| Forestry enterprise is an important link between the national economic construction and the ecological environment construction,it also shoulder the important mission of economic development and ecological protection at the same time.In the 12 th Five-Year Plan for National Development,the CPC Central Committee and the State Council put forward that economic operation should follow the basic concepts of innovation,coordination,green,openness and sharing,and forestry enterprises naturally play an indispensable role in it.It is of great significance for forestry enterprises to improve their own performance and promote the healthy development of national economy to pay attention to the problems of R & D innovation and equity structure in the process of enterprise management.This paper collects the data of 102 forestry enterprises in China from2014 to 2018 as the sample,covering four industries such as paper-making,wood-based panel,gardens and rubber.First of all,we described the overall situation of forestry enterprises and the situation of each subdivision industry,and we found that according to the difference of the subdivision industry,the ownership concentration and enterprise scale of rubber industry and garden industry are higher than the other,while the ownership concentration and enterprise scale of wood-based panel industry and paper-making industry are relatively lower.And then analyzed the relationship between R & D investment,ownership concentration and enterprise performance of forestry enterprises empirically with the method of fixed effect regression analysis model of board data according to the results of the Hausman test.This is the conclusion :(1)There is a positive correlation between the R & D investment and enterprise performance of forestry enterprises,the more R & D investment cause more enterprise performance;(2)There is a negative correlation between the ownership concentration of forestry enterprises and enterprise performance,the more concentrated of the ownership,the more unfavorable for the improvement of enterprise performance;(3)The ownership concentration of forestry enterprises has a negative regulating effect between R & D investment and enterprise performance.(4)Among the forestry enterprises in different subdivisions,the effect of R & D investment on the performance of enterprises is optimal for paper-making enterprises and garden enterprises,effect of garden enterprises and rubber enterprises is not significant.The effect of ownership concentration on enterprise performance is the largest for paper-making enterprises,and the other three industries are relatively insignificant.Among forestry enterprises with different ownership nature,the effect of R & D investment of non-state-owned enterprises on enterprise performance is better than that of state-owned enterprises,and the effect of ownership concentration of non-state-owned enterprises on enterprise performance is greater than that of state-owned enterprises.finally,this paper tests the robustness of the empirical results by replacing new explain variables and explained variables,as well as using tool variables and 2SLS estimation methods.According to the conclusions of the above research,this paper puts forward the corresponding countermeasures and suggestions.First of all,in R& D investment,forestry enterprises should set up a strong sense of innovation,increase R & D investment,actively introduce excellent R & D innovation talents,and enhance the protection of independent intellectual property rights.Secondly,in equity structure,forestry enterprises should rationally adjust equity structure,form equity checks and balances,and strengthen communication and communication among shareholders.At the same time,the government should also give legal support,policy encouragement and other assistance and cooperation. |
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