An Empirical Study On Technology And Science,R&D Investment And Performance Of Listed Corporations

Science and technology, as well as R&D investment are elementary factors of sustained development for a company. On one hand, the increase in investment directly brings about the output growth in the same period; on the other hand, the scientific and technological progress promotes the rise in input-output proportion and the sustained development for the company. Does the theoretical analysis go with the actual situation? Because the listed corporations are leading enterprises in China, and the science and technology as well as R&D investment are very typical, the author chooses them as samples to make the empirical studies on the real performances in the year of 2000.Based on analyzing the present condition about science technology and R&D investment, performances of listed corporation, and their mutual relationship, the author uses econometrical empirical analysis method. This thesis chooses the index such as the science technology investment, R&D investment, rate of investment to sales income, sales income, net profit, ROE, EPS, rate of national stock, negotiable stock and legal person stock, establishes a linear regression model and estimates coefficients. The main conclusions in this paper are as follows:(1) The science technology and R&D investment take on different characteristics according to their different location, industry, assets scale, performance, stock structure and capital sources of the listed corporations.(2) The linear regression models indicate that there is no significant relationship between the science technology, R&D investment and the performance change in listed corporations ,so are in grouping situation. After introducing controlled variables the conclusions of the multiple regression analysis is the same and the contribution rate is the lowest out of so many factors. (3) The result of empirical analysis on stock ownership structure, decision-making in R&D investment explains that the proportion of legal person stock under shareholding condition have a negative effect on science and technology and decision-making in R&D investment while those of national stock, negotiable stock and the legal person stock under controlled condition have no restrictive effects. In conclusion, because the science technology and R&D investment have no evident effects on listed corporations in the current situation of our country, the author explores countermeasures to establish satisfactory science technology as well as R&D investment mechanism in order to perfect the mechanism, improve the competitive strengths and ensure the sustained development on the basis of the conclusions from the empirical analysis.