High-tech Enterprise R & D Investment And Performance Relationship

The scientific innovation is the basis of enterprise survival and development, the R&D investment is power source of the scientific innovation. In the year of 2008, the U.S. financial crisis, sweeping the world, made the world fall into economic crisis. The market demand is sluggish and the enterprises are facing unprecedented competition and challenges in this recession period of economic development. In order to survive and meet the expectations of shrinking demand, enterprises turn to the scientific innovation. Now, more and more enterprises begin to realize the importance of R&D input on enterprise survival and development. But at present there is still a big gap between China and developed countries on R&D input efforts. This gap has become a bottleneck to improve the level of China's science and technology competitiveness. The enterprise is the main body of R&D investment. So enhancing the research on the relationship between R&D input and performance can make the enterprise understand the importance of R&D investment fully. In China, High-tech enterprises are the carrier of R&D investment and technological innovation. Top 100 Electronics Information Enterprises basically represent the innovation strength of High-tech Industry. Therefore, the research on the relationship between R&D input and performance of Top 100 Electronics Information Enterprises is important. This paper based on the present condition of R&D investment of Top 100 Electronics Information Enterprises, analyses the importance of R&D investment with the Investment and Production Theory, the Input-Output Theory, the Life-Cycle Theory and so on. Based on the result of the research, analyses the research of inside and outside scholars.The adoption of theoretical research and empirical analysis methods, based on the data-based panels from 2005 to 2008 of listed Top 100 Electronics Information Enterprises as samples, the R&D investment intensity as explanatory variables, the size of enterprises, cash strength, asset-liability ratio, capital expenditures as control variables, Tobin'sQ and OPE as explained variable, a linear regression model was established to analyze the correlation ship between R&D input and performance of high-tech enterprises. The empirical study indicates that there is significant positive correlation between the high-tech enterprises R&D investment and OPE and the Tobin'sQ value. At the same time, this kind of correlational dependence has the hysteresis quality. Finally, based on the research conclusion, this article makes the following recommendations. Firstly, the Government should take the necessary measures to guide high-tech enterprises to increase R&D efforts. Secondly, strengthen the information disclosure of high-tech enterprises R&D investment, improve the information disclosure normative;Thirdly, enterprises R&D investment should be market-oriented and do more on market research. At last, Make the product life cycle management.