Research On The Impact Of Shareholder Heterogeneity On R&D Efficiency Of Firms

R&D is the key driving force for the development of enterprises and a necessary factor for building the core competitiveness of the market,and the different investment objectives and risk appetite of shareholders lead to differences in the interference in corporate R&D.Therefore,how does shareholder heterogeneity affect the level of R&D efficiency of enterprises?Enterprise soft power is a collection of planning,execution,control and innovation,good soft power can help enterprises improve corporate governance,improve the degree of stakeholder interest alignment,what role does enterprise soft power play?Answering these questions is conducive to promoting enterprise restructuring and optimizing the equity structure,thereby improving the efficiency of enterprise research and development.Based on the existing literature,this paper constructs a multiple regression model based on the theory of entrusted agency and takes the data of listed manufacturing companies from 2011 to 2020 as a sample,and discusses the impact of shareholder heterogeneity on the R&D efficiency of enterprises.The results show that:(1)the depth and breadth of shareholder heterogeneity are conducive to improving the R&D efficiency of enterprises;(2)The stronger the control of the largest shareholder,the weaker the degree of shareholder heterogeneity,and the weaker the R&D efficiency of the enterprise.Further mechanism tests show that:(1)management pressure plays a mediating role in the process of shareholder heterogeneity affecting R&D efficiency.Shareholder heterogeneity improves the R&D efficiency of enterprises by increasing the operating pressure of management,compressing the space for speculative behavior,and stimulating the R&D motivation of management.(2)Enterprise soft power strengthens the positive effect of shareholder heterogeneity on corporate R&D efficiency.With the improvement of the soft power level of enterprises,the positive effect of shareholder heterogeneity is amplified,which has a stronger promotion effect on the R&D efficiency of enterprises.Considering the possible endogenous influence of sample selection,the robustness test was carried out by means of propensity matching score(PSM),Fisher combination test and substitution variable,respectively,and the verification conclusion wasAccording to this study,it is proposed that(1)shareholder heterogeneity effectively improves the R&D efficiency of enterprises,and heterogeneous capital integration helps to suppress short-sighted behavior of enterprises.In the process of enterprise equity design,it is necessary to improve corporate governance efficiency by introducing heterogeneous shareholders.(2)Deepen shareholder heterogeneity,improve corporate soft power,reduce internal friction,create a favorable R&D innovation environment,and assist enterprises in improving the efficiency of R&D resource allocation.(3)Moderately increase the pressure on the management.The management has greater operating pressure.The less the motivation to violate the obligation of diligence,the more enthusiasm to active learning innovation management concepts and expand professional skills,the more motivated to change the situation of the enterprise through research and development activities and guide the enterprise to improve the quality of research and development.