Empirical Study On Relationship Between R&D Investment And Performance Of Listed High-Tech Enterprise In China

Technical innovation is the core of the competitive edge as well as the basic source of achieving the advancement of science and technology and accelerating the economic growth,while R&D is the most important and primary connotation of the technical innovation.The enterprises constituted the major force carrying out the R&D activities in a country. As the international competition became increasingly severe,how to choose projects and manage the activities in R&D and,more importantly, how to properly evaluate the R&D effectiveness would directly influence the economic growth and the competitive edge of an enterprise.The research on relationship between R&D investment and company performance constituted a hot issue that attracts attentions.Based on the R&D investment status of China's listed high-tech enterprises,the author researched R&D theory,R&D and technological innovation,and other relevant theoretical literature reviews in the domestic and international.On the basis of empirical research methods, the author established a panel date model to explain the relationship between high-tech enterprises's R&D and the company performanceusing 66 observations of listed high-tech enterprises between the years 2003-2007.By empirical study,we found that R&D investment has an influence to the company performance,especially has a significant influence to the growth of company.It has also proved that R&D investment can not produce good economic results in a long-term.Finally,according to the conclusion,the author presented some proposals to Chinese high-tech enterprises such as improving government's financing support,enhancing the capacity of transferring R&D investment into productive forces, attaching importance to the development potential of technological innovation,strengthening enterprise R&D information disclosure regulation.The research method in this thesis can help high-tech enterprises recognize the influence of R&D investment correctly;also provide an approach to improve the competitive edge for high-tech enterprises in China.