Research On The Role Of R&D Investment In Corporate Governance Structure And Innovation Performance

The 19 th National Congress of the Communist Party of China puts forward that innovation is the first driving force for improving national competitiveness and promoting national economic development.Since the beginning of the 21 st century,social competition has become increasingly fierce,and innovation has become the vane of the company’s long-term development.Under the guidance of China’s continuous development of an “innovative country” development strategy,GEM companies have gradually realized that R&D innovation is the source of core competitiveness,and corporate governance structure can promote the development of R&D activities.Innovation activities are carried out under the established corporate governance structure.Therefore,the scientific of corporate governance structure directly affects the innovation activities of enterprises and then the innovation performance of enterprises.So how does corporate governance structure affect innovation? How to formulate a reasonable corporate governance structure and improve innovation performance is an urgent problem for enterprises.This paper breaks the traditional “input-output” model and builds a research framework of“corporate governance structure-R&D investment-innovation performance” to examine the mechanism of interaction between corporate governance structure and innovation performance.The paper is divided into six chapters.Through combing the relevant literature and theoretical analysis,further the hypothesis of this paper is put forward.Selecting relevant data of GEM manufacturing enterprises from 2015 to 2017 as research samples and building a regression model to conduct empirical research.Firstly,using the Stata software to conduct descriptive statistical analysis and correlation analysis of corporate governance structure,R&D investment and innovation performance.Then comprehensively analyzing the influences of corporate governance structure on R&D investment,corporate governance structure on innovation performance and R&D investment on innovation performance,further research and development investment as an intermediary variable is used to test whether corporategovernance structure plays a role in corporate innovation performance through research and development investment.Finally through regression analysis,it is found that equity balance and executive shareholding have significant promoting effects on R&D investment and innovation performance.Board size has a significant negative effect on R&D investment and innovation performance.Research and development investment plays a significant role in promoting innovation performance;Through the test of intermediary effect,it can be seen that R&D investment plays a “partial intermediary effect” between equity balance,board size and innovation performance,and a “complete intermediary effect” between executive shareholding and innovation performance.Research conclusions based on this paper,several policy recommendations for the establishment of a reasonable corporate governance structure are proposed: optimizing the shareholding structure and improving the balance of equity;reducing the number of board members according to the minimum number of board members required by the company law;To enable executives and companies to share common goals,avoid the occurrence of short-sighted behaviors by top management,and make managers attach great importance to valuable R&D projects;Strengthen enterprise innovation consciousness,carry out research and development activity actively;To strengthen the management of the use of R&D funds and improve the efficiency of the use of R&D funds;Strengthen the coordinated development of corporate governance structure,R&D investment and innovation performance.Meanwhile take full advantage of the mediating role of R&D investment in order to improve innovation performance.