The Research On The Relationship Of R&D Expenditure And Enterprise Performance

In the21st century, With the Rapid development of global economic integration, newtechnology revolution of worldwide develop rapidly, science and technology play animportant role in economic development, based on scientific and technological innovations,international competition is intensifying. Enterprises are the main body of China’s R&Dinvestment. Increase R&D investment, enhance the level of competition has becomecorporate priority. New accounting standards Implemented in2007has changed R&Dexpenditure approach, Which Changed from full cost to conditional capitalization, alsoaims to stimulate enterprises R&D activities.in this context, combined with the new corporate accounting standards, This articleselected High-tech enterprises listed On the Shanghai Stock Exchange, analyzed therelationship between R&D expenditure and Enterprise performance, Explore the influenceand the influence degree of R&D expenditure on the performance of listed companies, Inorder to improve the scientific and technological innovation capacity of Chineseenterprises, And provide a reference for how to improve the quality of accountinginformation disclosure of R&D expenditure.This article reviews research results about Relationship between R&D expenditure andEnterprise performance at home and abroad and base on it, introduced the historicalevolution of technological innovation and performance evaluation, then theoreticallyanalyzed the relationship between R&D expenditure and Enterprise performance. Then,base on this theoretical analysis, selected more than sixty High-tech enterprises listed Onthe Shanghai Stock Exchange, those enterprises disclosed information of R&D expenditure,under the intangible assets subject in the notes to the financial statements for threeconsecutive years from2008to2010. Learn from the value of the stock model, this articledivide R&D expenditure into development expenditure, capitalized R&D expenditure andR&D expenditure that should be recorded in the profits and losses of the current Period.Research the relationship of each part with stock price, The result indicated that both capitalized expenditure and development expenditure positively correlated with stockprice，but R&D expenditure which should be recorded in the profits and losses of thecurrent Period negatively correlated with stock price. Finally, according to the empiricalconclusion, put forward appropriate policy recommendations and point out the limitationand prospects future development in this field.