Research On The Relationship Among Slack Resources,Ownersip Structure And R&D Investment

Innovation is the first driving force for development.In the past 30 to 40 years,China’s economic development has maintained a high growth rate,but behind the high speed is at the expense of quality.The real "good growth" must be based on technological innovation,and realize the sustainable development of enterprises through technological innovation.At present,manufacturing enterprises still have the problems of low innovation enthusiasm,insufficient capacity and large amount of resource redundancy brought by extensive economy.As an important support of innovation activities,the rational allocation of different types of slack resources to innovation activities will have an important impact on enhancing the innovation ability of enterprises.In view of this,this paper selects manufacturing companies in Shanghai and Shenzhen stock markets from 2014 to 2018 as research objects,and takes principal-agent theory,organization theory,resource-based theory and innovation theory as theoretical basis,the research paradigm of slack resource,ownership structure and R&D investment is determined,and research hypotheses are proposed to build multiple regression models.Then,the data were empirically tested by Stata14.0,and a series of research conclusions were obtained.It is found that there is an inverted U-curve relationship between the absorbed slack resources and R&D investment,and there is a threshold effect;There is a positive relationship between unabsorbed slack resource and R&D investment.Further research shows that both ownership concentration and managerial ownership will strengthen the inverted U-shaped relationship between the absorbed slack resources and the R&D investment of the enterprise,The difference lies in the lag effect of equity concentration on the negative regulation of the relationship between the unabsorbed slack resources and the R&D investment of enterprises,However,the managerial ownership did not play a regulatory role;Whether it has absorbed slack resources or not,the relationship between it and R&D investment will show obvious differences due to the different nature of enterprise equity.Finally,this paper provide the corresponding measures and advice: First,correctly understand different types of slack resources and establish the best reserve point of resources in combination with the actual situation;Second,optimize the ownership structure to prevent excessive concentration of equity;Third,improve the equity incentive scheme and improve the policy and system of equity incentive;Fourth,make adjustments in combination with the enterprise’s own resource conditions to provide support and guarantee for innovation activities.The conclusion of this paper is helpful to deepen the understanding of the relationship between redundant resources and R&D investment.It can provide some reference for manufacturing listed enterprises to make resource allocation decision and innovation investment decision.It can also provide some theoretical reference and verified evidence for improving the ownership structure of enterprises.