The GEM Companies Research Between R&D Investment And Firm Performance Based On Moderating Effects Of Ownership Structure

With the further intensification of reform and opening-up,private high-tech enterprises,as a new thing with Chinese characteristics,have been growing from scratch,from weak to strong,and their scale and strength have been growing steadily.At present,they have become a new force in the development of China's high-tech industry,playing an increasingly important role in China's economic and technological development.Private high-tech enterprises are mostly market-oriented,technology-oriented and knowledge-intensive enterprises.Therefore,there is an urgent need for innovative talents in technology and management.Human capital of enterprises also plays a key role in market competition and enterprise progress and development.Stock ownership incentive in the adjustment of ownership structure plays an important role in improving competitiveness and innovation.R&D investment provides a strong guarantee for innovation of enterprises,and then provides a strong impetus for private high-tech enterprises to improve market competitiveness.Therefore,it is of great significance to study the ownership structure,R&D investment and enterprise performance of private high-tech enterprises.Based on the principal-agent theory,this paper adopts the method of combining theory with relevant cases,and takes the listed companies on GEM in China from 2012 to 2016 as the research object.The samples are divided into capital-intensive,labor-intensive and technology-intensive ones by factor cluster analysis.Based on the principal-agent theory,this paper puts forward corresponding hypotheses,and uses hierarchical regression method and grouping regression method to empirically analyze R&D investment and enterprises by ownership structure.The moderating effect of performance.The results show that innovation investment can significantly improve enterprise performance.Equity incentive and ownership concentration have significant positive regulatory effects on R&D investment and enterprise performance in technology-intensive and labor-intensive private high-tech enterprises,but not in capital-intensive private high-tech enterprises.Equity balance is high in capital-intensive and technology-intensive private high-tech enterprises.Science and technology enterprises all show negative regulation,but there is no regulation effect in labor-intensive private high-tech enterprises.Empirical results show that moderate centralization and incentives are beneficial to the supervision of large shareholders to management,effectively avoiding "free-rider" behavior,thereby enhancing the value of enterprises.