Empirical Research On Influencing Factors To Enterprises R&D Investments Of The Listed Companies Of Iron And Steel Industry In China

The steel industry is the resource-intensive industry, and the development level of steel industry is an important symbol both of national economic development and comprehensive strength. In the developed countries, steel industry, construction industry, and auto industry tied to the three pillars of industry. In recent years, with the post-financial crisis era, China and other countries enter to a complex and volatile economic environment, and the debt crisis have not yet ended, China is in the important period of structural adjustment, whether can overcome the problems depend on the R&D activities of enterprises.Many scholars have already confirmed that the R&D performance of enterprises and R&D input was significant with a positive correlation, this article will select China’s iron and steel enterprises listed companies for the study for investment in the R&D of China’s iron and steel enterprises, attempt to find out the current situation, what factors of enterprises R&D investment in an impact, for how to create excellent independent research and development environment provide a reference.Draw on existing research and development of the basis of the theoretical results of theoretical and technological innovation, pointing out that the Chinese steel industry R&D activities present situation of the possible factors. This study found conclusions are as follows: a. Market demand, firm size, technical staff, and the board of directors’average age have significant positive effects to enterprises R&D investment; b. The fund-raising environment, quality of employees in R&D inputs have positive influence asset-liability ratio, the size of the board of R&D investment negative impact, but the impact is not significant; c. From the currently situation of the R&D investment of China’s steel industry listed enterprises, the invested amount of money great R&D investment rate were lower than2%, there is a great gap; d. Not found the profit, return on net assets, the proportion of independent directors, and government investment expenditure had influences to R&D investment. Based on the conclusions, this paper presents the policy recommendations.