Corporate’s R&D Investment And Performance:the Moderating Effect Analysis Of Technology Innovation Policy

In recent years, during the process of creating an innovation-oriented country, the total amount of investment in research and development has been raised quickly, In2006, the total amount of investment in research and development has been the second largest in the world; In2010, the R&D investment share of GDP reached1.76%; Enterprises have gradually become the main ones in R&D investment. But we also see that R&D investment performance of Chinese enterprises, especially high-tech enterprise, is not ideal, for PCT patent application and financial profit; there is still a wide gap, compared with developed countries. In addition, from the view of R&D investment theory, It has experienced from the inadequate investment in R&D to the performance evaluation of R&D investment, at present, the "black box" between R&D investment and performance represents a potential research direction. On the basis of coarse and North’s theory that system determines the long-term economic performance, we explored the reason that R&D investment performance is not ideal for our country enterprise from the technology innovation policy, answer the effectiveness of policy of technology innovation in our country, provide reference for resource configuration of R&D investment and technical innovation policy in our country.This paper mainly includes four parts:Firstly, we studies the theoretical basis and the system background in the introduction, mainly elaborate the theory and practical basis of technical innovation policy, the conceptual model of this paper and the system background of R&D subsidy, R&D cooperation and the protection of intellectual property rights; secondly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D subsidy’ moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between R&D direct subsidies and preferential tax, Results shows that R&D subsidies played a positive role between R&D investment and innovation performance, in addition, the R&D direct subsidies is stronger than preferential tax. Thirdly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D cooperation’moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between Competitive R&D Cooperation and non-competitive R&D Cooperation, Results shows that non-competitive R&D Cooperation (especially university bases) played a positive role between R&D investment and innovation performance, The same as competitive R&D Cooperation, It shows that competitive R&D Cooperation could played a positive role between R&D investment and innovation performance via interaction effect between competitive R&D Cooperation and inner R&D investment of corporation. Fourthly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of Intellectual Property Protection Rights’moderating effect between R&D investment and R&D investment performance, Results shows that Intellectual Property Protection Rights could raise the intensity of R&D investment for corporation, In addition, we find that Strong Intellectual Property Protection Rights play a positive role between R&D investment and Technical and Financial Performance of R&D investment, Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Financial Performance of R&D investment, While We couldn’t get that Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Technical Performance of R&D investment.This paper includes Three breakthroughs:Firstly, We strive to uncover the "black box" between R&D investment and R&D investment performance of corporation, introduce the way and method of moderate variable of experimental study in Psychology, and extend the space of future research for R&D investment Performance; Secondly, Start from The View of Technology Innovation Policy and R&D investment features, explores the constraints factors and correction mechanism of R&D investment performance, and constructs the empirical analysis model of moderating effect of R&D subsidy, R&D cooperation and Intellectual Property Protection Rights base on the Chinese system background, so, this paper has some breakthroughs in perspectives and contents of R&D investment performance research. Thirdly, This paper extend the definition of R&D investment performance and explore the inter-relationship of R&D investment performance, This paper find there exist inter-functional relationship between the Technology Performance, Financial Performance and Value Performance.