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The Effect of Corporate Governance on R&D Investment

Author: ZhengShengYao
Tutor: HuangWeiHong
School: Hangzhou University of Electronic Science and Technology
Course: Accounting
Keywords: Corporate governance R&D investment Technological innovationThe Quality of overall Corporate governance
CLC: F271
Type: Master's thesis
Year: 2014
Downloads: 3
Quote: 0
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Abstract


R&D investment is significant for enterprises to keep long-term development. But in ourcountry, most enterprises have the phenomenon of shortage of their R&D investment. Aiming at thissituation, many Chinese scholars have carried out a large number of researches to explore theconstraints to the level of Chinese enterprises’ R&D investment. More and more scholars start topay attention to the influence of the basic elements of corporate governance on the enterprises’R&D investment. However, due to the diversity of sample selection and market environmentvolatility, experts conclusion varies and can not come to a unified conclusion. Based on theprevious studies, this thesis focus more on the internal relationship between the companymanagement and R&D investment, attempting to make indicators of judging the level of companymanagement, and analysing through the statistical softwares, believing that the research findingscould to some extent reflect the relationship between the company management and the R&Dresearch.The thesis consists of five chapters: chapter1describes the background and significance, thenreorganized the related theses of the influences of company management on R&D investment.Chapter2briefly describes the theoretical basis of company management and R&D investment andanalyzes the function mechanism. Chapter3according to the above mechanism, proposes theassumption, the main variables, structures and establishes the first principal component of judgingthe internal overall quality of management model. Chapter4selects the companies that reveal R&Ddata on domestic A stock market during2009and2011as the study sample, using SPSS softwarefor T-test and regression analysis, through empirical results verify the expected assumptions.Chapter5mainly makes a comprehensive summary of the empirical results and recommendationsfor further improvement, points out the limitation at the same time.Conclusion of the study are as follows:1), the quality of the company overall management hasa significant positive effect with the R&D investment;2)In companies with high debt, equityrestriction promotes company innovation, on contrary, in companies with low debt, equityrestriction suppress the investment activities; and in large-scale, low debt, non high-tech,state-owned background companies, it takes disadvantageous of company R&D investmentactivities. Equity incentives have a significant positive promoting function on the investment incompanies innovation. The proportion of the independent directors has the negative effect on theinvestment of company innovation, especially in the high-debt companies; the meeting quantitieshas no obvious effect on it; in large-scale, high-debt, non high-tech companies, CEO duality isconducive for R&D investment. It comes to a conclusion that high level of company management is good for R&D investment, it provides references for domestic companies to consider the properinternal environment while implementing R&D investment.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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