| China’s capital market started late,innovative investment started at the end of the last century,and the service and regulatory system is not perfect.Enterprises have certain limitations in the process of equity investment and financing mergers and acquisitions.There is a deviation in the allocation of the relationship between the shareholders and senior managers of enterprises.The adjustment of the equity structure is rarely matched with the investment efficiency and operating efficiency of enterprises.Internal control is usually linked with the operational objectives and efficiency of enterprises.However,the reasonable effectiveness and execution of the internal control system of enterprises in China need to be improved.At present,innovation investment is mainly concentrated in the fields of science and technology,and it is difficult to achieve innovative development in agriculture,chemical industry and other fields.In recent years,emphasis has been placed on the optimization of equity and the reform of non-tradable shares,but the phenomenon of China’s one-share dominance has not been well alleviated.This paper mainly explores the relationship between equity structure,internal control and innovation investment,selects the financial data and operating data of A-share listed companies from 2010 to 2020 as samples,and draws a conclusion through correlation analysis,high-dimensional regression analysis and other test methods: At present,the equity concentration of A-share listed companies in China is significantly positively correlated with innovation investment,and the equity concentration will affect innovation investment through internal control,Internal control plays an inhibitory role in the process of equity concentration on innovation investment.At present,there is a dispute about the mechanism analysis of the intermediary effect model in China.It is considered that it is inappropriate for the intermediary effect test in the current publication to only make a simple regression of X → Y,and the conventional thinking of the mechanism analysis is theoretical derivation and empirical test.This paper improves on this thinking,enriches the theoretical analysis on the basis of the model regression,and selects the shareholder responsibility index as a tool variable to discuss the endogenous problem of X → Y.In response to the above research conclusions,the article proposes countermeasures and suggestions from three aspects: equity concentration,internal control,and innovation investment: listed companies should continuously optimize their equity structure,and reasonably plan their equity structure based on corporate objectives and operational requirements to meet the internal control requirements and innovation investment efficiency of enterprises;Listed companies should continuously improve their internal control system,balance equity concentration and innovation investment;Listed companies should choose a reasonable scale of innovation investment to enhance enterprise value. |
