| The basis of the survival and development of enterprises mainly relies on technological innovation, the power source of scientific and technological innovation is R&D investment. Since the financial crisis in the United States in2008, the world economy has been influenced, and the market demand reduced, enterprises are facing huge competition and challenges. To survive, companies are beginning to realize the importance of technological innovation, and hope to improve the competitiveness of enterprises from the R&D investment, expand the market demand in order to achieve the purpose of maintaining the enterprise survival and development. At present, R&D investment has become a bottleneck restricting our level of technological competitiveness, thereby affecting the performance of the enterprise. Enterprises are the main part of R&D investment, researching business performance from the point of view of R&D investment, enables companies to fully recognize the importance of R&D investment, and thus improve business performance by a reasonable R&D investment. In China, the high-tech enterprises is the carrier of R&D investment and technological innovation, R&D investment in high-tech enterprises as the study entry point to study the R&D investment impacting on firm performance, is particularly important.The paper’s research proposition is the impact of high-tech R&D investment on firm performance, on the basis of reviews and comments on domestic and foreign literatures on the impact of R&D investment on firm performance, describes the theory of technological innovation and economic growth, human capital theory, and investigated R&D investment and corporate performance status of high-tech Enterprise in China, and then use the2008-2010financial data of the listed high-tech enterprises as empirical research sample, R&D Funding Intensity; R&D Personnel Intensity as the explanatory variables, Main business profit margins as explanatory variables, firm size-, asset-liability ratio for the control variables, established linear regression model, empirically analyses the impact of high-tech enterprises R&D investment on firm performance, empirical results show that high-tech R&D Funding intensity and the main business profit margins shows significant positive correlation, R&D Personnel Intensity have a positive impact on business performance, and the impact of high-tech enterprise R&D investment on firm performance with time delay for two years, after the second year, R&D investment have the greatest impact on business performance. Finally, based on theoretical and empirical conclusions, This paper presents a series of countermeasures to improve the performance of high-tech enterprises, from enterprises internal factors, the high-tech enterprises should establish the dominant position of the R&D activities in the enterprise, pay attention to research and development personnel investment, and ensure the continuity of R&D investment; from the point of view of the enterprise external factors, the government should increase efforts to support high-tech enterprises, including increasing financial support、developing scientific talent and the establishment sound policies and regulations related to R&D investment. |
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