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The Impact Of R & D Expenditure On The Performance Of Strategic Emerging Industries

Posted on:2017-01-24Degree:MasterType:Thesis
Country:ChinaCandidate:R H ZhangFull Text:PDF
GTID:2209330485485537Subject:Western economics
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Since the global crisis in 2008, there is a great change of the economic development model, required from labor-intensive, capital-intensive industry transformed to technology-intensive industry. In order to promote the sustainable development of the economy and solve social unemployment, energy depletion and environmental pollution problem, countries around the world have put forward the construction of the strategic emerging industries, and issued the relevant policies to promote implementation. And upgrade of industrial structure on the agenda, in order to promote china’s competitiveness in the world economy, making our country as soon as possible into the ranks of developed countries, the government proposed the decision of the construction of the strategic emerging industries. The strategic emerging industry by government is divided into energy conservation and environmental protection, a new generation of information technology, biology, high-end equipment manufacturing, new energy, new energy vehicles industry, etc. Although our government has issued many regulations to promote its development, but due to strategic emerging industry in China is at the early stage of development, there are still some problems:industry financing difficulties, the slow progress of high-end link breakthroughs, lack of high-end technical talent.With the rapid development of science and technology, technology innovation has become the key power of enterprise survival and development, and R&D activities determines the level of enterprise technology innovation and plays an important role in enterprise performance. This paper, based on the related theory and the domestic and foreign scholars’researches on relationship between R&D spending and corporate performance, selects seven years of financial data in 2008-2014 of 97 the strategic emerging industry listed companies in Shenzhen and Shanghai exchange. With R&D intensity as independent variable, ROA and Tobin Q two financial indicators to be dependent variables, enterprise scale, equity concentration, asset-liability ratio, the form of corporate ownership and operating income growth rate as control variables, the thesis builds the model of the relationship between R&D investment and enterprise performance. This article innovation lies that it is the first time, according to the factor intensity, to divide strategic emerging industries into partial capital intensive, partial labor intensive, technology intensive enterprises, on which the correlations between R&D and enterprise performance in different partial factor intensive corporations are studied.Regression results show that:(1) The enterprise R&D spending has no significant correlation with current business performance, but significant positive correlation with enterprise value. (2) The lag effect analysis of enterprise R&D expenditure on enterprise performance has a significant positive correlation, namely with R&D intensity increase, the enterprise performance obtains improvement; the most significant lag effect of enterprise R&D spending on corporate performance is four or five years’. (3) Enterprise R&D spending in different partial element intensive industry impact differently on business performance; the promoting effect of R&D investment on enterprise performance from strong to weak is the partial technology-intensive> partial labor-intensive> partial capital-intensive; lag time from long to short is partial techno logy-intensive> partial capital-intensive> partial labor intensive. Conclusion from the above knowable, R&D strategic emerging industry in China in the different elements of labor-intensive industry has different effects on all aspects reflect the performance of enterprises. On this basis, this paper on R&D of strategic emerging industry in China has put forward the corresponding policies and recommendations.
Keywords/Search Tags:R&D investment, enterprise performance, strategic emerging industries, lag effect, partial factors intensive
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