Research On The Influencing Factors Of R&D Investment Of Listed Companies In My Country

In today's world,with the rapid development of market economy and increasingly fierce competitive environment,enterprises must continuously enhance their core competitiveness in order to seize the market opportunities.Innovation has become the theme of the new era,and research and development investment is the foundation for enterprises to carry out innovation activities,which indirectly reflects the innovation ability and level of enterprises.Based on the high-level echelon theory,market competition theory and principal-agent theory,this paper analyzes the relationship between CEO's personal characteristics,governance structure and policy factors and R&D investment.This paper takes the listed companies on gem from 2014 to 2017 as samples to study the influence of CEO characteristics,governance structure,policy factors and market structure on R&D investment.The results showed that there was an "inverted U" relationship between CEO age and R&D investment intensity,CEOs with productive backgrounds tended to increase R&D investment,and CEO education and R&D investment intensity did not pass the significance test.Companies where the CEO also serves as chairman tend to spend more on research and development;Companies with well-paid CEOs spend more on research and development;In the governance structure,the ownership concentration is negatively correlated with the R&D investment intensity,and the board size and R&D investment intensity fail the significance test.Among the policy factors,the government subsidy and R&D investment intensity have an "inverted u-shaped relationship",and tax incentives are in direct proportion to R&D investment intensity.Among the industry factors,market competition is beneficial for enterprises to increase R&D investment.Based on the above conclusions,this paper puts forward: Enterprises should attach importance to research and development investment,constantly enhance the ability of independent innovation,to obtain sustainable competitive advantage;When selecting and appointing the CEO,the characteristics of the CEO,such as age,educational background and professional background,should be considered.In the CEO compensation mechanism,the CEO should be given some equity and his compensation should be related to the company's performance.The government should focus on the selection of subsidized enterprises and projects to maximize the effect of their funds;We will improve the competitive environment and give full play to the role of the market.