Research On The Impact Of Corporate Internal Governance On R&D Investment

The report of the Nineteenth Congress of the CPC pointed out that it is imperative for China's economic transformation and industrial upgrading to enhance the independent innovation capability of enterprises.R&D investment is regarded as an indicator of the development potential of enterprises.Increasing R&D investment of enterprises can help to rapidly improve technological level and innovation ability,promote economic growth through technological innovation,and improve national competitiveness.However,compared with developed countries,R&D investment of Chinese enterprises needs to be further improved.There is still a certain gap between R&D investment intensity and developed countries.Increasing R&D investment has become the most important thing in the process of enterprise development.In order to explore the factors affecting R&D investment of enterprises,more and more scholars begin to pay attention to the impact of corporate governance on R&D investment and try to explore the relationship between them.However,due to the diversity of sample selection and the changeability of market environment,the conclusions of scholars are also diverse and can not form a unified conclusion.On the basis of previous studies,this paper focuses on the internal relationship between corporate governance and R&D investment,constructs indicators for evaluating the overall corporate governance level,and uses statistical software for analysis.The conclusion is to some extent a theoretical supplement to the impact of corporate governance on R&D investment.This paper takes the listed companies in the power industry as the research object,selects the data of the financial statements of 146 listed companies from 2015 to 2017 as samples,and takes 10 independent variables,such as the number of ultimate controllers,the degree of separation of cash flow rights and control rights,the proportion of independent directors,the integration and separation of the two positions of chairman and general manager,and the proportion of senior managers' shareholding,as the measurement indicators of R&D investment of enterprises.After descriptive statistics,the following conclusions are drawn through multiple linear regression analysis: 1)The number of ultimate controllers,the degree of separation between control and cash flow rights,and the nature of ownership of the first ultimate controllers as state-owned holding are negatively correlated with R&D investment.2)The proportion of independent directors,the combination of chairman and general manager,the proportion of senior managers' shareholding and the number of independent directors' background are positively correlated with R&D investment.3)The annual salary of general manager,the proportion of female directors and the number of supervisors have no obvious influence on R&D investment.The conclusion of this paper shows that high-quality corporate governance is conducive to improving R&D investment,which provides a reference for domestic listed companies to consider the appropriate internal governance environment when implementing R&D activities in the future.