The Research on the Relationship between Equity Ownership Structure、 R & D Investment and Enterprise Value of High Tech Listed Companies
|School||Zhejiang University of Finance|
|Keywords||High-tech listed companies Equity ownership structure R&D Structural equation modeling|
Along with our country’s science and technology and the market economical continuous development, enterprise R&D problem and enterprise value have attracted a lot of scholars to study. The researches most studied the relations of enterprise R&D and enterprise value and these factors influencing on enterprise R&D. And they all ignored the important role of the enterprise managers and shareholders.The enterprise R&D activities represent the long-term interests of shareholders, and have significant influence to the enterprise value. And enterprise R&D activity for enterprise decision is made by the operator of the enterprise. Business operator and enterprise shareholder has the principal-agent relationship. Enterprise ownership structure affects the enterprise operator R&D investment decision making. Based on such a background in the reality and theory, this article does researches on the influence of high-new technology enterprise’s ownership structure and R&D investment to enterprise value. We find the relationship of enterprise’s ownership structure, R&D investment and enterprise value and put forward advices on enterprise’s ownership structure, incentives and R&D investment, in order to realize the sustainable development of enterprises. This will be help to enterprises to maintain a reasonable stock structure, choose the appropriate incentives, and maintain a reasonable R&D input.Take the principal-agent theory and technological innovation theory as the foundation, take the enterprise value as the object of study, this article explores the relationship between enterprise ownership structure, corporate R&D investment and the company value. This article uses the descriptive statistical analysis, and structural equation modeling as analysis method. Around the research content, we do the data collection and analysis, model building, parameter estimation and hypothesis testing. The main research contents and results are as follows:1. The board of directors shareholding ratio, top five shareholders proportion, general manager shareholding ratio, enterprise R&D staff input and R&D cost are chose in this paper, and the enterprise scale and capital structure are also Considered as control variable in this structure equation model.2. This article carried on the descriptive statistical analysis, and find that Chinese high-tech listed companies have high equity concentration degree, and R&D inputs is less than the international enterprise R&D investment standard, high-tech enterprises have different enterprise value and this phenomenon is obvious.3. Through theoretical analysis and literature review, this paper puts forward sixteen hypotheses. And through the analysis of structural equation model, ten hypotheses are verified, six hypotheses unproven. Studies have found that R&D funds, R&D staff, board of directors shareholding ratio and CR5 index is positively associated with enterprise value, the rate of assets and liabilities, long-term loans to total assets ratio is negatively associated with enterprise value, board holdings, CR5 index and R&D inputs are related, operating income, and total assets is negatively related to R&D investment. The ten results show the original hypothesis. Relationship of enterprise scale and enterprise value is not found because structural equation modeling results can’t be obtained. In addition, the capital scale and general manager shareholding ratio have not entered into the model, because not through confirmatory factor analysis. So their hypotheses with the enterprise R&D investment intensity and the enterprise value are not verified.In this paper, the main innovation is:（1） In study we use multiple variables and multiple index, which makes the research of the content more comprehensive, objective. Compared with previous studies, capital structure and enterprise scale the two control variables are Considered in the study. The paper selects the rate of return on net assets, total assets turnover ratio, total assets growth rate and Tobin Q value measuring enterprise profit ability, operation ability, growth ability of enterprises and the market value to measure the value of the enterprise, selects R&D Person strength, R&D investment intensity index to measure R&D inputs. This makes the research results more objective, more consistent with the actual situation of enterprises.（2）This paper researches the relationship of high-tech company enterprise R&D investment and corporate value from the perspective of equity structure. It provides a new analysis perspective for high-tech enterprise value’s research.