Listed Companies Of China's High-tech R & D Investment And Operating Results Related Research

In the times of knowledge economy, R&D has played an important role in promoting enterprise's core competitiveness and improving business performance. Especially for high-tech companies with knowledge and capital intensive, the effect to its operating performance by R&D is more and more obvious. Though the empirical research on R&D have been carried out in recent years, whether R&D has a positve effect on its earnings growth is lack of scientific and consistent empirical research conclusion. Therefore, the empirical study on the effect to the enterprise's earnings growth by R&D has very inportant academic value and realistic meaning.This paper put high-tech companies for the period 2007-2009 as the research objects, and apply SPSS software to statistical analysis, which basing on reviewing the researches of domestic and overseas scholars about the correlation between R&D and operating achievement. After the study on the value correlation between R&D and operating achievement, this paper comes to the conclusion of the study as follows. First ,theortically, based on two different income conceptions, this paper put forward an argument that business performance includes accounting performance and market performance, and the empirical study is based on the two aspect of performance. Second, in the empirical research, R&D expenditure and enterprise's accounting performance have grate plus correlation which means the R&D expenditure can bring grate development to high-tech companies. Third , in the empirical research, R&D investment intensity and enterprise's accounting performance does not exist positive correlation, the outcome of the study is in agreement with the previous report that the absolute index of R&D investment is more suitable to the statistics of empirical studies than proportion index. Four, in the empirical research, R&D investment intensity and enterprise's market performance have grate plus correlation which means the R&D expenditure can enhance corporate market value. Five, in the empirical research, the specific gravity of research personnel has no correlation with its business performance. The reason of this result is that it doesn't mean once the research personnel ploughed into enterprise will generate positive influence on enterprise performance. Six, in the empirical research, there is a abnormality in variables data analysis for the period 2009 affected by the financial crisis in 2008. According to the results of empirical studies, the paper proposes some specific measures with the actual situation of high-tech companies which help for the future development of high-tech companies. Suggestions are as follows. To begin with, enterprises should strengthen the importance of R&D investment. Secondly, enterprises should strengthen the intensity of R&D investment and ensure the sustainable R&D investment. Finally, Enterprises should strengthen the disclosure of relevant information about R&D investment.