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Research on Relationship between Ownership Structure and R & D Investment of Listed Companies from SMEB

Author: YanLingZuo
Tutor: ZhangYuMing
School: Shandong University
Course: Accounting
Keywords: SME board listed companies Ultimate controlling Ownership Concentration Equity balance degree R \u0026 D investment
CLC: F275;F224
Type: Master's thesis
Year: 2011
Downloads: 333
Quote: 1
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Abstract

SME board since 2004 since the creation, development speed surprised the world, as of December 31, 2009 the total number of listed companies has reached 328. As we all know, SMEs are the economic development and social stability of the important pillars. To stimulate economic growth, is bound to attach importance to the development of SMEs. The R \u0026 D investment is an important source of innovation and enterprise survival and development foundation. Therefore, to promote stable and rapid development of SMEs, it is necessary to guide SMEs to increase R \u0026 D investment, and constantly improve its ability to innovate. Ownership structure on corporate governance efficiency improvements and improved operating performance plays a very important role. As companies continue to increase investment in research and development costs, ownership structure and R \u0026 D expenditures in theory and practice has become the focus of attention. Papers from the principal-agent theory and equity balance theory, by combing the previous literature review, research scholars at home and abroad based on the assumptions to the Shenzhen Stock Exchange in 2007 - 2009 611 SME R \u0026 D spending disclosure listed companies as samples, using statistical software SPSS17.0 right ownership structure for the relationship between R \u0026 D investment for statistical description and linear regression. Finally, according to the empirical results, the corresponding policy recommendations for China's SME board listed company governance structure adjustment provide basis for decision making. Article qualitative and quantitative analysis method of combining, the shareholding structure is classified as both qualitative and quantitative dimensions, the former is the ultimate controller of nature, which is the ownership concentration and equity balance degree of quantitative indicators, from the three factors are discussed and consolidated its R \u0026 D investment. To some extent either dig deeper control over the enterprise theory, the expansion-related research, but also to understand the context of the different nature of equity, ownership structure affect R \u0026 D investments in order to select a different according to the controlling shareholder stimulation methods to promote R \u0026 D investment to increase corporate value. Through theoretical discussions and empirical analysis, the conclusion is as follows: First, the nature of it in terms of ultimate controller, controlling person of a different nature, and its impact on R \u0026 D investment intensity is different, state-controlled listed companies significantly lower R \u0026 D investment Non-state-owned holding listed companies. Secondly, in terms of ownership concentration, as ownership concentration increases, the performance of R \u0026 D investment increased first and then decreased and then increased significantly \Relative to the non-state-controlled listed companies in terms of R \u0026 D investment of state-owned holding company with ownership concentration showing a more substantial change in the volatility. Third, equity balance degree, its R \u0026 D investment between the not very significant positive correlation. According to the conclusions, recommendations appropriate for state-owned shares, encourage competition; take advantage of the different nature of the ownership concentration of listed companies of the two extreme points, so that ownership concentration in a certain range of fluctuation; give full play to the role of equity governance checks and balances.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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