The Influence of RD Investment on Enterprise Performance - Based on the Regulatory Role of Equity Structure

摘要

Increase r&d strength is an important goal of science and technology policy in China, this study in Shanghai and Shenzhen a-share listed companies from 2015 to 2017 as the research object, and further investigates the company ownership structure factors as regulating variable impact on the relationship between r&d and business performance, improve r&d strength is helpful to the growth of the business performance, ownership structure on r&d generates positive (enhancement) or negative (weaken) the adjustment effect. Research conclusion said: Ownership concentration has a positive regulating effect on business performance brought by r&d investment, while equity balance degree has a significant negative regulating effect on business performance improvement brought by r&d investment. This study suggests that ownership structure has an important impact on r&d investment and corporate performance, and enterprises should strengthen shareholder cohesion while focusing on performance.