Study on Moderating Effects of Corporate Governance between R&D Investment and Performance

Science and technology R&D is an inexhaustible driving force for the economic growth, and also an internal source of sustained economic development. Playing an important role in national science and technology R&D system, enterprise R&D activities actively promote the enterprise performance. This paper selects 455 manufacturing firms in Shanghai and Shenzhen Stock Exchanges from 2007 to 2011 as study object, builds moderating effect model of the corporate governance on performance of R&D investment and tests the moderating effect of the corporate governance on R&D investment performance by hierarchical moderated regression analysis and grouping regression analysis. The empirical results show that the moderating effect of corporate governance on performance of corporate R&D investment is significant, the corporate governance plays a positive moderating effect in corporate R&D investment performance and the improvement of the level of corporate governance will help improve the performance of corporate R&D investment.