Study on the relationship between equity concentration and innovation input from the perspective of internal control

• 1、Evergrande School of Management, Wuhan University of Science and Technology, Wuhan, Hubei 430065

Abstract：Based on the relevant data of A-share listed high-tech enterprises in Shanghai and Shenzhen in 2014-2018, based on principal-agent theory and information asymmetry theory, we empirically study the relationship between equity structure and innovation investment, and combine the mediation effect model to further analyze the mediation role of internal control in the relationship. It is found that equity concentration is negatively related to innovation investment, and equity concentration is positively related to internal control, and equity concentration can weaken its negative influence on innovation investment through the positive influence on internal control, which shows that internal control plays a mediating role in the relationship between equity concentration and innovation investment. The results of this study are intended to provide insights for high-tech enterprises to optimize their shareholding strResearch on Equity Concentration and Innovation Investment in the Context of Innovation Developmentucture, improve the effectiveness of internResearch on Equity Concentration and Innovation Investment in the Context of Innovation Developmental contResearch on Equity Concentration and Innovation Investment in the Context of Innovation Developmentrol, enhance innovation investment and improve technological competitive advantage.

Keywords： ownership structure innovation input internal control intermediary effect