Research On The Relationship Between Corporate Governance Structure,R&D Investment And Growth Of Innovative Enterprises

The road of innovation-driven development has become a common understanding of all sectors of society and is highly valued by the Party and the state.It is the core of the national development strategy,which is the core of the national development strategy,and is the key to the improvement of the overall national strength.Therefore,the construction of innovative enterprises is an important and concrete measure to implement the strategic decision-making of building an innovative country.As the main participant and micro-foundation of the market economy,the growth of enterprises is also an eternal theome in the process of all enterprises'development.The corporate governance structure and R&.D investment are the two most important factors among So,how about the corporate governance structure and R&D investment of innovative enterprises?What kind of corporate governance structure and R&D investment is conducive to the sustainable growth of the company?To promote the growth of innovative enterprises,it is very necessary to study this problem.the micro-stakeholders that affect the growth of innovative enterprises.Firstly,on the basis of literature review,combining principal-agent theory,technological innovation theory and enterprise growth theory,this paper combs and analyzes the relationship among corporate governance structure,R&D investment and growth.Secondly,taking the innovative enterprises(pilot)named by formal evaluation at the national level as the research object,selecting 1122 A-share listed companies from 2013 to 2017,using the methods of factor analysis and regression analysis,this paper explores the corporate governance structure in this kind of enterprises.Direct,intermediate and regulatory effects between R&D investment and growth.The results show that:(1)There is a non-linear relationship between the ownership concentration and growth of the first five shareholders,the equity concentration of the top five shareholders is positively correlated with the growth,and the equity balance degree is positively correlated with the growth;(2)The combination of the two positions,the ratio of the board of directors and the remuneration of the board of directors are positively related to the growth of the company,and the size of the board of directors is positively related to the growth of the enterprise company in the form of "U";(3)The relationship between executive promotion incentive and enterprise growth has not passed the significant test,and the executive compensation,the proportion of senior executives'shareholding are positively related to the growth;(4)There is a positive correlation between R&D investment and the growth of the current period,the growth of the lag phase and the growth of the lag period;(5)The intermediary effect of R&D investment between corporate governance structure and growth is significant;(6)The regulation of corporate governance structure between R&D investment and growth is significant.Finally,according to the empirical conclusion,this paper puts forward the relevant policy suggestions for the innovative enterprises of our country to further perfect the corporate governance structure,make rational decision-making on R&D investment and finally promote the growth.