Research On The Structure And R&D Investment

The high R&D investment of SSE STAR enterprises has attracted much attention,and the relationships between company’s equity structure and R&D investment is the main research content of this article.This article takes 195 SSE STAR companies as research object as of March 2020,using the 2016-2018 data to demonstrate the impact of different equity structure factors on R&D investment from both theoretical and empirical perspectives.This paper is conducted from shareholder types,shareholding concentration and shareholding balance.R&D investment is measured by both absolute and relative ways.The study found that among the SSE STAR enterprises,there is no significant relationship between the nature of equity and whether the actual controller is stateowned and R&D investment;in terms of equity concentration,R&D investment in state-owned enterprises is negatively related to equity concentration,and R&D investment in non-state-owned enterprises has a non-linear relationship with the concentration of equity.There is no significant relationship between checks and balances and R&D investment。According to the empirical research results,Non-state-owned enterprises could choose to strengthen or reduce the concentration of equity to promote R&D investment according to whether their shareholders’ interests are consistent.Stateowned enterprises can appropriately introduce external shareholders to strengthen the management of R&D investment.Technological innovation companies can properly pay attention to whether the balance of equity will have a negative impact on corporate R&D investment when introducing external investors.