The reasons may lie in the following points: First,the output efficiency of R & D input is low.Although the company continues to invest in R & D,it does not form the true core technology and intellectual property,or there are some obstacles in the process of transforming technology into products,and the R & D results do not correspond to market demand.Secondly,there may be a longer lag effect of R & D input on performance.Thirdly,among the employees of the information security industry,the R & D personnel are relatively large,but at the same time,there may be a mixture of the R & D personnel and the business staff,and the impact of the tax preferential policy on the R & D expenses plus the deductions,some of the expenses which should be included in the cost or other expenses,and the R & D costs,become tax avoidance and profit.Finally,this article puts forward the following suggestions:(1)Improve relevant policies,encourage and guide management shareholding.(2)Further normalizing the capital market and reducing the unpredictability of stock returns.(3)Continue to increase investment in research and development,and effectively improve the ability of innovation and transformation.(4)To strengthen R & D cost auditing and standardize R & D activities.